Personal loans are a great source of funding when you are in immediate financial need. However, it is not easy to choose one among the several options available in the market.
When you compare the features of all the available options, the State Bank of India (SBI) always has an edge. If you meet SBI personal loan eligibility, you can avail instant funds to cater to any of your financial needs.
SBI is the largest public sector bank in India which offers personal loans to salaried as well as self-employed individuals for various financial requirements, including foreign trip, business expansion, debt consolidation, wedding, emergency medical expenses, home renovation, and so on.
SBI personal loans are popular due to the competitive interest rate, low processing fee, seasonal offers and instant disbursal. You don’t need any security or collateral to apply for SBI personal loan.
SBI offers loan of up to 12 times of your net monthly income. After submitting the required set of documents, the loan will be approved within 2-3 working days if you meet the eligibility requirements and the submitted documents are accurate.
The eligibility criteria for SBI personal loans vary according to the type of loan. To avail the benefits of SBI personal loan, you will have to meet the following eligibility criteria of the bank:
SBI Personal Loan Eligibility Criteria
SBI Xpress Credit Eligibility Criteria
- Individuals who have a Salary Account with SBI.
- Age of the applicant should be at least 21 years during loan application and maximum up to 58 years at loan maturity.
- The EMI/NMI Ratio should be below 50%.
- Employees should be working with any of the following:
- Central, state or quasi government
- Central public sector undertakings (PSUs)
- Profit making state PSUs
- Educational institutions having national repute
- Select corporates with/without any banking relationship with SBI.
SBI QUICK Personal Loan Eligibility Criteria
- Individuals who have Salary Account with any other bank.
- Age of the applicant should be at least 21 years during loan application and maximum up to 58 years at loan maturity.
- The EMI/NMI Ratio should be below 50%.
- Employees should be working with any of the following:
- Central, state or quasi government
- Central and State PSUs
- Corporate (Private and Public Ltd.)
- Educational institutions with national repute.
- Minimum 1 year’s work experience is required.
- Minimum monthly income of the applicant should be Rs. 15,000.
SBI Pension Loan Eligibility Criteria
- Eligibility for Central & State Government Pensioners
- Pensioners should be aged below 76 years.
- Pension payment order (PPO) should be maintained with SBI.
- Pensioners have to furnish an irrevocable undertaking for not amending their mandate to the Treasury during the loan tenure.
- Pensioners have to get written consent from the Treasury that it will not accept any request of the pensioner regarding transfer of their PPO to any other bank till a NOC is issued.
- All other terms & conditions of the loan scheme will be applicable, including a guarantee by the spouse who is eligible for family pension or by a suitable third party.
- Eligibility for Defence Pensioners
- Pensioners of Armed Forces (Army, Air Force, Navy), Paramilitary Forces (CISF, BSF, CRPF, ITBP, etc.), Rashtriya Rifles, Coast Guards, and Assam Rifles are eligible.
- PPO should be maintained with SBI.
- No minimum age limit under the scheme and the maximum age should be under 76 years at the time of loan processing.
- Eligibility for Family Pensioners
- Family pensioners include authorised members of the family who can receive pension after the demise of the pensioner.
- The age of family pensioners should not be above 76 years.
Once you fulfil the above-mentioned eligibility criteria, you will have to furnish the required documents to apply for the loan.
Documentation Required for SBI Personal Loan
- Duly filled & signed loan application form
- 2 passport sized photographs.
- Identity proof – Photocopy of any one
- Passport
- Driving License
- PAN Card
- Voter’s ID
- Aadhaar Card
- Residence proof – Photocopy of any one
- Recent Telephone/Electricity Bill
- Passport
- Voter’s ID Card
- Property
- Tax Receipt
- Income proof – Salaried
- Copy of Identity Card issued by the employer
- Bank statements of salary account of the previous 6 months
- Income Tax Return
- Income proof – Self-employed
- Bank statements last 6 months
- ITR & bank account statements of last 2 years
Why Apply for SBI Personal Loan?
- No need of any security or guarantor for SBI Personal Loan.
- Smooth and quick loan processing.
- Concession in interest rates available for special categories, including:
- People borrowing loan amount of Rs. 10,00,000 or more.
- Platinum Salary Package customers
- Central Public Sector Enterprises (CPSEs) under ‘RATNA’ Status.
- Loan available as both Term Loan and Overdraft Facility.
- Competitive rates of interest on daily reducing balance.
- Low processing fees.
- Zero hidden costs.
- Minimal documentation required.
- Provision for the second loan.
- Pre-approved loan facility also available.
- Personal loan for pensioners.
