SBI Personal Loan Eligibility Calculator

⋆ Interest Rate 9.99% ⋆

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      Rates as low as 9.99%*
      Loans Up to 30 Lacs
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      SBI Personal Loan Eligibility Calculator Criteria Table (Salaried and Self-Employed)

      Particulars Salaried and Self-Employed
      Age 21 – 58 years
      Minimum Income Rs.15,000*
      Co-applicant Not mandatory
      Loan Tenure Up to 72 months
      Maximum Loan Amount Minimum: Rs.25,000
      Maximum: Rs.20 lakh
      Employment Type Employees of private limited companies and public sector undertakings or Self-employed
      Employment/Business Continuity At least 2 years; minimum 1 year with current employer
      CIBIL Score 750 and above
      Residential Status Resident Indian staying in own house or a rented house

      SBI Personal Loan Eligibility Calculator Criteria Table (Pensioners)

      Particulars Pensioners
      Age Up to 78 years
      Minimum Income As per Bank’s Norms
      Co-applicant Not mandatory
      Loan Tenure Up to 84 months
      Minimum /Maximum Loan Amount Minimum: Rs.25,000
      Maximum: Rs.14 lakh
      Employment Type Pensioners
      CIBIL Score As per Bank’s Norms
      Residential Status Resident Indian staying in own house or a rented house

      Factors affecting SBI Personal Loan Eligibility

      Age

      AS mentioned above, applicants between the age group of 21 to 78 are eligible for applying to a personal loan. However, applicants who are below 21 years of age or more than 78 years of age are not eligible as these applicants are considered as a high-risk candidates as they may not be able to fulfil the income criteria due to lack of a steady income from employment.

      Net Monthly Income

      The Applicant’s net monthly income is an indicator of easy repayment level. Meaning, if the applicant’s net monthly income is high, it is more likely that the applicant will honour the EMIs and will pay by the deadline. This could also result in a higher loan amount availability.

      Work Experience

      Working in the same company for a period of at least 2 years describe you as a candidate with a steady income. This will increase your chances of getting loan approval as well as will give assurance to the bank for a steady income during the repayment tenure.

      CIBIL Score

      CIBIL score is one of the most important factors while applying for a personal loan. A bank may accept or reject an applicant’s application on a sole base of applicant’s CIBIL score.  If the individual has a credit score above 750, He or she is more likely to be considered for a loan by most banks.

      Residential Status 

      If the applicant already owns a house under his or her name then it implies that a portion you the applicant’s salary will not deduct as rent charges, leaving a higher income left over for the monthly loan repayments.

      Employment Type 

      A salaried or self-employed individual with a steady income is extremely likely to be approved for an SBI personal loan.

      How to improve chances of getting SBI Personal Loan Eligibility

      SBI Personal Loan Eligibility Calculator

      • Credit Score Improvement: One can improve their Credit score by checking credit score well ahead of a loan application. Using a credit card regularly can avoid under-utilisation. Proper repayments to the existing loan EMI’s creates good credit payment history. Moreover, maintaining a balanced secured and unsecured loans puts a positive effect on your CIBIL score.
      • No Early Applies: In simple terms, avoid applying early in your career. Applying in your 30s with work experience of 5-6 years will increase chances of your loan application getting approved.

      About SBI Personal Loan Eligibility Calculator

      SBI Personal Loan Eligibility Calculator lets you check if you meet all the requirements to apply for a personal loan from SBI bank.

      SBI offers personal loan to both Salaried and Self-Employed individuals and thus has specific eligibility criteria mentioned below in detailed view. 

      Interest Rate 9.60% – 15.65% p.a.
      Loan Amount Rs.25,000 – Rs.20 lakh
      Loan Tenure 12 months – 72 months

      SBI Personal Loan Eligibility Calculator FAQ

      How do I get a personal loan with a low CIBIL score?

      You can attach collateral such as mutual funds, a fixed deposit, or property to your loan or apply for a joint loan with a member of your family with a credit score of 750 or higher.

      Is steady net monthly income important eligibility criteria?

      Yes, it is an indicator of easy repayment level and thus, the bank also looks at the applicant’s monthly income expense behaviour.

      Can I apply for a second SBI personal loan while fulfilling repayments for the first one?

      Yes, while applying for the second loan, the bank will also check if the applicant has a good net monthly income after the deduction of your liabilities.

      How to check SBI Bank personal loan Eligibility through Dialabank?

      You can call on 9878981166 or Dialabank online. We will provide you with the necessary details right away.

       

       

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