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Q.

What is Minimum Salary for Personal Loan in SBI Bank?

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Last year, I took out a personal loan from SBI. So, if you are trying to know about the SBI personal loan minimum salary, I can be of help to you. Before opting for my personal loan, I called the SBI helpline number and asked about all the information related to the personal loan. The customer service executive told me that the minimum salary is Rs. 25,000. 

What is the Minimum Salary for Personal Loan in SBI Bank?

As I mentioned above, the minimum salary for personal loan SBI is Rs 25,000. Besides that, the executive also told me about a few other eligibility details which I have added below. 

  • The person availing the personal loan should have a Salary Account with SBI.

  • The EMI or NMI Ratio will be up to 60%.

  • The minimum loan amount is up to Rs. 1 Lakh, and the maximum amount is Rs. 30 Lakh.

And that’s all he told me about the minimum salary required for personal loan in SBI. My salary was around Rs, 30,000, and thus, I could avail the loan without hassle. I hope this helps. 

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How to Get Personal Loan from SBI?

0 2024-07-24T20:21:42+00:00

Hello Rishi, I am here to help you by sharing the minimum salary for personal loan in SBI Bank. The minimum monthly salary you must earn to be eligible for a personal loan from SBI is Rs. 15,000. 

What are the Terms and Conditions For SBI Personal Loan?

I believe it will be helpful to also tell you about the terms and conditions for taking a personal loan from SBI. So, here they are:

  1. The minimum repayment period is 6 months and the maximum is 6 years or the remaining service period, whichever is lower.

  2. The penal interest at 2 per cent per month is charged by SBI over and above the interest rate on the overdue amount for the default period.

  3. The prepayment charges are 3 per cent on the prepaid amount. There won’t be any foreclosure or prepayment charges in case the account is closed from the proceeds of a new loan account falling under the same scheme.

This is all I have to talk to you about the minimum salary for SBI personal loan. I hope you find my answer helpful.

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What Are The SBI Personal Loan Documents?

I took a personal loan in March last year. After comparing SBI and a few other banks, I made the choice to go with SBI due to the requirement of a lower minimum monthly salary. So, talking about the minimum salary for personal loan in SBI Bank, you need to earn a minimum of Rs. 15,000 per month to be eligible for a personal loan. There are a few more eligibility criteria you need to fit under to successfully get a personal loan through this bank. Let me guide you through them one by one.

What is the SBI Personal Loan Eligibility Minimum Salary and Eligibility Criteria?

Here are the eligibility criteria to take a personal loan from the SBI Bank.

  1. You need to have a salary account with SBI Bank.

  2. Your EMI/NMI ratio should be less than 50%.

  3. You should be an employee working with either of the following.

  • Central/state/quasi-government 

  • Central PSUs and profit-making state PSUS, 

  • Educational institutions which hold a national reputation.

  • Selected corporations with or without a relationship with SBI.

  1. The minimum term loan amount has to be Rs. 25,000, and its maximum limit is Rs. 20 lakhs / 24 times NMI.

  2. The minimum overdraft loan amount is Rs. 5 lakhs, and the maximum overdraft loan amount is Rs. 20 lakhs / 24 times NMI.

  3. Once the first loan is disbursed, you are eligible for a second loan anytime after that, depending on the EMI/NMI ratio of 50%.

  4. You are eligible for a second loan only if you repay the EMIs of your first loan regularly.

This is all about the SBI personal loan minimum salary requirement. Have a good day.

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Some related information: How to Check Personal Loan Eligibility in SBI Yono App?
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