You might be planning to take a personal loan, but do you know whether you are eligible or not? There are different eligibility requirements for the borrowers, and you will get a loan only if all the required criteria are fulfilled. A personal loan is the best mode to satisfy emergency and personal needs, whether a family issue, medical expense, wedding, purchasing a phone, or anything else. You can visit the official website of the state bank for SBI personal loan apply online. But firstly, you must see that your documents are not against the eligibility guidelines to receive an approved loan.
Factors that might affect loan eligibility
The different factors affecting SBI personal loan eligibility criteria are listed below:
Employee’s Monthly Income
While an employee’s monthly income is a crucial factor for all forms of loan, they are supported by collateral or security in some cases like Gold loans, Home loans, and a Car Loan. It is not the same in the case of a Personal Loan. When it comes to personal loans, the lender ensures that the employee has a decent monthly income for repaying the loan amount within a designated time. The income requirement of an employee also varies from location to location. For the metro cities, the requirement is high due to the increased cost of living.
A credit score is a number that depends on your past credit history. The score ranges between 300 to 900. It lets the lender know how diligent you were with loan repayments or credit card repayments. However, it is advised to keep higher CIBIL scores, increasing your chances of your SBI personal loan getting approved.
Generally, the SBI bank lenders prefer a CIBIL score of 700 and higher. If the score is below 700, ensure that you choose to improve the score first and then apply for a personal loan. Do not forget to check the SBI personal loan interest rate for the salary account before applying for the personal loan.
An employee’s age ensures that they have ample years remaining in their working field. In most cases, while applying for SBI personal loan, the lenders prefer people aged between 23 and 58. For self-employed non-professionals and professionals, the age ranges between 23 and 65. Self-employed people can also work after retirement, which is up to 65 to 68 years. Therefore, the upper age limit as fixed by the State Bank of India for a personal loan is 65 years. If you choose SBI personal loan apply online, visit Apnapaisa and check the basic eligibility requirements.
An essential factor that helps to determine personal loan criteria is the current liabilities. If you are already in continuation with an existing loan like a car loan, or home loan, the state bank lender would like to know more about the loan in detail. By judging all these, they would like to ensure that you have a decent monthly income to continue repaying your existing loans and bear the cost of the new personal loan.
Employees with an increased work experience are expected to have a better future than those with a lesser work experience or someone who has started working in the corporate field recently. The prior work experience needed might vary depending on the bank lender that you choose, the employee’s occupation and several other factors.
The bank checks whether you have been working for the past two years with one year of experience in the present company for the salaried professionals. You must have five years of work experience with your own business for the business owners. And lastly, for the self-employed professionals, you must have three years of quality work experience.
Before you fill out an application for a personal loan from the state bank of India, try to check all the loan requirements properly and enhance your chances of loan approval. SBI personal loan interest rate for salary account is an essential factor that you must know from the lender in detail. To know more about interest rates for salaried employees, kindly visit Apnapaisa and get in touch with our service experts.