Moreover, in most of the loan processes, individuals need to provide collateral such as house property, or other assets but in SBI loans needless to offer such evidence as collateral. A loan can be approved for any reason like a wedding, vacation, or emergency. SBI offers easy and quick loans to both salaried and self-employed individuals. If you are a YONO app user easily get a loan 24/7.
Here are the criteria to receive a loan from SBI(State Bank of India)
- Age: Between 21 and 60 years.
- Income: Minimum monthly income of Rs 15,000.
- SBI offers personal loans ranging from Rs 25,000 to Rs 20 Lakhs, with repayment periods of 1 to 6 years.
SBI Personal Loan Information
| SBI Personal Loan | Details |
|---|---|
| Loan Category: | Personal Loan |
| Loans Offering: | SBI Pension Loan, SBI Xpress Credit Loan, Pre Approved Personal Loans on YONO, Loan against Securiti |
| Loan Type: | Unsecured personal loan |
| Interest Rate: | 10.55% onwards |
| Processing Fee: | 1.50% of the Loan Amount |
| Approval Process: | Both online and offline |
| Minimum Income Requirement: | ₹15,000 |
| Loan Approval Timing: | 2 days (48 hours) |
| Minimum Loan Amount: | ₹50,000 |
| Maximum Loan Amount: | ₹20 Lakh |
| Minimum Loan Period: | 12 months/ 1 year |
| Maximum Loan Period: | 72 months/6 years |
| Type of Interest Rate: | Fixed interest |
| Interest Charging Method: | Flat Rate Method/ Reducing balance method |
SBI Personal Loan Eligibility Criteria
| SBI Personal Loan | Details |
|---|---|
| Salaried Employees | Yes |
| Salaried Doctors | Yes |
| Employees of public and private limited companies | Yes |
| Government sector employees including Public Sector Undertakings, Central and Local bodies | Yes |
| Loan for Pensioners | Yes |
| Loan for Existing Customers | Yes |
| Self-Employed | Yes |
| Selected Corporate | Yes |
| Other Criteria | Special personal loan to employee of ITI Ltd, Bengaluru with one year confirmed Service |
| Minimum Age | 21 years |
| Maximum Age | 60 years at the time of maturity of the Personal Loan |
| Minimum Income Requirement | ₹15,000 |