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SBI Personal Loan Eligibility Calculator India Aug 2020

SBI Personal Loan Eligibility

Last Updated 10th Aug 2020

6th August 2020 – RBI keeps Repo Rate unchanged at 4%

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age21 - 58 years21 - 65 years
Minimum Eligible Income ₹ 24,000 per month ₹ 5 Lakh gross annual receipts
Maximum Eligible Loan15x of monthly income  -
Maximum Loan Amount Eligibility ₹ 15 Lakh ₹ 15 Lakh
Minimum Work Experience24 months 24 months
SBI Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 21 years and maximum age is 58 years. SBI offers personal loans for a maximum period of 72 months.
SBI Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 24,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that SBI uses to find out your SBI personal loan eligibility. SBI takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from SBI is 0.45. Calculate and compare your eligibility with SBI personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 24,000. He wants to take a personal loan of ₹ 1 Lakh for 72 months. SBI allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 24,000, the maximum amount for which he is eligible is ₹ 5.75 Lakh. The interest he has to pay for this amount for 72 months is 10.50%.

SBI Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, SBI will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from SBI will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. SBI requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from SBI.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from SBI, improve your credit worthiness to get a good score and your loan application to get approved.

SBI Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by SBI. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from SBI. Your total work experience and current work experience are assessed to evaluate your job stability and profession. SBI looks for a minimum total experience of 24 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. SBI has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. SBI also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from SBI. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – SBI has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by SBI if you apply for a personal loan.

FAQs

What are the eligibility criteria to avail SBIloan?

The minimum age of the applicant required to get a personal loan from SBI is 21 years. The maximum age for salaried employees can go up to 58 years.

What should be my income to secure a personal loan from SBI?

The minimum income for a salaried employee should be at least ₹ 24,000 per month to secure a personal loan from SBI.

How much work experience is required for personal loan from SBI?

The applicant must have at least work experience of 12 months in avail the benefit of SBI personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from SBI is up to ₹ 15 Lakh.

Will CIBIL Score affect my personal loan from SBI?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from SBI?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from SBI .

What is the minimum loan amount from SBI for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from SBI.


SBI Personal Loan News - Aug 2020
  • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore news
    State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY.
  • 2020-07-14 : SBI plans to double YONO user base in 6 months
    State Bank of India is planning to double its digital-banking app YONO (You Only Need One) customer base in the next six months. Currently, 24 million users are registered under YONO, the digital platform which offers financial services like a personal loan and lifestyle products and services of the lender.
  • 2020-07-03 : SBI Launches ‘YONO Branches’ to enable walk-in customers to adopt digital banking
    SBI launched state-of-the-art ‘YONO Branches’ on the eve of the 65th anniversary of its Foundation Day. SBI’s integrated digital and lifestyle platform is aiming to improve customer experience, YONO branches will focus on driving adoption of digital banking among its customers.
  • 2020-06-07 : 0ne-fifth of customers opt for SBI loan moratorium facility
    About 21.8% of SBI retail borrowers have availed the three-month moratorium on repayments of personal, home, gold, two-wheeler, and car loan from March to May. The loan moratorium was introduced to assist the borrowers amid economic crisis due to COVID 19 and subsequent lockdown.
  • 2020-06-05 : State Bank of India reported the highest ever yearly net profit
    State Bank of India registered a Net Profit of Rs.3581 Crores bolstered by retail business loan, FDs and RDs in Q4FY20, an increase of 327% over Q4FY19. For the full year FY20, Net Profit stood at Rs. 14,488 Cr backed by retail loans like home, personal, gold, two-wheelers, and car loan along with business and mudra loan against Net Profit of Rs 862 Crores in FY19. This is also the highest ever yearly Net Profit recorded by the Bank.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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