Aspects affecting Personal Loan application of SBI
  • FOIR- Fixed Obligation to Income Ratio is a very important attribute determining the eligibility of SBI personal loan. The minimum FOIR to be maintained to be eligible for SBI personal loan is 0.45.
  • Co-applicant- If you add a co-applicant, it will increase your capacity of repayment thus enhancing the eligibility for a personal loan of SBI.
  • Stable job or profession- Stability in the job field is very essential for a personal loan.
  • Company Profile- More the reputed company, better the personal loan interest rate you will get.
  • Negative Industry type- SBI has a list of professions and industry type which does not get a loan.
  • Residence- If you stay in a rental house, it will decrease your repayment capacity. But if you stay in your own residence, it will increase the capacity.
  • Mode of Salary- SBI sanction the loan if salary is credited to the bank a/c and not salary in hand or through cheque.
  • Location- The location you stay determines the minimum loan eligibility for the loan. It is high for urban areas and low for rural or suburban area.

Compulsory Testimonies for SBI Personal Loan
  1. Duly filled loan application.
  2. Passport size photographs.
  3. ID proofs- Photocopies of AADHAR Card, PAN card, Driving License.
  4. Residence Proof- Utility Bills like Electricity Bill, Gas Bill.
  5. Bank Statement- For the last 6 months.
  6. IT Return- For salaried- Form 16 or IT returns for the last 2 financial years. For self-employed- IT return for 3 years.
Interest Rates
Bank NameRange of Interest RateProcessing FeeAmount of LoanTenure
State Bank Of India12.75%-14.75%1%+Applicable taxRs. 25000- Rs. 15 lakhs5 years
How To Get SBI Personal Loan
  • Customers can visit their nearby SBI branch for the loan application.
  • They can also download personal loan application from the official website of SBI, fill it and can submit to the bank professional.
  • For existing customers, after the approval of the loan, disbursal of the loan will be fast.
  • For new customers, the approval process will take place after the verification process. The disbursement of the loan will take place which may take some time.
Repayment Of the SBI Personal Loan
You have to repay your loan through EMI-equated monthly instalment.
SBI personal loan can also be repaid in the following ways:-
  • Post Dated Cheques- It is submitted in fresh sets in a timely manner. You can submit it from a non-SBI at a nearest SBI loan centre.
  • Standing Instruction- It facilitates periodic scheduled payments for funds transfer. Here, your EMI will be deducted at the end of the month automatically from your SBI a/c as specified.
  • Electronic Clearing Services- It is applicable for non-SBI a/c holder who would like to deduct EMI automatically at the end of the monthly cycle from his a/c
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