Check out SBI Personal Loan Eligibility to Determine your Eligibility

Dreams are very special to human beings and they work very hard to achieve. Most of our dreams are attached to finance. Whether it is a trip to Europe or renovation of the house or child’s education, every dream is somehow linked to finance.

In today’s time a personal loan has become one of the easy ways to realise all our dreams. We can secure a Personal loan from a lender and later repay it in the form of monthly EMIs.

The market is full of lenders and therefore you must choose the best one for you. As a matter of fact, the Personal loan offered by State Bank of India is highly demanded in the market by the loan borrowers. The interest rate for SBI Personal loan starts from 11.90% and can be availed for a maximum period of five years. Before you set up high hopes and start dreaming you must know whether you are eligible for the product or not. I have created this article specially to inform you about SBI Personal Loan Eligibility.

SBI Personal Loan Eligibility-

The eligibility criteria for all the segments under a personal loan product has been given below.

For a Xpress Credit loan:

This product is simply picture perfect for those who want to got to their favourite holiday destination or they need immediate funds to meet a family emergency at home.

• Salaried employees belonging to any Central Public Sector Undertaking, Quasi government, Central government, reputable corporates, profit making State Public Sector Undertaking and educational institutes of national repute are eligible to apply for a personal loan.
• The minimum net monthly income should be Rs. 7,500
• The applicant must take care of the fact that the EMI (Equated Monthly Installment) and NMI (Net monthly Income) should not be more than 50.

For a Saral Personal loan:

This loan is provided to every loan seeker who has a legitimate reason. The reason and need can be anything, whether it is a foreign or national trip, or medical treatment of a family member or wedding of the ward  or self or to meet any such financial liability.

• Any salaried individual working with a reputed company or any self-employed doctor, chartered accountant, architect, engineer, or an MBA with a minimum of two years standing can apply for the same.

• The amount that you can obtain will actually depend on your repayment capacity and the income you earn every month. People in metro and urban centres must earn a minimum of Rs. 24,000 every month. Loan borrowers residing in rural and semi-urban centres must earn a monthly income of a minimum of Rs. 10,000

For a Festival loan:

Festivals are the perfect time to rejoice and have fun. The spirit during festival time is unmatched. However unavailability of required finance can hamper all the celebrations and festive mood. SBI has created a product specially for the season of festival so that the mood is never dampened. You can easily manage all your festive related expenses and later repay the loan to the bank.

• A self-employed person with a working experience of a minimum of least three years can apply for the same.
• Salaried employees of Public Sector undertakings, private or public limited companies or educational institutions can apply as well. It must be esnured that the service period is at least two years.  
• People who earn from regular sources like pension or interest from government securities, NSCs or TDS too are eligible to apply for a personal loan.
• The net monthly income needs to be a minimum of Rs. 3,000 and above. The income of the spouse can also be added if he/she becomes a guarantor or the loan is taken jointly.

For a Pension loan: This personal loan is offered to every eligible State or Central government or Defence pensioner. The bank aims to empower every pensioner  so that he/she can take care of his/her personal needs.

• The applicant must not exceed the age of 76 years whenever the loan is applied.
• The applicant needs to draw his/her pension from the state or central government through any of the SBI branches
• In case of defence pensioners, the maximum age should be 76 years. No cap has been set on the minimum age limit for defence pensioners.
• Defence pensioners who are eligible include the likes of people who worked in the Armed Forces (Navy, Army and Air Force), Paramilitary Forces (CISF, CRPF, ITBP, BSF etc.), Rashtriya Rifles, Coast Guards and Assam Rifles. It is mandatory for them to maintain a pension account with the bank.
• In case, one of the family members has been given the authority to receive the pension once the pensioner dies, then that personal too is eligible to take a loan from the bank. The age of the person must be less than 76 years.

Documents required: The loan seeker is supposed to furnish certain documents before the bank in order to successfully obtain a personal loan. The list of important documents has been given under. Have a look at them-

• Completely filled application form
• Two photographs of passport size
• Proof of Identity- Driving License/ Aadhar card/ Passport/ Voter ID card/ PAN card
• Processing fee cheque
• Proof of Address- Telephone bill/ Ration card/ Passport/ Voter ID card/ Water bill/ rent and Lease agreement/ Electricity bill
• Proof of Income- For salaried individuals: Form 16, current dated salary certificate and Salary slips of the past three months. For self-employed individuals: Income Tax returns of the previous two years.
• Bank statement of the past six months

Since now you have known about SBI Personal Loan Eligibility, you can now determine whether you are eligible to apply for a loan or not. If yes, then you can contact the bank and get the best deal from them.