SBI Personal Loan Eligibility

Disclaimer: State Bank of India is not a Paisabazaar partner for personal loans and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to State Bank of India for personal loans. No offers/services from State Bank of India are being provided by Paisabazaar for personal loans. For further information about State Bank of India for personal loans, users are required to reach out directly to State Bank of India.

Eligibility Criteria for various SBI Personal Loan Schemes

SBI Xpress Credit Personal Loan Eligibility

• SBI Xpress Credit Personal Loan can only be availed by individuals having salary account with SBI
• Minimum monthly income should be Rs 15,000
• Employees working with Central/State Government/ Quasi Government/ Central and State PSUS/ Reputed Educational Institutions/ Selected corporates with/without relationship with the bank are eligible
• EMI/NMI ratio should be less than 50%

SBI YONO App Personal Loan Eligibility

• SBI YONO Personal Loan can be availed by both CSP (Customer Service Point) and Non-CSP customers
• This loan scheme is offered to savings bank account holders
• The SBI savings bank account holders can SMS ‘PAPL#### (#### being the last 4 digits of your SBI savings bank account no.) to 567676 to check their eligibility

SBI Quick Personal Loan Eligibility

• Age should be between 21- 58 years
• Employees of Central/ State Government/ Quasi Government/ Central and State PSUs/ Private and Public Corporates/ Reputed Educational Institutions in India are eligible for SBI Quick Personal Loan.
• Individuals having salary account with some other bank can also avail this personal loan scheme
• Minimum Monthly Income should be Rs 15,000
• EMI/NMI ratio should be less than 50%
• The applicant should have been employed for at least 1 year

SBI Xpress Elite Eligibility

• Applicants should have a salary account with SBI or any other bank
• Minimum net monthly income of the applicant should be Rs 1 lakh
• EMI/NMI ratio should be less than or equal to 60%
• Employees working with Central/State/Quasi-Government, Defence/Central Armed Police/Indian Coast Guard, Central/State PSUs, Corporates (Private and Public Limited)/Educational Institutions of national repute are eligible for SBI Xpress Elite Personal Loan Scheme.

SBI Real Time Xpress Credit Personal Loan Eligibility

• Government/Defence salary package account holders are eligible for SBI Real Time Xpress Credit Personal Loan scheme
• Minimum net monthly income:

>=Rs 15,000 for Real Time Xpress Credit

>=Rs 1 lakh for Real Time Xpress Credit Elite

• EMI/NMI Ratio:

<50% for Real Time Xpress Credit

<60% for Real Time Xpress Credit Elite

SBI Pension Loan Eligibility

Eligibility for Central and State Government Pensioners

• Age of the pensioner should be below 76 years
• Pension must be drawn through SBI for availing SBI Pension Loan
• A letter issued by the treasury stating that the pension of the pensioner will not be transferred to any other bank without an NOC
• The pensioner should provide an irreversible undertaking to the Treasury not to amend his mandate during the loan tenure
• All the terms and conditions of the scheme are applicable including guarantee by a suitable third party or the spouse in case of family pension.

For Defense Pensioners

• No minimum age
• Maximum age of the applicant at the time of loan maturity should be less than 76 years
• Pension must be drawn through SBI
• Pensioners of armed forces including Navy, Paramilitary Forces (BSF, CRPF, CISF, ITBP), Army, Air Force, Rashtriya Rifles, Assam Rifles, Coast Guards are eligible for SBI pension loan

For Family Pensioners

• Age should not be more than 76 years
• Authorized family members who shall receive the pension after the death of the pensioner

Additionally, SBI Personal Loan may also factor in the credit score of its applicants, just like other lenders do while evaluating their personal loan eligibility.

Factors Affecting SBI Personal Loan Eligibility

Credit Score

State Bank of India has not specified the cut-off credit score for determining SBI Personal Loan eligibility. However, SBI may consider the credit score of its personal loan applicants for evaluating their personal loan eligibility, just like most lenders do. Lenders usually approve the personal loan applications of applicants having credit scores of 750 and above. Some lenders also offer personal loan at lower interest rates to those having higher credit scores.

Applicants having zero or low credit scores can use Step Up Credit Card Co-branded with SBM Bank India Ltd. , a lifetime free secured card issued against fixed deposits of SBM Bank, to improve their credit scores and enhance their personal loan eligibility.

Repayment Capacity

State Bank of India offers personal loans to applicants having minimum monthly income of Rs 15,000. The bank considers the applicants having their EMI/NMI ratio within 50% of their total monthly income. Applicants exceeding this limit might not get their personal loan applications approved. Such applicants should select longer tenures in order to reduce their monthly EMIs and thereby, contain their EMI/NMI ratio within 50%.

Employment Profile

SBI has set different eligibility criteria for its different personal loan schemes. It offers SBI Xpress Credit personal loans and SBI Quick personal loans to the employees working with Central/State/Quasi government, Central PSUs and profit making state PSUs, educational institutes of national repute and selected corporates with or without relationship with the bank. It also offers Real Time Xpress Credit personal loan scheme to Government and Defence salary package customers. SBI Xpress Elite scheme is offered to the employees of Central/State/Quasi government, Defence/Central Armed Police/Indian Coast Guard, Central and State PSUs, public and private corporates, and educational institutes of national repute.

Existing Relationship with the Bank

State Bank of India also assesses its existing relationship with its personal loan applicants while determining their personal loan eligibility. It offers SBI Xpress Credit Personal Loans to applicants having their salary accounts with the bank. It also offers Real Time Xpress Credit personal loans to government and defence salary package account holders. SBI pre-approved personal loans are offered to select existing customers of SBI through YONO app. SBI also offers pension loans to pensioners and their family pensioners drawing their pension through SBI.