Loans

What Is the Eligibility to Get Personal Loan from SBI?

What Is the Eligibility to Get Personal Loan from SBI?

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If you’re looking for loans for home, vehicles, property, etc. SBI is the best bank to get a loan and this is the nationalized bank so you can get safely. State Bank of India is the topmost bank in India and the headquarters is located in Mumbai and they have so many branches in and around the world. SBI has a market share of 24% in India. Before applying for loan, you have to know personal loan sbi eligibility criteria.

Bank offers a wide range of loans which has several rules to follow, without knowing the application and if you apply for a loan, they will reject your loan. If this is the case you will also lose your credit score and if the credit score is low, it will affect your personal loan also. They will make a high interest for the loan.

There are so many terms and conditions for applying for a personal loan from here are some of the terms and conditions that we are going to brief in this article.

Here are the Factors for Personal Loan SBI Eligibility

  • Firstly, you should be at least 21 years of age and maximum should be 65 years to apply. Nationality should be Indian.

  • When it comes to Profession there are two types, firstly if you’re working in a company and you come under salaried. No matter where you have a working, whether it is government, MNC company or private company you should have worked their 1 year. Secondly self-owned professionals like Architects, builders, Doctors,CA, and CS, etc. For this type of employer, they have at least 2 yrs of employment status should be there.

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  • For the salaried employer, they should have at least 24-25k income per month. This is a very important factor to know when you’re applying for a personal loan. Your take home should be 24000 thousand or else you may find difficult to pay the EMI’s.

  • For self-owned employers, they have 5 lakh rupees gross amount on their annual receipts.

 

  • Another important factor you all know i.e. FOIR. SBI uses this to check your eligibility for a personal loan. In this method, they will take your all fixed obligations of income ratio like current EMI’s or rent that you are paying for your home, bills, etc. After all the calculations, they will allow applying for a loan. SBI minimum FOIA should be at least 0.45.

  • After all this verification and eligibility, SBI allows maximum amount loan of Rs. 15 lakhs for salaried employers and they have tenure of 6 months to 60 months. For Self-owned employees, they can get up to 50 lakhs and they are also the same tenure of the salaried employer.

  • SBI bank offers special loans for those who are maintaining a good credit score of 750 they will consider the customer as bankable.

Here are some general eligibility factors for applying for a personal loan from SBI bank and hope the articles has covered all the points on personal loan sbi eligibility. Thanks for reading our article.

Rohitha
The author of this article is a award-winning writer who is passionate about Finance, Loan,Insurance, as well as Business.He expresses his views regularly through his blog.

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