SBI Personal Loan For Salaried Individuals

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SBI Xpress Credit is simple to obtain if you have a salary account with SBI. SBI will lend you up to INR 20 lakh in this case. The money can be used to pay for medical bills, marriages, education, vacation, and other expenses. So, if you require a lump sum of cash to satisfy your financial obligations, apply for an SBI Personal Loan. Because this is an unsecured loan, you will not be required to provide any collateral. The bank will approve the loan amount based on your ability to repay it. Learn more about the SBI Personal Loan by reading the article below.

The highest loan amount that an individual can apply for is INR 20 lakh, which is a respectable sum for addressing financial obligations. Simply ensure that the EMI or net monthly income (NMI) ratio does not go below 50%. You must have a monthly income of at least INR 15,000 to qualify for an SBI Personal Loan. SBI allows you to borrow as little as INR 25,000, or 24 times your monthly income.

Benefits of SBI Personal Loan

If you already have a relationship with SBI, such as your salary being paid into their account, you will be eligible for the following benefits. –

Pre-approved Give – SBI will offer you a loan amount based on the information it already knows about your income. Simply confirm the loan amount you require and submit an application for it. To acquire the loan, submit your contact information, such as your phone number, email address, and so on. After that, the customer care representative will contact you.

Negotiable Interest Rate – You can negotiate a low-interest rate with SBI, and this is likely to be agreed upon because the bank is familiar with your credit history and has been in a long-term relationship with you. As a result, as compared to other candidates, the level of trust is high. There would be no need for extensive documentation when applying for an SBI Personal Loan because the bank already has sufficient information about you.

Eligibility Criteria

If you work in any of the following sectors – 

  • Central, State, or Quasi-Government – you can apply for an SBI Personal Loan. 
  • SBI Personal Loan is available to employees of a government-owned corporation, a state-owned company, a state-owned entity, a state enterprise, a publicly owned corporation, a government business venture, a commercial government agency, a public sector undertaking, or a parastatal.
  • Central Public Sector Undertakings and Profit-Making State Public Sector Undertakings
  • Nationally Recognized Educational Institutions 
  • Selected Corporations with or without a Bank Relationship

Interest Rates on SBI Personal Loan Applications for Salaried Applicants

SBI Personal Loan Interest Rates for various professionals are as follows: 

  • 10.60 % – 11.10 % for Defence, Para-Military, and Indian Coast Guard Salary Applicants. 
  • 10.60 % -12.60 % for all other applicants
  • 9.60 % – 11.10 % for SBI salary account holders

If your income exceeds the required amount, you may be able to negotiate a lower SBI Personal Loan Interest Rate.

Moreover, you can use the SBI EMI calculator, to calculate your EMI amounts. The SBI Personal Loan EMI calculator is a free tool provided by SBI Bank and can be used before even applying for a SBI Personal loan. Using the EMI calculator before applying for a personal loan gives you a brief idea about what your loan repayment amounts would look like. Therefore, it helps in better financial planning for salaried applicants. To use the SBI EMI calculator, just follow the steps mentioned below:

  • Visit the SBI official website
  • Click on the ‘Personal Loan’ option from the loan section
  • Select ‘EMI Calculator’
  • Enter your loan amount along with the interest rate and loan tenure
  • You will be able to see your loan EMI on the next screen. 

If you’re not satisfied with the result, you can change the values to achieve the EMI you want. 

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