Cibil Score for SBI Personal Loan 2018



 

Do you know a CIBIL score is, created by credit bureaus and is a three digit numeric presentation of individual’s, which is a likelihood of an individual credit card or loan history? Mainly score is ranges between 300 to 900, a high score indicates particular person’s financial behaviour. This behaviour explains individual’s, responsible habit and lenders can easily approve their application for a loan or credit card.

A good CIBIL score indicates that the borrower is responsible when it comes to repaying their loans and credit cards.

In accord with one of the leading credit bureaus of India, TransUnion CIBIL – 79 percent of loans are approved for individuals having a score higher than 750. If a CIBIL score is 700 or above, it is considered to be a good score. A good score can enhance your loan approval and provide great benefits on interest rates.

The major factors that make one eligible for a personal loan are CIBIL score, age, regular income, employer, repayment capacity, credit history and many others. A lot of factors including these are taken into consideration by credit bureaus such as TransUnion CIBIL before they assign a CIBIL score to loan applicants. Also, it provides online EMI calculator which helps in deciding the affordability to pay the loan amount.

Personal loan eligibility in SBI depends on different factors, but the most important factor is your ability to repay the loan.

The main factors on which an applicant is eligibility depends Age: Age plays an important role in knowing your eligibility and ability to pay. SBI offers personal loans to salaried persons who are at least 21 years of age at the time of loan approval and a maximum of 58 years at the time the loan expires.

Income: Personal Loan calculator calculates your eligibility based on your income. Usually, the bank sets minimum levels of income to apply for personal loans. SBI requests monthly net income of minimum Rs. 24,000.

Job Stability and Profession: Job stability is important to improve your status and eligibility for SBI personal loans. In case you are salaried, you must be in a full time job for at least 24 months of which no less than 12 months should be with your current company. If you are working with a reputed company, the likelihood of getting SBI personal loans increases as income is considered more stable and the bank offers low interest personal loans to employees of reputed companies. 

The minimum CIBIL score for a personal loan is 750. Anything above this would mean that the applicant is creditworthy and applications are processed without hassle. 

Personal loans being unsecured, which makes them more risky for banks, a good CIBIL score is main requirement . 

A good CIBIL score indicates that the borrower is responsible when it comes to repaying their loans and credit cards.

In accord with one of the leading credit bureaus of India, TransUnion CIBIL – 79 percent of loans are approved for individuals having a score higher than 750. If a CIBIL score is 700 or above, it is considered to be a good score. A good score can enhance your loan approval and provide great benefits on interest rates.

The major factors that make one eligible for a personal loan are CIBIL score, age, regular income, employer, repayment capacity, credit history and many others. A lot of factors including these are taken into consideration by credit bureaus such as TransUnion CIBIL before they assign a CIBIL score to loan applicants. Also, it provides online EMI calculator which helps in deciding the affordability to pay the loan amount.

India’s largest bank, the State Bank of India is a Fortune 500 company. It was established in the year 1806 as the Bank of Calcutta. Taking a personal loan from SBI is not only easy and hassle free but also gives you access to some of the most competitive interest rates in the country.

State Bank of India features personal loans for self-employed individuals and salaried class both, to cater to their sudden unforeseen financial needs. The bank does not ask for any security for sanctioning personal loan. State Bank of India (SBI) is a government-owned bank and its the largest bank in India . State Bank of India (SBI) has a range of Personal Loan products, keeping in mind various segments of borrowers. SBI has 4 types of Personal Loans :Xpress Credit Personal Loan, SBI Saral Loan, SBI Festival Loans, Personal Loans to pensioners. By providing a few details about yourself, you can check your eligibility for an State Bank personal loan in seconds.

The State Bank of India is the largest public sector banks in India, with a nationwide network. SBI offers personal loans for both salaried and self-employed individuals to meet various needs. SBI personal loans don’t require any security, collateral or guarantor. Personal loans availed can be used for marriage expenses, holiday travel, medical issues, educational purposes or other miscellaneous expenses.

State Bank of India personal loans comes with Low processing fee, nil prepayment penalties and no hidden charges .

SBI personal loans can be taken for up to 12 times the net monthly income for salaried individuals and pensioners. Though this is subjected to a ceiling of ₹10 Lakhs and a repayment tenure of 48 months. SBI has initiated a fast-turnarond system for quickly approving the Personal Loans.

Documents Required for SBI Personal Loan:

  • Fully filled loan application form.
  • Passport Size Photos (2 copies).
  • Income Tax PAN Copy.
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID.
  • Residential Address Proof – Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (up to 3 months old).
  • Income Documents – 2 years Form 16, 3-month pay slip, 3 months bank statement showing salary credit and any EMI debit.

