Know Your Eligibility for State Bank of India Personal Loan

State Bank of India is one of the most trustworthy bank of India. It provides its customer with the Xpress Credit Personal loan and Loans to Pensioner. The Personal loan can be used for different purposes from managing emergencies to spending in any occasion. It does not need any co-applicant or security. It provides an individual with low interest and low processing fees. It doesn’t charge any prepayment penalties. The tenure of the repayment ranges from 6-60 months. The minimum amount that can be availed in this category is 24,000, and can extend up to the amount of 15,00,000.

personal loan

Eligibility criteria needed for SBI Personal Loan:

Xpress Credit Personal Loan:

Age- The minimum age required is 21 years, and the maximum age is 58 years.

Nature of Job- Applicant must be a salaried individual with minimum work experience of 2 years or self- employed with the experience in current business for at least 2 years.

The salaried should be from one of the employees of these sectors-

  • Central/ State government.
  • Quasi-government
  • Central PSU’s
  • Profit making State PSU’s
  • Educational Institutions of National Repute
  • Selected Corporates

Monthly Income – Applicant should have at least an income of ₹ 7,500.

                            – EMI/NMI should not be over 50%.

Be Ready With These Documents:

  • A filled application form with recent colour photographs.
  • Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card
  • Residential Proof- Electricity Bill, Water Bill, Mobile Bill, Aadhar card etc.
  • Income Proof – For salaried- Salary slip/ Form-16
  • For self employed- Bank Statement and ITR/ FORM-16

SBI Pensioner Personal Loan:

A special personal loan is introduced by State Bank Of India to provide funds to the pensioners whose pension comes in their bank. A step taken by the SBI to ensure that lack of funds should not be a hindrance in achieving their Personal loan needs and expenses or meeting any emergency. It provides them peace of mind in their old age and enjoy the life after retirement without any worries. The maximum amount of pension directed to avail a loan is 50%. The minimum loan amount that is available is 25,000 while maximum loan amount available is 14 lakh(below 72), 12 lakh(72-74 yrs.), 7.50 lakh(74-76 yrs.). It has low processing charge and no prepayment fees are charged.

The Eligibility Criteria for SBI Pensioner Personal Loan:

Age- The maximum age of the pensioner should be 76 years.

Nature of Job – The Pensioner should be from either of the following sector as an ex-employee

                        – Central/ State Government.  

                        – Armed Forces.

Documents Needed Before Applying:

  • A filled application with recent color photographs.
  • Photo ID Proof- Passport, PAN Card, Driving Card, Voter ID Card
  • Residential Proof- Electricity Bill, Water Bill, Mobile Bill, Aadhar card etc.

The State Bank of India  have ensured that the personal needs and aspiration of the people are met through their SBI Personal Loan scheme. It requires less documentation and has hassle- free methods to avail the required loan amount in less time.

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