How to Get SBI Personal Loan in India with easy steps.

SBI offers various loan schemes under personal loan such as Express Credit Loan, SBI Pension Loan and Express Power, and provides loan facilities for all sections of the society. The SBI Personal Loan Eligibility Criteria has been decided according to the type of loan. In this article, we will discuss the eligibility conditions of all personal loan schemes of SBI.

SBI Personal Loan – Eligibility Conditions

Following are the SBI Personal Loan Eligibility Criteria for different types of applicants –

For Employed:

• Applicant must have a salary account with SBI
• You must be an employee of Central / State / Semi-Govt.

Or Must be an employee of Central Public Sector and State PSUS

Or

National Educational Institute

Or

Selected corporate companies, whether or not associated with the bank

• Applicant minimum monthly income should be Rs 15,000.
• Your EMI / NMI (Equated Monthly Income / Net Monthly Income) ratio should be less than 50%

Types of SBI Personal Loan and Eligibility

The following are the eligibility criteria for personal loan by State Bank of India (SBI):

 1. SBI Express Credit Personal Loan

• Applicant must have a salary account with SBI
• Your minimum monthly salary should be Rs.50,000.
• You must be an employee of Central / State / Semi-Govt., Central Public Sector and State PSUS, National Educational Institutions, Selected Corporate Companies
• Your EMI/NMI ratio should be up to 50%

2. SBI Personal Loan for Pensioners

Personal loans offered by SBI to pensioners have pre-defined terms depending on the type of employer. The eligibility conditions for pension loan are as follows:

For Central and State Government pensioners

• The age of the pensioner should be less than 76 years.
• The pension account should be with SBI and should remain with SBI during the loan repayment tenure.
• The applicant has to give a written consent that the pension account of the pensioner will not be transferred to any other bank during the loan tenure.

For Defense Pensioner:

• They should be a pensioner of armed forces including Navy, Army and Air Force, Coast Guard, Paramilitary Forces (CRPF, CISF, BSF, ITBP, etc.), Rashtriya Rifles and Assam Rifles.
• Pension account should be in SBI.
• His maximum age should be less than 76 years at the time of loan processing.

For Family Pensioner:

• Family pensioner includes the authorized members of the family to receive pension after the death of the pensioner.
• The maximum age of family pensioner should be 76 years

3. Pre-approved Personal Loan for Employers and Pensioners on YONO

YONO offers SBI pre-approved personal loan to both salaried and pensioner through mobile app. The main conditions to be eligible for such offers are to have a salary or pension account with SBI.

Pre-approved Personal Loan on YONO to Non-employed (PAPL)

SBI YONO app provides pre-approved personal loans to self-employed individuals and self-employed professionals. The following eligibility conditions are included for these SBI personal loans:

• You should have a savings account with SBI with regular deposits
• Your monthly balance must exceed a certain limit

KAVACH SBI Personal Loan Scheme

The country’s largest public sector bank State Bank of India (SBI) has recently launched Kavach Personal Loan to provide relief to the people suffering from COVID and meet their financial needs for treatment. Under this scheme, any person can take a loan from Rs 25,000 to Rs 5 lakh. This is a collateral free loan scheme for patients suffering from corona virus and their family members will get collateral free loan.

This loan can also be taken by pensioners with salaried and non-salaried classes. No document is needed for this. If you or any member of your family is suffering from Covid then you can take thisSBI Personal loan. This loan is completely collateral free. That is, in lieu of this loan, the bank will not ask you to mortgage anything.

How to apply for it?

You can apply for Kavach SBI Personal Loan by visiting your nearest SBI branch. Or else this loan can be pre-approved through SBI’s YONO app. There will be no processing charge on this loan. The bank has also waived off four-closure charges and pre-payment penalty.

Who can take advantage of this loan Scheme

Only corona patients can take advantage of this loan for the treatment of themselves and their families. Under the Kavach Personal Loan Scheme, corona patients can take a loan of up to Rs 5 lakh. While launching the Kavach Personal Loan, SBI Chairman Dinesh Khara said that in this scheme, Covid Patient Loans can take loans ranging from Rs 25 thousand to Rs 5 lakh.

Loan tenure and interest

This loan can be taken for a tenure of up to 5 years and will attract only 8.5% per annum interest. It also includes a 3-month moratorium. Dinesh Khara said that SBI will not take any action against the borrowers for not depositing the EMI during the moratorium period.

More on Kavach SBI Personal loan scheme

The country’s largest bank SBI is giving unsecured loans to its customers at very low rates. It is also called covid personal loan. Taking this decision, the bank said that SBI customers who want credit facility for the treatment of corona for themselves or family members, they can take SBI Personal Loan without any security or collateral. SBI Chairman Dinesh Khara said that under the Emergency Credit Line Guarantee Scheme (ECLGS), one can take a loan of up to Rs 5 lakh for the treatment of Covid.

Recently state-run banks have announced that they will provide unsecured loans of up to Rs 5 lakh to people to help them meet the cost of COVID-19 treatment for themselves and their families. It is one of three new loan options that banks on Sunday introduced to help vaccine suppliers, healthcare facilities, pathology laboratories, manufacturers and suppliers of oxygen, ventilators and COVID-19 related pharmaceuticals logistics companies and people infected with COVID-19.

According to statements made in a joint press conference by the Indian Banks’ Association (IBA) and State Bank of India (SBI), the amount ranging from Rs 25,000 to Rs 5 lakh to cover COVID-19 treatment for salaried, non-salaried and retirees. You can apply for an unsecured SBI personal loan.

More about interest and charges

The repayment tenure of this loan is 5 years, SBI charges an interest rate of around 8 per cent per annum. Under ECGLS, the state-run bank has also proposed to provide a grant of up to Rs 2 crore in health care business loans to hospitals and nursing homes, for manufacturing oxygen units and power backup systems.

These loans have an interest rate range of 7.5 percent and are backed by the National Credit Guarantee Trustee Company Limited (NCGTC) under ECLGS 4.0, which was announced by the Department of Financial Services and Government of India. The loan will be given for a period of five years. Business loans have also been provided by banks for healthcare establishments.

Up to Rs 100 crore will be given to companies and manufacturers of health care supplies such as vaccines and ventilators each to set up or expand healthcare systems in metro cities. Firms in Tier 1 and urban areas can get loans up to Rs 20 crore, while companies falling under Tier II to Tier IV can get loans up to Rs 10 crore.

The SBI personal loan is for a tenure of 10 years. Also to help MSMEs, the Government of India has announced changes in the ECLGS scheme by strengthening its scope. ECLGS has been extended till September 30, 2021 and disbursement has been allowed till December 31, 2021.

How to improve your eligibility for SBI Personal Loan?

1. Maintain a good credit score:

A credit score that reflects your payment record. Hence, the higher the credit score, the higher the chances of being eligible for a personal loan. Your credit score should be at least 750 or above, if it is not, then take the time and rectify it and then apply for a SBI personal loan.

2. Pay your credit card bills and loan EMIs on time:

When you pay your loan EMIs and credit card bills on time, it shows that you lead a disciplined financial life. This increases your chances of getting a loan in future.

3. Pay off your existing loan:

If you are paying a loan or your credit card bill is pending, it is advisable to complete or eliminate such payments before applying for a SBI personal loan. Take it this increases your debt to income ratio and thus increases your eligibility for the loan.

Questions/Answer on SBI Personal Loan

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