SBI Personal Loan Eligibility

  • Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers personal loans to salaried individuals who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Income: The personal Loan calculator calculates your eligibility based upon your income. Usually, banks set minimum levels of income to apply for a personal loan. SBI asks for net monthly income of minimum ₹ 24,000.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for a personal loan from SBI. In case you are salaried, you must be in a full-time job for at least 24 months of which not less 12 month must be with your current company. If you are working with a reputed company, the probability of getting a personal loan from SBI increases as the income is considered to be more stable and bank offers low-interest personal loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your personal loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your personal loan eligibility.
  • Loan Amount: SBI gives your personal loan depending upon your income. SBI gives you an amount ranging from ₹ 10,000 to Rs. 1,500,000. To improve chances of approval, apply for a loan amount that you can comfortably service.

Procedure For SBI Personal Loan 

The process for taking a personal loan from SBI is very simple and quick. The documentation process is minimal and self-explanatory.

You will not be required to make arrangements for any collateral or guarantor or security to get a personal loan from SBI. A collateral or security refers to an asset which is given to the lender or bank before the loan is issued. It serves as a security where if the borrower misses the repayment deadlines several times, then the bank has the authority to seize the asset’s ownership from the borrower and sell it to someone else. This is done to recover the costs of the unpaid loan.

A guarantor is an individual who promises to repay the remaining loan amount when the borrower misses repayment deadlines due to any reason. When you go for any of the personal loan schemes offered by SBI, you need not worry about getting any guarantor.

The bank sanctions a loan without a collateral and a guarantor.

  • You will need to pay a minimal fee as a processing fee for procuring a personal loan from SBI. It is usually 1.01% of your loan quantum. You will not have to pay any hidden charges during the application process.
  • You may also negotiate the interest rate for your SBI personal loan with a bank representative and then fix your interest rate for your EMIs.
  • You can go for a term loan or an overdraft limit on your present account with SBI.
  • The minimum loan amount varies according to the type of personal loan offered by SBI. You can choose your personal loan amount as per your convenience.
  • With SBI, you have the option of taking a 2nd Xpress loan if you have taken the 1st loan and repaid it completely on time. This Xpress loan is provided 1 year after you have obtained the 1st loan. You need to note that you will not be able to take any other personal loan after you procure these 2 loans from SBI.
  • You will be able to monitor the status of your SBI personal loan application properly at different stages.

Why You should Apply for SBI Personal Loan?

  • The bank offers personal loans across various categories such as SBI Xpress Credit loan, SBI Saral Personal loan, Loan to pensioners, and SBI Festival personal loan.
  • One of least preclosure charges.
  • The wide network of SBI makes it a suitable loan option for people residing anywhere in the country.
  • Comparatively less interest rate.

What is the Need for a Personal Loan?

Personal loan is a finance that is taken by an individual to fund some of their needs in times of urgent situations. This can be to pay off previous debts by an individual, purchase some electronic commodity, pay medical expenses and other purposes. A personal debt is an unsecured loan. However, due to this, the eligibility criteria for the personal loan are strictly checked as the bank takes an enormous risk without taking collateral. Banks ask for salary slips or form 16, bank statements, current address proof and some other documents to process yor personal loan. Also, the interest rates charged are higher on these finances as compared to the secured loans like a home loan or a car loan. There are times when we need urgent funding within a few hours. A personal loan is advantageous in such a situation as it is approved within 48 hours, provided the documentation is correct and as required by the lenders

The reason for sharing background on a personal loan is to caution readers. You should avail personal loan only in case of emergency. Though banks aggressively promote personal loan. It also carries an element of mis-selling by banks. It is financially beneficial for banks. Banks can park their money at the higher interest rate for the short period. It increases the profitability of banks. Therefore, you must have observed aggressive promotion of unsecured loans in bank branches.

Assuming you applied for a SBI personal loan and it is rejected. This is worst situation for a buyer. A rejection of low-value loan is taken more negatively compared to high-value loan like Home Loan. As I keep highlighting those common reasons given by bank is LOW CIBIL Score. It is not the case always. There are other reasons that are never informed to a borrower. In this post, i will share 5 reasons of loan rejection that banks will not tell a borrower. In other words, you should consider these points to avoid rejection by the bank.

Points to be consider avoiding rejection of SBI Personal Loans 

  1. Loan Amount
  2. Salary
  3. Purpose
  4. Unsecured loans
  5. Job Profile

Benefits of SBI Personal Loan

  1. SBI offers very low interest rate on loan from 9% to 15%. Also the interest is charged on daily reducing balance.
  2. There are very low processing charges
  3. SBI doesn’t charge any extra fees or administrative charges
  4. Minimal documentation is require to process the loan
  5. SBI doesn’t charge on prepayment of loan

Types of SBI Personal Loans

SBI Xpress Credit Loan:

This SBI loan scheme is offered to the employees of well-known organizations such as central and state government, PSUs, quasi-government, etc. These employees will need to have their salary accounts with SBI. These loans are offered at a zero margin.

