SBI Personal Loan Eligibility 2021
|Eligibility Criteria||Salaried||Self Employed Professionals|
|Applicant Age||21 – 58 years||21 – 65 years|
|Minimum Eligible Income||₹ 24,000 per month||₹ 5 Lakh gross annual receipts|
|Maximum Eligible Loan||15x of monthly income||–|
|Maximum Loan Amount Eligibility||₹ 15 Lakh||₹ 15 Lakh|
Secondly, can I get personal loan if my salary is 10000?
The more income proof you are able to provide, the higher will be the approval chances. Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs.
|Bank||Minimum Monthly Income Required|
|Punjab National Bank||Rs. 10,000|
|HDFC Bank||Rs. 15,000|
|ICICI Bank||Rs. 17,500|
Beside this, how long does it take to get personal loan from SBI?
Retail Loans at Metro & Urban Centres
|Rent Plus||6 days|
|Mortgage Loan||6 days|
|Car Loan||2 days (For HNIs-1 day)|
|Education Loan||15 Working Days|
|Personal Loan||3 days|
How much loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
Salary of 12000, Am I eligible for Loan? Check here online
|Product||Salary||Min. loan amount|
For example, if you are wondering how much personal loan can I get on a 30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.
However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most cases, individuals are eligible for a personal loan amount of up to 30 times their monthly income.
Calculated Monthly EMI for 300000 of loan amount for 3 years at various rate of Interest :
|Loan Amount||Rate of Interest||Per Month EMI|
Interest Rates on Savings Bank Deposits
|Savings Bank deposit slabs||Existing Rate of Interest|
|SB Deposit accounts with balances upto Rs. 1 lakh||2.75% p.a|
|SB Deposit accounts with balances above Rs. 1 lakh||i) 2.75% p.a. for balance upto Rs. 1 lakh ii) 2.75% p.a. for balance above Rs. 1 lakh.|
SBI Personal Loan Eligibility Criteria
|Minimum Gross Monthly Income||Rs.50,000|
|EMI/NMI Ratio||Not above 50%|
|CIBIL Score||Above 750|
|Residential Status||Indian residents|
SBI Personal Loan Interest Rate
|Interest rate||9.60% p.a.- 15.65% p.a.|
|Loan Amount||Minimum: Rs.25,000 Maximum: Rs.20 lakh|
|Loan Tenure||Up to 72 months|
|Processing Fee||1.5% of loan amount + tax|
5 Best Online Personal Loans in India Jan 2022
|Bank||Interest Rate||Processing Fee|
|ICICI Bank||10.25%||Upto 2.25% of Loan Amount|
|Kotak Bank||10.25%||Starting from Rs.999|
|HDFC Bank||10.25%||Upto 2.50% Min ₹ 999|