SBI offers several schemes of a personal loan to fulfill all the financial needs of the borrowers. It is one of the premier nationalized banks in the nation. SBI bank makes easy and reliable finances available to all categories of borrowers. Like every lender, SBI also has some personal loan eligibility.
A borrower has to fulfill the SBI personal loan eligibility to avail of the loan. Some factors that play a major role in the SBI personal loan eligibility are working experience, whether a borrower is a service personnel, salaried employee, self-employed, or even a retired citizen.
It could be possible that one may find it difficult to calculate the SBI personal loan eligibility. And if you are one of them then now you can easily do it with SBI personal loan eligibility calculator.
This tool simplifies the method of calculating the SBI personal loan eligibility. SBI provides affordable and convenient personal loans at competitive rates of interest with flexible repayment tenure.
Benefits of the SBI Personal Loan Eligibility Calculator
SBI personal loan is a collateral-free loan, which means that borrowers are not required to put anything as a security against the loan amount. Hence, this puts the lenders in a delicate position. They evaluate a borrower based on various criteria such as the net monthly income, credit score, etc. Though, before applying for a personal loan a borrower needs to be sure about his/her eligibility.
A few benefits of the personal loan eligibility calculator are listed below:
1. Check the Eligibility of the Loan amount
A great feature of an SBI personal loan eligibility calculator is that it enables the borrowers to experiment with different loan amounts as per his/her wants. Different numbers can be entered in the column (loan amount, repayment term, interest rate, and others) to get customized results using which a borrower can figure out the required amount that is the best for his/her income. SBI personal loan eligibility calculators are free of cost even if a borrower is not a client of the SBI Bank can use it.
2. Helps in Making Informed Decisions
The SBI personal loan eligibility calculator is quite a support to the borrower in making planned and informed decisions. If a borrower happens to have some extra income like a bonus, etc., then he/she can use it to pay an extra EMI, which will lead to a lesser EMI amount for the remaining months. Furthermore, a borrower can also use an SBI personal loan eligibility calculator to plan the loan repayment tenure. This is especially helpful when the interest rate fluctuates.
3. Increases the Chances of Loan Approval
A borrower should always check the loan eligibility before applying for it as if in case a loan application gets rejected it can harm the Credit Score. It’s always better to have an idea of the minimum EMI needs to be paid as it increases the chances of loan approval. This also helps a borrower to understand how much loan amount he/she can apply for.
Tips to Improve SBI Personal Loan Eligibility
SBI personal loan comes with assured competitive interest rates that allow a borrower timely repayments. These loans can be used to meet any personal expenses such as medical emergencies, travel, or even other personal expenses such as weddings, higher education, or purchase of consumer durables.
Here are a few points which may help a borrower to boost his/her SBI personal loan eligibility:
- Settlement of all previous credits
- Maintenance of a good credit score
- Choose long repayment tenure
- Pay the credit card bills on time
- Residential or Commercial Rental Income
Let’s have a brief understanding of the above points.
1. Settlement of All Previous Credits
Whenever a borrower applies for a personal loan, he/she should try that there are no pending loans. As, if a borrower has other loans to pay for, then it affects the loan repayment capacity which becomes a risk for a lender. So also try to settle all the loans before going for a new one.
2. Maintenance of a Good Credit Score
For every lender, a credit score is among the priorities in the loan approval process. If a borrower has a great credit score for a constant period, then the lenders consider him/her as a credible borrower which increases eligibility for the personal loan.
3. Choose a Long Repayment Tenure
Longer loan repayment tenure increases the borrower’s loan eligibility. As it reflects that the borrower can repay the loan for a certain period in the future. SBI personal loan eligibility calculator can also be used for calculating and planning the EMIs.
4. Pay the Credit Card Bills on Time
Duly payment of credit card bills reflects that a borrower is disciplined and responsible when it comes to making the payments of the credit. This can boost a borrower’s SBI personal loan eligibility.
How does the SBI Personal Loan Eligibility Calculator Work?
SBI personal loan eligibility calculator calculates the EMI considering several elements like loan amount, rate of interest, loan repayment tenure, and others.
1. Eligibility of SBI Personal Loan
The eligibility for an SBI personal loan varies based on the loan amount, borrower’s profile, and availed personal loan scheme. Here are the basic eligibility criteria for the SBI personal loan:
2. X press Credit Personal Loan
- The borrower should have a minimum gross monthly income of Rs.50,000.
- A borrower who does not have a salary account in the SBI can also avail of this type of loan.
- Applicants who are employed in the following sectors can apply for this loan:
- Central and state governments
- Defense establishments.
- Educational institutions that have a national reputation.
- Selected corporate with or without a relationship with the bank.
3. X press Credit Personal Loan
- The borrower’s minimum monthly income should be Rs. 15,000.
- The EMI/NMI ratio of a borrower should be less than 50%.
- The borrower is required to have a salary account with SBI Bank.
- The applicant should be an employee of any of the following organizations:
- Central and state governments
- Central and state PSUs
- Educational institutions with a national reputation
- Selected corporate with or without a relationship with the bank.
4. SBI Pension Loan
- A borrower should be an employee of a central or state government pensioner, a defense pensioner, or a family pensioner to avail of the personal loan.
- The borrower’s age should not be above 76 years.
- The pensioners of armed forces include the Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension account should be with SBI.
- An authorized member can acquire the family pension scheme of SBI.
- The family pensioner’s age should not be more than 76 years.
