The eligibility of a loan depends on many factors which are generally same at all lenders but vary from one product to another. State Bank of India (SBI), being the largest bank in India is quite popular for its flexible and easy-going approach. The eligibility criteria for each loan is made as simple as possible to make it accessible to the majority.
Talking about the personal loan offered by the bank, it is available to salaried people as well as pensioners. There are two schemes under which funding is given. The fund can be used for any legitimate purpose such as travel, wedding, medical expenses, debt clearance, etc. So, if you are also looking for funds, you may note the eligibility below and then apply for it.
The personal loan eligibility criteria for the loan varies from one profession to another. At SBI, a salaried person and pensioners (and their families) can get the loan. So, their eligibility is mentioned below:
Net Monthly Income of the borrower must be at least ₹7,500 per month
The applicants EMI/NMI (Equated Monthly Instalments / Net Monthly Income) ratio must not exceed 50
The maximum age of the applicant is 76 years
The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age
The approval depends on many factors such as your documentation which includes your salary, profession, job stability, and the organization you are working for. Other than this, what is the most important factor that affects the approval is your CIBIL score. Even though applicants who are first-time borrowers have the option to apply for loans, those having a credit history plus good CIBIL score are treated better applicants by lenders. So, if you have a credit score of 750 or above (which is considered to be suitable better applicants than those who have the score below 750. Thus, if you match the eligibility criteria which covers your income, age and CIBIL score, you can expect faster loan approval with a lower rate of interest.
You can either apply for the loan online or offline. The choice is yours as which is more suitable to you. Most of the people now prefer online application since it is time saving, convenient and accurate. You can simply visit the bank’s website, follow the procedure and upload documents. Once all this is done, you can submit your application.
If in case you come across any issues during the process, you can contact the customer care department of SBI personal loan.
Srishti Singh is a professional writer since last 3 years. She believes in sharing her thoughts on various topics such as finance, social issues, education, parenting, child and women welfare. Here, she has given her inputs on SBI personal loan eligibility which will help you identify your eligibility for the product.