To borrow a personal loan from State Bank of India (SBI), you need to meet certain criteria. And the loan limit will be based on your SBI Personal Loan Eligibility. A highly eligible applicant can negotiate for a lower rate of interest. Read this page and know how the SBI personal loan eligibility is assessed.

Why SBI Personal Loan?

There are varied personal loan options that you can see online. But an SBI Personal Loan becomes your preferred choice due to the following reasons –

  • Loan amount up to INR 20 Lakh
  • Interest rate starting from 9.600% per annum
  • A maximum repayment period of 72 months

Factors That Help Assess the SBI Personal Loan Eligibility

To borrow a personal loan from SBI, you need to meet the following –

Minimum Income Criteria

As with any other lender, SBI has a minimum income limit. So, if your monthly income is INR 15,000, only then the bank will lend you. And to prove the same, you need to provide income documents such as a salary account bank statement, salary slip, etc. 

Age of the Applicant

There are certain age limitations on SBI Personal Loan. So, check whether you’re too young or old for the loan application. An applicant aged 21 years and above can apply. Because his/her life expectancy is higher than older applicants. Plus the income capability is high for a younger applicant. The maximum age for getting a loan from SBI is 58 years.

Work Experience

You can get SBI Personal Loan if you have a stable job. Because an unstable job can result in irregular income and unemployment which directly impact the loan repayment. So, if you have a total work experience of one year in the current organization, you’ll be eligible for an SBI Personal Loan.

EMI and Income Ratio

The ratio of EMI and income should be less than 50%. To measure your income and EMI ratio, take help from the SBI Personal Loan EMI Calculator. So, enter the loan details inside the calculator and see the approximate EMI. And see if the EMI is more than 50% of your income. Because if it happens, the loan application may not get approved. An EMI of more than 50% of your income can make it difficult for you to manage the day-to-day expenses, so there are high chances of default payment. However, the bank can offer you a comparatively lesser amount. It will help you repay the loan comfortably. 

The Organization Where You’re Working 

The employees of the following type of organizations will be considered for the SBI Personal Loan –

Central, State, Quasi Governments – Agrinnovate India Limited, Anthropological Survey of India, etc.

Central and State Public Sector Undertaking (PSU) – Oil and Natural Gas Corporation Limited (ONGC), Power Grid Corporation of India (PGCIL), National Thermal Power Corporation (NTPC), etc.

Corporate (Private and Public Ltd.) – Bharti Airtel Ltd., HDFC Bank Ltd., Infosys Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., ITC Ltd., Larsen & Toubro Ltd., Reliance Industries Ltd.

Educational Institutions of National Repute – Indian Institute of Technology (IIT), Indian Institute of Science (IIS), Jawaharlal Nehru University, etc.

Salary Account Relationship with SBI

If you’ve got a salary account with SBI, check for any pre-approved best personal loan offers. To gain more business from existing customers, banks including SBI come with such offers. In case you’ve such offers marked in your name, just give your consent to the same. The loan will get disbursed to your account. Whereas, if you have a salary account in any other bank, you need to provide your bank details to SBI, such as the account number, IFSC code, etc. 

So, while applying for an SBI Personal Loan do consider these factors to avoid loan rejection. Because such rejections can impact your credit record negatively. 


Please enter your comment!
Please enter your name here