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SBI Personal Loan

    SBI Personal Loan Features

    SBI Personal Loan Eligibility Criteria Details
    SBI Personal Loan Interest Rate 9.75% p.a.
    SBI Personal Loan Lowest EMI per lakh Rs 2112
    SBI Personal Loan Tenure 12 to 60 months
    SBI Personal Loan Processing Fee 1% to 2% of Loan Amount
    SBI Personal Loan Prepayment Charges Allowed after 12 Months (2 – 4 %)
    SBI Personal Loan Part Payment Charges Allowed after 12 Months (2 – 4 %) 
    SBI Personal Loan Min Loan Amt ₹ 50,000
    SBI Personal Loan Max Loan Amt ₹ 75 Lakh

    Why SBI Personal Loan?

    Features of SBI Personal Loan

    1. Know your personal loan eligibility in 1 minute, available online and across all branches.
    2. Highly competitive interest rates for personal loans.
    3. Get instant approval for your loan
    4. Special personal loan offers* for women employees.

    SBI Personal Loan Documents

    Documents Required for SBI Personal Loan

    Simple and easy documentation for personal loans (though documentation varies from individual to individual). The document requirement is based on your profession, income and loan requirement.

    1. Proof of identity: Copy of passport/voter ID card/driving license
    2. Last 6 months bank statements
    3. Latest 3 salary slips
    4. PAN Card copy
    5. Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
    6. Photographs

    SBI Personal Loan Eligibility

    A personal loan is known as FINANCE money that you borrow from a bank or other financial organization for your personal, rather than business Personal Loan Eligibility Criteria

    Regular Income Group: This category includes salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings including central, state and local bodies.

    Eligibility Criteria:

    1. Age: 21-60 years.
    2. Employment: Minimum 1 year of current experience
    1. Earning: Minimum income: Rs. 15,000/- per month net income

    Not everyone can apply for a personal loan, an applicant have to follow some eligibility criteria based on which bank approves the applicant’s request. There are two categories of applicants:

    1. Salaried
    2. Self-employed

    There are various eligibility criteria for both applicants.

    Salaried Applicant:

    1. The minimum required age of an applicant must be between 21 years to 60 years.
    2. A metropolitan city borrower should have a minimum income of Rs 18,000. And for the non-metropolitan city, the minimum salary should be Rs 12,000.
    3. The work experience of the borrower should be for three years, and the salary should be received in their account only.
    4. A person applying for a personal loan should have a good credit history.

    Self-employed Applicant:

    1. The required age of a self-employed person should be of 25 years.
    2. The person should file ITR for the last three years, applying for a personal loan.
    3. An applicant must have a good credit score must, and there should not be any debt left due.
    4. The minimum amount should be of Rs 2.5 lakhs per annum at least.
    5. The business should be running for at least from the last three years if the applicant owns a business.