SBI (State Bank of India ) offers different types of loans and credit products to its customers and non-customers . Those in the low income group , can avail for direct benefits of the different government schemes and financial credit schemes of the bank directly . Backed by government , there are number of credit schemes for low income group or salaried class which can be applied for personal needs . Personal Loan from SBI can be obtained by Salaried Individuals for a Salary of as low as 15000 . While the bank does not provide loans to individuals with Salary below 15000 or having very low income .
If you want to apply for a personal loan with SBI and having a limited income , then in this article we shall be discussing about how you can apply for personal loan with SBI with low income , conditions , eligibility and the process of application of personal .
SBI Personal Loan for Low Salary Individuals
SBI offers personal loan to all individuals who are holders of a bank account with SBI and are either employed or are self employed i.e they run their own business . For those who want to apply for personal loan with SBI , it is essential to have a savings or employee salary account opened with SBI . The minimum Salary amount that one should hold to obtain loan from SBI is Rs 15000 per month from a recognised employer or a registered employer .
The amount of personal loan offered to Salaried class by SBI is Rs 25000 for minimum and upto Rs 20 lakhs (24 times of the Net monthly income ) of the employee . The bank also offers facility of second loan amount to salaried class even they have applied for one personal loan based on their payments of the first loan . Government employees , private company employees , employees working in education institutions and corporate employees with or without relations with the bank can apply for personal loan.
SBI Personal Loan Application Documents
SBI provides personal loan based on the last 6 months or 1 year salary drawn on account by the employee . The interval for inspection of the salary and the loan amount varies with the requirement of the applicant . For personal loan application , the documents specified by the bank includes the following list below . The requirement for documents will vary as per status of the employee or the company employed :
- Income Proof / Salary Slip of Last Year or Last 3 or 6 Months
- Bank Statement of Last Year
- Income tax return of last 2 or 3 years
- KYC Documents (Aadhaar / PAN / Passport size photo)
- Address Proof / Rent Agreement
- Declaration by Applicant for Purpose of Loan
- Documents of Guarantors
Apart from these , special verification and documentation is asked by bank based on the applicant details .
Personal Loan from SBI Eligibility Check
The minimum rate of interest charged on Personal loan from SBI is charged at the rate of 8 percent while it varies as per different SBI Personal loan schemes or plans availed by the applicant . The minimum criteria to apply for SBI personal loan include :
- Minimum age of applicant should be 21 – 58 years .
- Employment with the current employer should be of minimum 1 year .
- Central / State Government Employees / Corporate or Registered entity employees can apply
- Minimum Income of the applicant should be Rs 15000
- Individual should hold a bank account with SBI or Salary account with any other bank .
- Minimum loan amount application is Rs 24000 to 20 lakh.
To check SBI personal loan eligibility online , you can go to official website of SBI and go to loans section to check your eligibility for a particular type of loan.
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SBI PAPL Loan Details Checking Online
SBI offers pre-approved loan facility to some of its account holders where individuals holding a saving accounts with SBI and maintaining minimum balance or a particular security with a bank becomes eligible to apply for a pre-approved loan PAPL SBI . With PAPL facility , the account holder receives a notification from the bank for pre-approved loan from the bank .
To check if you are eligible for a personal loan based on your account status or holding of savings account , then you have send a message from your registered mobile number with SBI :
Send SMS PAPL XXXX (XXXX is LAST 4 DIGITS OF SB ACCOUNT NO.) to 567676 to enquire eligibility
On message confirmation , the eligibility of the loan will be provided through SMS by the bank.
Other way of applying loan through PAPL , access to YONO mobile application click on PAPL banner , select the tenure of the loan you want to apply . Click on Submit OTP and the personal loan application will be processed within 24 hrs and will be credited to the applicant account .
If you are looking for assistance for personal loan from SBI or PAPL SBI Loan online , then you can ask us your queries down in the comment section below .
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