Getting a personal loan with a low salary can be challenging. However, SBI offers you a good solution with their personal loan for low salary. SBI offers you flexible loan amounts starting from ₹25,000 up to ₹20 lakhs, attractive interest rates, and a comfortable repayment tenure.
You can get an SBI personal loan for ₹15,000 salary or ₹20,000 salary to meet a variety of needs. Whether it's for meeting unexpected medical bills, paying education fees, making essential home repairs, or managing other personal expenses. SBI personal loan for low salary options will provide the financial support you need.
To get an SBI personal loan with low salary you should maintain a good credit score, have a low debt-to-income ratio,and meet SBI's minimum income requirements of ₹15,000 for approval.
Table of Content
- ⇾ SBI Personal Loan Details
- ⇾ SBI Personal Loan Interest Rate & Charges
- ⇾ SBI Personal Loan For Low Salary Eligibility Criteria
- ⇾ Documents Required For SBI Personal Loan For Low Salary
- ⇾ SBI Personal Loan EMI Calculator
- ⇾ SBI Personal Loan Features and Benefits
- ⇾ Steps to Apply For SBI Personal Loan
- ⇾ Steps to Apply for SBI Personal Loan Through Buddy Loan
- ⇾ Tips To Get an SBI Personal Loan For Low Salary
- ⇾ Frequently Asked Questions
SBI Personal Loan Details
SBI understands the challenges that can come with having limited income, so, to help you meet financial emergencies it offers an attractive personal loan option. Here are the SBI personal loan for low salary details:
| Loan Amount | Up to ₹20 lakhs |
| Interest Rate | 11.25% p.a. - 15.00% p.a |
| Repayment Tenure | Up to 6 years |
| Minimum Income | ₹15,000 |
| Minimum loan amount | ₹25,000 |
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SBI Personal Loan Interest Rate & Charges
When taking a personal loan, it is important to consider the interest rates and charges that are associated with the loan. SBI offers attractive interest rates and minimal charges for borrowers of various income levels. Here are the interest rates offered by SBI:
| Personal loan schemes | Interest rates |
|---|---|
| Xpress Credit Scheme for Defence, Coast Guard, and Armed Forces applicants | 11.25% - 12.65% p.a. |
| Xpress Credit Scheme for Central or State Govt, Police, Railway, and Central Public Sector applicants under RATNA status. | 11.30% - 13.80% p.a. |
| Xpress Credit Scheme for Corporate Employees | 12.30% - 14.30% p.a. |
| Xpress Elite Scheme for Borrowers having a salary account with SBI | 11.25% - 11.65% p.a. |
| Xpress Elite Scheme for Applicants having a salary account with a different bank | 11.40% - 11.90% p.a. |
| Pre-approved personal loans to non-CSP customers. | 13.80% - 14.30% p.a. |
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Note: The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.Fees & Charges For SBI Personal Loan For Low Salary
SBI offers minimal charges that are applicable for an SBI personal loan, the table below shows you the details of the charges:
| Processing fee | 1.50% of the loan amount. |
| Penal interest on late payment fee | 2% pm |
| Prepayment charges | 3% on prepaid amount |
Eligibility Criteria for Low Salary SBI Personal Loan
The SBI personal loan eligibility based on salary of ₹15000 are as follows:
- Must have a salary account with SBI.
- The minimum salary required is ₹15000.
- A 50% EMI/NMI (Equated Monthly Income/Net Monthly Income) is required.
- Individuals should be working for any of the following:
- Central, State, and Quasi-Government
- Central PSUs and profit making state PSUS
- Educational institutions of national repute
- Selected corporations with or without a relationship with the bank.
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Documents Required For SBI Personal Loan For Low Salary
If you have a low income, you will have to provide major supporting documents to show that you can repay the loan. These documents are:
- Application Form: Personal loan application form duly filled by the borrower and co-borrowers (if applicable)
- 2 photographs each (If there are co-borrowers).
- Proof of Identity: PAN/Passport/Driver’s License, Voter ID card.
- Proof of Address: Recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/Voter ID card.
- Proof of Financial Stability: 12 months Bank account statement held by the applicant/s.
- Proof of Income: Latest Salary slips, Form16, or IT Returns for the last 2 years.
- Copy of Identity card issued by the employer.
SBI Personal Loan EMI Calculator
An Equated Monthly Instalment (EMI) is a fixed monthly payment that you are obligated to make every month to repay your personal loan. When taking a loan, it is important to estimate your EMI amount, as it helps you plan your finances effectively. To calculate your personal loan EMI, SBI offers a personal loan EMI calculator that is simple and easy to use.
All you need to do is enter the loan amount, interest rate, and tenure, and you will get the estimated EMI amount.
