Apply Now Contact Us
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 |
Follow these tips to improve your SBI Personal Loan Eligibility –
Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting
Try to build a CIBIL score above 750
Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness
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.
A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.
You are doing an awesome work as team. Faster service with immediate response is quite amazing. Will recommend to everyone in need, faster documents processing …….Keep up the good work
Amazing. Dedicated. Professional. I came through a reference from my Aunt. I was getting a personal loan for the first time. I was nervous. But they made me sail through the loan application process. Good work. Definitely recommend
Folks, they are very quick with their services. I actually didn't know there were so many conditions for getting a loan. My documents weren't proper as well. They really helped me pick up my profile. Also, they give you helpful suggestions regarding which banks should I opt for.
Excellent service from all team members. All are supportive. Its different from others NBFCs. Now and in future, My Mudra is my first choice for financial needs.
The service provided by My Mudra is great, everything is seamless and very convenient. Its one of the very best experiences, I’ve had with any loan provider.
I was in dire need of funds for a medical emergency. Due to my low CIBIL score, I didn’t much get support from other lenders. This is when I submitted a personal loan application on My Mudra. Fortunately, I got the amount, and that too at lower interest rates. Thanks to My Mudra. The entire application was very smooth.
I have had a wonderful experience with My Mudra. The process was exceptionally seamless when I applied for a loan. I also liked how their people interacted with me. It is the best solution to the month-end cash issue. Also, I can use it to pay off my credit card dues.
To realize my business plans, I decided to take My Mudra Business loan and my decision was perfectly alright. It assured me of fast money and the entire process was transparent. No surprise loan charges helped me plan my working capital and manage my business activities efficiently.
I was in need of INR 2 lakh. I visited the My Mudra website and found out that there is a personal loan offer for me. It was a great experience. I got an awesome deal on my loan application. The process involved only a few documents. The amount transferred to my account was faster than promised and the interest rate and other charges were also not too high
I wanted quick fund disbursal and one of my friends suggested me to apply for a personal loan from My Mudra. He had a great experience. I agree with him. The application and approval process were smooth. They offer fast money transfers to my bank. I was asked to choose the repayment period. I am happy with the services. Their agents are also polite and helpful.
We collaborate with the best and biggest in the banking & financial world to get you relevant products at great rates.
Apply Now
We employ best-in-class security practices and procedures to keep your information secure every time.
From taking regular backups to using stronger passwords, we strictly prohibit any kind of unauthorized access of your crucial data, corruption, or theft throughout its life cycle.
We identify all the different ways your privacy could be at risk and have prepared safeguards to help you protect yourself online with us. Your privacy is important to us.
We are ISO 27001:2013 and SOC2 Type 2 compliant which instills trust into the hearts of our customers. We are secured with SSL and a certified GSP (GST Suvidha Provider).
Our blogs are where you get the latest news along with insights from industry experts.
Check
Credit Score