Eligibility of SBI Xpress Credit Loan:

  • The loan applicant’s minimum net monthly income (NMI) should be ₹5,000.
  • The EMI or NMI Ratio should not be above 50%.
  • The applicant should be an employee at either of the following organizations:
  • Central and state Government
  • Central and state PSUs
  • Educational institutions with a national reputation
  • Quasi-government
  • Certain corporates that have an exclusive business relationship with SBI
  • Companies that do not have any business relationship with SBI OR any Emigration Check Required (ECR), according to specific terms and conditions.

SBI Saral Personal Loan

This loan is given to an individual for any legitimate reason such as vacations, wedding arrangements, medical expenses, hospitalization, asset purchases, home renovation, educational expenditures, and so on. You can repay the SBI Saral Personal Loan in 48 EMIs.

Eligibility of SBI Saral Personal Loan

  • You will need to be a salaried individual at any company.
  • You can also be a self-employed individual as a doctor, chartered accountant, architect, engineer, or an MBA.
  • The minimum income for an applicant in a metro or urban centre is ₹24,000.
  • The minimum income in a rural or semi-urban centre is ₹10,000.
  • The maximum net monthly income for pensioners and salaried employees has a ceiling of ₹10 lakh in all the above-mentioned centres.

SBI Pension Loan

SBI extends personal loans to pensioners as well as family pensioners. Whether you are a central government pensioner, state government pensioner, or a defence pensioner, you can avail this loan’s benefits.

You will have to pay a very minimal processing fee for this SBI pension loan scheme. If you are a defence pensioner, you will not need to pay any processing fee. This loan is provided without any hidden costs.

Eligibility of SBI Pension Loan

  • You will need to be a central or state government pensioner, defence pensioner or a family pensioner to apply for this loan scheme offered by SBI. A family pensioner is the spouse of a pensioner who is allowed to obtain pension when the pensioner dies.
  • The pensioner, as well as, the family pensioner’s age should not be above 76 years.
  • The pensioner will need to give an undertaking to SBI stating that the Treasury can make the pension payment to a particular bank branch. This certain undertaking cannot be rescinded at any point of time. The treasury will also write a note that it will not agree to take any request from any pensioner to make changes to the pension payment to any other branch or bank.
  • A defence pensioner can be any pensioner of the armed forces. The armed forces include Paramilitary Forces, Army, Rashtriya Rifles, Air Force, Navy, Coast Guards, and Assam Rifles. The pension payment order will need to be with SBI.
  • The EMI (Equated Monthly Instalments) or NMP (Net Monthly Pension) should not be above 50% for every pensioner. For family pensioners, the EMI or NMP should not be above 33%.

SBI Festival Loan

SBI gives a lot of significance to the various festivals that are celebrated in India. You can enjoy any festival to the fullest by taking the Festival Loan offered by SBI. It is a loan product that is given exclusively to meet all expenses associated with a festival. You can use these funds to purchase gifts for your loved ones to celebrate the festive season. You can also use this loan scheme to buy sweets, savouries, clothes, decorations, and other festive arrangements to make sure that you have a memorable gathering with your friends and family.

This loan is offered at low-interest rates with a low-processing fee. Moreover, you will not have to pay any administrative fee or hidden charge. This loan is offered with minimal documentation work. What’s more, you do not have to pay any prepayment penalty for this loan product!

Eligibility of SBI Festival Loan

  • Any person working in the government or a PSU or a private limited company or a public company or an institution. You will need at least 2 years of experience in this organization.
  • A self-employed individual with at least 3 years of experience.
  • A person with a net monthly income of ₹3,000 or higher.
  • A person with a steady income from channels such as interest from TDRs, government securities, and National Savings Certificates (NSCs).

SBI Career Loan

SBI helps young individuals build their career competently by providing them with extensive financial support. You do not have to worry about monetary hardships when you are focused on achieving something. Even if you do not have sufficient financial sources to fund your academic course or certification programme, you do not have to give up on your dream goal.

The SBI Career Loan is exclusively designed to help women who aspire to be air hostesses. With this loan, you can pay your fees for air hostess training courses. It is a personal loan which will require you to provide the bank with a collateral. You will need to secure your personal loan with public sector bonds, mortgage of immovable property, RBI relief bonds, NSCs, government securities, RBI relief bonds, Kisan Vikas Patra (KVP), LIC policies, public sector bonds, bank’s TDR, etc.

The loan will need to be repaid through EMIs in 36 months. The maximum moratorium is 1 year after the air hostess training course is completed.

Eligibility of SBI Career Loan

  • You should be interested in enrolling yourself for an air hostess training course.
  • You should be at least 18 years old.
  • The co-borrower’s age should not be higher than 60.
  • The co-borrower can be the applicant’s spouse, parent or guardian.
 
 

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