We all have some financial needs that we require to take care of. Unfortunately, we may not have sufficient funds at the time to fulfil those needs. At times like this, personal loans can be of great help. As the name suggests, this is a type of loan that people take to take care of their personal needs. The catch here is that the borrower needs to repay the loan at a particular time. However, to take the loan you don’t have to provide any security or collateral. Nevertheless, you must qualify for the loan as the lender sets. In India, personal loans are widely used. And one of the leading providers of this loan is the State Bank of India (SBI). So, if you wish to secure a personal loan you can apply for one in SBI. But, before that, you need to check the SBI personal loan eligibility calculator to analyse your repayment capacity.
SBI Personal Loans
Also, here you can avail of three types of personal loans to cater for the different needs of people. We need to have a better understanding of the types of personal loans that SBI offers since it has different sets of eligibility criteria.
SBI personal loans and their eligibility
SBI Xpress Credit Personal Loan
It offers Xpress Credit Loan to suffice for instant and urgent credit needs. You can avail of it whenever you need it, whether it is for emergency medical expenses or sudden travel plans. Customers can easily avail themselves of this loan with minimum documentation.
Eligibility criteria for SBI Xpress Credit Personal Loan
- The Minimum Net Monthly Income (NMI) has to be Rs. 5000
- The EMI or NMI ratio must not be above 50%
- The person applying for this loan must be an Indian resident.
- Only employees of State and Central government, PSUs, educational institutions, and a few selected corporations are eligible for this loan.
- And most importantly, it is mandatory for them to have their salary account with SBI
SBI Xpress Power loan/Xpress Elite Scheme
Any person with a salary account with SBI or any other bank can apply for this loan. The interest rate is different for an individual with a salary account with SBI and with a salary account with different banks. The final interest rate is the combination of the credit score of the applicant and 2 years Marginal Cost of Lending Rate (MCLR).
Eligibility criteria for SBI Xpress Power Loan
- The minimum gross monthly income of the applicant must be Rs. 50,000.
- The EMI or NMI ratio must not be above 50%
- The CIBIL score of the applicant must be above 750
- The person applying for this loan must be an Indian resident.
- Only employees of State and Central government, PSUs, educational institutions, and a few selected corporations are eligible for this loan.
Also Read: Home Buying Tips To Help You Along The Way
SBI Pension Loan
This personal loan is for those individuals who receive pensions through central or state governments. This loan has no hidden charges and very nominal processing fees and is provided in case of personal financial emergencies.
Eligibility criteria for SBI Pension Loan
- The age of the individual must be under 76 years.
- Minimum gross monthly income must be Rs. 50,000.
- The EMI or NMI ratio must not be above 50%
- The person applying for this loan must be an Indian resident.
- The applicant must be a normal or family pensioner.
- And, their pension must be drawn through SBI.
These were the eligibility criteria as per the SBI personal loan schemes. Apart from these, there are also a basic set of criteria that is important to adhere to in order to qualify for the SBI personal loans. Those criteria are:
- Minimum and maximum age – the minimum age of the applicant must be 21 years and the maximum age must be 58 years.
- Minimum Monthly Income – the minimum monthly income of the applicant must be at least Rs. 15,000/month.
- Work experience – whether the applicant is a self-employed person or a person with a secure job, the minimum working experience must be 2 years.
- Residence – the individual must be at least 1 year resident of the town or city he/she is applying for a loan.
- One must have the necessary documents required to avail of the personal loans.
Thus, a person needs to qualify all these criteria to take a personal loan from SBI. Also, to be sure of the repayment tenure and loan amount, you can calculate your eligibility in the SBI personal loan eligibility calculator.
How to Calculate SBI Personal Loan Eligibility?
There are two basic types of methods to calculate the SBI personal loan eligibility. One is using an online method and the other is using a manual process.
Online Method
To calculate your eligibility online, consider the following factors:
- The age of the person – SBI has personal loans for different age groups. There are particular loans for particular age groups and hence, it limits the option of personal loans.
- Monthly income – It plays a major role in the approval of the SBI personal loans. A steady income ensures that the person is capable of repaying the loan debts on time. Also, the higher the salary or monthly income, the higher the approved loan amount.
- Location of the individual – location also plays an important role as the interest rates differ from one location to another.
- Credit score – The credit score presents the creditworthiness of an individual which enables the lender to know the credit history of the applicant and make an analysis.
- The employment type — a salaried person or a self-employed individual with a steady monthly income has a higher chance of getting personal loan approval by SBI
- The work experience – a person loyal to his/her employer with higher working experience acts as a factor of assurance for SBI that the person will be able to repay the debts on time.
When one enters these factors konak escort
into the loan eligibility calculator, the online portal displays the value of the personal loan the candidate is eligible for.
Offline Method
The other method is to manually go through all the criteria and eligibility key factors. You can either use the EMI formula to calculate your eligibility or use can simply visit your nearest SBI branch to understand the qualifying conditions. The experts at the branch can give you a brief overview of the kinds of loans you can opt for.
Thus, using the personal dikili escort
loan eligibility calculator SBI can determine the suitable loan amount and offer it to the applicant. SBI has a variety of personal loans to fulfil most of your financial purposes. It also offers special deals and plans for celebratory occasions. So visit your nearest SBI branch or log into the official website to determine your personal loan eligibility.
