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SBI Personal Loan Eligibility Calculator India Jan 2021

SBI Personal Loan Eligibility

Last Updated 15th Jan 2021

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
Interest Rate 9.60% - 16.40% 11.20% - 16.60%
Personal Loan Eligibility CalculatorOr Free Corona Health Insurance Cover of up to ₹ 5 lakh
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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 ₹ 5.89 Lakh. The interest he has to pay for this amount for 72 months is 9.60%.

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.

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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.


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SBI Personal Loan News - Jan 2021
  • 2020-12-10 : SBI recasts only 4,000 retail loans
    SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-10-30 : SBI partners with global education platform edX
    State Bank of India entered into a partnership with global non-profit education platform-edX to offer Massive Open Online Courses on the platform from November 2020. The partnership is aiming to develop skill sets of career-oriented individuals in today competitive world.
*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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