SBI offers personal loans up to Rs. 20 lakh to salaried individuals for various needs like wedding, home renovation, vacation, medical exigencies etc. The loan amount, tenure, interest rate and eligibility criteria varies based on the applicant’s income, employer, credit score and financial history. Here is a detailed guide on how to apply for an SBI personal loan online or offline:
Eligibility Criteria for SBI Personal Loan
To avail an SBI personal loan, the applicant must satisfy the following eligibility norms:
- Age: Between 21 to 60 years at the time of applying for the loan
- Employment: Salaried for a minimum of 2 years with the current employer and total work experience of at least 2 years
- Income: Minimum net monthly income of Rs. 15,000 for metro cities and Rs. 13,000 for non-metro cities
- Credit score: Minimum CIBIL score of 650 or higher
Self-employed individuals, businessmen, freelancers or professionals cannot apply for an SBI personal loan. Only regular salaried employees meeting the above criteria are eligible.
SBI Personal Loan Amount
As per eligibility, the maximum personal loan amount that can be availed is:
- For salaried individuals: Up to Rs. 20 lakh
- For self-employed: Not applicable
The loan amount is decided basis the monthly income, repayment capacity and credit score of the applicant. Higher income applicants can avail higher loan amount.
SBI Personal Loan Interest Rates
The interest rate on SBI personal loans ranges from 10.25% to 22% per annum and is based on the applicant’s credit score:
| Credit Score | Interest Rate |
|---|---|
| 750-850 | 10.25% – 17.25% |
| Above 850 | 10.25% – 16% |
Higher credit score lowers the rate of interest on the personal loan.
SBI Personal Loan Tenure
SBI offers a maximum repayment tenure of 60 months or 5 years for personal loans up to Rs. 20 lakh. The EMI gets lower with a higher tenure but the overall interest outgo increases.
Collateral/ Security
SBI personal loans are unsecured loans. No collateral or security is required. The loan is approved basis the applicant’s eligibility, income and credit profile.
Documents Required
Salaried employees need to submit the below documents when applying for SBI personal loan:
- Application form
- Identity proof – Aadhaar, PAN
- Address proof
- Salary slips – Last 3 months
- Bank statements – Latest 6 months
- Form 16
- Company ID card
- Employment confirmation letter
All documents must be clear and legible. The documents are verified by SBI during personal loan processing.
How to Apply for SBI Personal Loan?
SBI offers multiple ways to apply for a personal loan. You can choose either online or offline mode.
Online Application
- Visit SBI net banking portal or website
- Go to ‘Apply for Personal Loan’ link
- Fill in the online application form
- Upload soft copies of required documents
- Pay the processing fee online
- Click submit
The application is processed and loan decision is communicated through email/sms within a few working days.
Offline Application
- Visit nearest SBI branch
- Ask for personal loan application form
- Fill in all details and submit along with documents
- Pay processing fee through cash/debit card/cheque
- The SBI executive will assist you further
On approval, the loan amount gets directly credited to the applicant’s SBI account.
Benefits of SBI Personal Loan
- Quick and hassle-free process
- Competitive interest rates
- Flexible tenures up to 5 years
- No collateral or guarantor required
- Speedy disbursal into account on approval
- Pre-approved offers for existing SBI customers
- Minimum documentation
Tips to Get the Best SBI Personal Loan Deal
Follow these tips to get lowest interest rates and the best deal on your SBI personal loan:
- Maintain credit score above 750 to get the best rates
- Choose optimal loan tenure of 2 to 4 years
- Avoid multiple loan applications within a short span
- Provide accurate information in the application form
- Have long term relationship and account with SBI
- Opt for online application for faster processing
- Check eligibility for pre-approved offers before applying
Therefore, SBI personal loans are easy to avail for salaried individuals. By meeting the eligibility criteria and following the application process, you can secure an SBI personal loan on attractive terms for your diverse financial needs.