SBI provides personal loans to salaried and self-employed individuals who are maintaining a salary account with them at zero margins, very competitive interest rates with quick and easy processing, and so on. The second loan can be taken after 1 year of disbursement of the first loan provided the first loan has fulfilled the conditions set by SBI and has been repaid on time. Personal loans from SBI have a shorter duration ranging between 12 months to 5 years. Depending upon the individual applicant’s profile and lender, the Annual Percentage Rate of a personal loan may differ from 10.49% to 15% annually.
What Are The Factors That Affect The Eligibility of Personal Loans From SBI?
The factors that affect the SBI personal loan eligibility are
- Age - SBI offers personal loans to borrowers in different age groups.
- Monthly Income - If an applicant has a steady income, he will pay his EMIs on time. He will also be eligible for a higher loan amount.
- Work Experience – Lenders give importance to an applicant’s loyalty. This is an indication of his/her experience in the firm. The chances of the applicant staying in the company are higher. This gives a sort of assurance to the lender that he/she will repay the EMIs on time.
- CIBIL Score – An applicant with a high CIBIL™ score is considered to be of less risk to the lender. The credit score indicates the discipline of the person making previous loan repayments. Thus, such individuals have a better chance of getting approved for personal loans from SBI.
- Residential Status – the borrower who stay in their own houses have more chances of getting approved for a loan.
- Employment Type – Salaried or self-employed individuals having a decent monthly income have better chances of EMI/NMI Ratio. EMI/NMI is a ratio that projects equated monthly installments as a percentage of the applicant’s post-tax net monthly income. This particular ratio is multiplied by 100 to obtain the individual’s loan eligibility. If an applicant owns a high EMI/NMI ratio then he/she will have higher eligibility.
- Salary Account with the Bank – One of the personal loans provided by SBI targets customers of the bank who hold salary accounts. Individuals drawing pensions from the bank are eligible to apply for pension loans from SBI as well.
How to Apply For SBI Personal Loan Online?
Step 1: Visit the SBI Personal Loan page
Step 2: Pick the type of personal loan from the given option.
Step 3: Click ‘Apply Now’
Step 4: Now, you will be redirected to a new tab. Enter the details.
Step 5: mention the required details and click the ‘Submit’ button.
Step 6: Click the ‘Submit’ button
Step 7: After you have successfully applied for the personal loan, you will receive a notification on your registered mobile number and email id.
How To Apply For SBI Personal Loan Offline?
To apply for a personal loan from SBI offline, you are required to visit the nearest SBI branch in person along with all the relevant documents. After that,
- Fill out the loan application form and give it to the customer representative along with the documents.
- You will receive notification for the same and will be given a loan application reference number from the representative.
- You can use this reference number to follow the status of your loan at a later date.