SBI personal loan: How to apply for it? A step-by-step guide

When you are in an urgent need of money, you can simply knock on the doors of the bank. But not literally, only metaphorically. The easier way out is to digitally apply for an SBI personal loan.

In this article, we will walk you through the steps to apply for an SBI personal loan, the eligibility criteria required by the bank, and the current interest rates offered.

SBI personal loan eligibility

Before applying for an SBI personal loan, it is crucial to ensure that you meet the eligibility criteria set by the bank. The eligibility criteria may vary based ona number offactors such as your income, age, employment status, and credit score.

Generally, SBI requires the applicant to be

A. Between the ages of 21 and 58.

B. Employed in a stable job, and

C. Have a good credit history.

It is advisable to check the exact eligibility criteria on the SBI website or by contacting their customer service.

How to apply for SBI personal loan online

1. Visit the SBI website: Start by visiting the official SBI website. Look for the personal loan section or search for "SBI personal loan."

2. Research and compare loan options: Before applying, it is essential tocarry out a littleresearch and compare the various loan options available. Consider factors such as interest rates, loan amounts, repayment tenure, and processing fees. This will help you make an informed decision and choose the loan that suits your needs best.

3. Fill out the application form: Once you have identified the loan option that suits you, click on the “Apply Now” or “Online Application” button. You will be directed to an online application form. Fill in all the required details accurately, including personal information, employment details, income details, and the loan amount you wish to avail.

4. Upload necessary documents: Along with the application form, you will be required to upload certain documents to complete the application process. These documents may include proof of identity, address proof, income proof, bank statements, and any other documents specified by the bank. Ensure that you have scanned copies of these documents ready in the required format (usually PDF or JPEG).

5. Submit the application: After filling out the form and uploading the necessary documents, review the details carefully before submitting the application. Double-check for any errors or omissions. Once you are satisfied, submit the application form.

SBI personal loan interest rates

Source: Paisabazaar, rates as of 23rd October 2023

However, it is important to note that the final interest rate offered to you may depend on factors such as your credit score, loan amount, repayment tenure, and relationship with the bank.

To get the most accurate and up-to-date information regarding the current SBI personal loan interest rates, it is advisable to visit the SBI website or contact the bank directly. They will be able to provide you with the latest interest rates as well as any special offers or discounts that may be applicable.