SBI Personal Loan

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SBI Personal Loan

 

Eligibility & Documentation


Personal Loan eligibility is determined by the customer's financial situation. The eligibility for a personal loan is also determined by such factors as work history, profession, income level, repayment capacity, and credit history and the funds will be credited to your account once your loan is approved.

 

 

 

 

 

 

SBI Personal Loan Eligibility Criteria

 

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor / Partners / Directors

Partnership or Private Limited firms engaged in Manufacturing, Servicing, or Trading

 

 

Self Employed Professionals such as Chartered Accountants, Company Secretary & Doctors

 

Age

· Applicant must be a minimum of 21 years of age at the time of application and should be a maximum of 76 years at loan maturity.

 

· For a Quick personal loan, the age must be between 21 years to 58 years.

 

· For pensioners, the age should be less than 76 years.

 

Applicant must be a minimum of

23 years of age at the time of

application and should be a

maximum of 76 years at loan

maturity.

 

Proprietor / Key Partner /

Main Director must be a

minimum of 25 years at the

time of loan application

and should be a maximum

of 70 years at loan maturity.

Experience / Vintage

Minimum of 1 year of experience.

· Must be running the same

 

business for the last 3 years

 

· Professionals with qualification

 

of CA / CS/doctor with a minimum'

 

of 1 year of practice.

Business stability/history of

minimum 3 years in the

same business.

Income

· Net monthly in-hand salary should

 

be Rs.15000.

 

· Net monthly in-hand salary should

 

be Rs.15000 and above for RTXC and Rs.1

 

lakh and above for RTXC-Elite.

 

Gross annual income should be

a minimum of Rs.3 lakh

Annual turnover should be

a minimum of Rs.10 lakh

EMI/NMI ratio

· The ratio must be less than 33% in the case

 

of family pensioners and 50% in the case

 

of other pensioners.

 

· The ratio must be less than 50% for SBI-XC

 

and SBI-RTXC.

 

· The ratio must be less than 60% for SBI-XE

 

and SBI-RTXC Elite.

· The ratio must be less than 33%

 

in the case of family pensioners

 

and 50% in the case of other

 

pensioners.

 

· The ratio must be less than

 

50% for SBI-XC and SBI-RTXC.

 

· The ratio must be less than

 

60% for SBI-XE and SBI-RTXC

 

Elite.

 

 

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

eligibility

How to improve your SBI Personal Loan Eligibility?

Follow these tips to improve your SBI Personal Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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