You can also manually calculate your EMI by using the formula below:
EMI = P x R x (1+R)^N/ [(1+R)^N-1]
Where,
- P is the principal amount
- R is the rate of interest
- n is the tenur
For your better understanding, here is an example:
Let's calculate the EMI amount for your better understanding, let's imagine
- P = ₹1,00,000,
- R = 12%
- n = 2 years.
Therefore, entering the amounts in to the formula:
EMI = ₹1,00,000 x 0.01 x (1+0.01)^24/ [(1+0.01)^24-1]
EMI = ₹1,00,000 x 0.01 x (1.01)^24/ [(1.01)^24-1]
Therefore, the EMI = ₹4,982.46
With the above calculation, the EMI for a ₹1 lakh loan for 2 years at an interest rate of 12% p.a. will approximately be ₹4,982.46.
Check other related pages on SBI Personal Loan from the table below:
SBI Personal Loan Features & Benefits
SBI personal loan for low salary offers you flexibility, convenience, and affordability along with many other features and benefits. These are:
Personalised Loan
Amount
Get a loan amount
of ₹25000 up to ₹20
lakhs
Flexible Tenure
SBI offers a flexible
repayment tenure of 6
to 72 months
Attractive Interest
rate
Enioy low interest
rates of 11.15% - 14.30%
p.a. onwards
Minimal Documentation
Very minimal
documentation required
No Security or gurantor
No collateral or guarantor
required.
No Hidden Cost
Transparent BI personal
loan terms with no hidden
cost.
Steps to Apply For SBI Personal Loan
Applying for an SBI personal loan is an easy and simple process, you can apply for a personal loan online and offline. Follow the steps below to get an SBI personal loan for low salary:
Steps to Apply for SBI Personal Loan Online
Step 1: Visit the official SBI website and go to the personal loan section.
Step 2: Check your eligibility criteria to ensure you qualify for the loan.
Step 3: Use the SBI Personal Loan EMI Calculator to estimate your EMI based on your loan amount, interest rate, and repayment tenure.
Step 4: Click the 'Apply Now' button and fill the application form with all your personal details and financial details.
Step 5: Upload all the necessary documents, including ID proof, address proof, income proof, and any additional documents required.
Step 6: Review your application and submit it.
Step 7: Once your application is approved, you will receive a notification, and the loan amount will be disbursed to your bank account.
Steps to Apply for SBI Personal Loan Offline
Step 1:Visit the nearest SBI Branch with all the necessary documents.
Step 2:Fill out the personal loan application form with your personal, employment, and financial details.
Step 3:Submit all the required documents along with the application form.
Step 4:Submit the application and the bank representative will verify your documents.
Step 5:Once your application is approved, you will be notified, and the loan amount will be disbursed to your bank account.
Steps to Apply for Personal Loan Through Buddy Loan
You can also apply for an SBI loan through Buddy Loan, here are the steps you can follow to apply for an SBI personal loan through Buddy Loan:
Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
Step 7: Provide your communication address, and income details and Click the 'Submit' button.
Tips to Get an SBI Personal Loan For Low Salary
Having a low salary can affect your loan options. However, it is not impossible, so, here are some tips you can follow to get an SBI personal loan for low salary:
- Have a Good Credit Score: Maintain a good credit score by paying your loans and credit card bills on time. A higher credit score will improve your chances of loan approval.
- Choose a Realistic Loan Amount: Apply for a loan amount that aligns with your income and repayment capacity. If you opt for a smaller amount, it will improve the likelihood of your loan approval.
- Have Proof of Financial Stability: Ensure that you have proof that you are financially stable and will be able to repay the loan on time every month.
- Reduce Debt-to-Income Ratio: Lower your existing debt obligations as a lower debt-to-income ratio will strengthen your loan application.
- Apply with a Co-Applicant: You can apply for the loan with a co-applicant who has a higher income or better credit score. This will increase your chances of your loan approval prospects.
- Maintain Long-Term Relationship with SBI: If you are an existing customer with a good banking history with SBI, you have a higher chance of approval.
Ready to take the next step?
You can also check other loan schemes offered by SBI using the links provided below:
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Frequently Asked Questions
Yes, if you have a salary of ₹15,000 or above, you will get a personal loan from SBI.
The minimum salary required to get an SBI personal loan is ₹15,000.
The interest rate for an SBI personal loan starts from 11.25% - 14.30% p.a.
To get an SBI personal loan with a low income, you will need a minimum income of ₹15,000, a good credit score, additional income if any or a co-borrower.
SBI will check your income, credit score, existing liabilities, and your repayment capacity to determine the maximum loan amount for low-salary individuals.
You will need ID proof, Address proof, Proof of income, financial stability, and two passport-size photographs.
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