When you’re looking for financial help, look up to SBI as it gives you a custom personal loan for the same. Using the loan amount you can meet your financial needs without any trouble. You just need to apply online and get the loan in your account. And for the repayment, you get a longer period up to 72 months. SBI provides you access to tools like eligibility calculators as well. Using this, you can find out how much you can borrow. Continue reading the page below and know more about SBI Personal Loan Eligibility Calculator.
What is an SBI Personal Loan Eligibility Calculator?
This is an online calculator which generates your loan limit. An applicant can borrow up to a specific limit only. Why is that? Because someone with a monthly income of INR 25,000 can’t afford the EMIs of a loan of INR 20 Lakh. So, with the help of this tool, you can find whether SBI Personal Loan can meet your financial needs.
What are the Advantages of Using the SBI Personal Loan Eligibility Calculator?
The benefits of using the SBI Personal Loan Eligibility Calculator are the following –
Know Before You Apply
You’ll already know whether the bank will lend you the desired loan or not. The calculator generates the amount the bank can offer to you based on your income and obligations.
Increase Your Eligibility
You can increase your SBI Personal Loan Eligibility by having a co-borrower along with you. This can reduce your risk rate and help you borrow a high loan amount. With two borrowers, there is less chance of non-payment. So in case you’re not able to pay the EMIs, the co-borrower will do the same on your behalf.
Borrow Money Under the Limit
Using the calculator you get the idea of the loan you can grab. You can thus apply for the said loan amount and save yourself from a potential loan rejection. Because many cases are such wherein the applicant has applied for a loan above his/her eligibility, maybe in ignorance. And each loan rejection can leave a bad impact on your credit report. So, with the calculator, you can avoid all these by applying for an amount that you are eligible for.
Negotiate SBI Personal Loan Interest Rate
You can reduce the interest rate by negotiating the same with the bank, provided you have a record of good repayment.
How to Use the SBI Personal Loan Eligibility Calculator?
Do the following and know the amount you’re likely to get basis your financial conditions –
- Go to the official website of SBI
- Go to the ‘Personal Loan’ section
- Click on the ‘Tools & Calculators’ button
- Select ‘ SBI Personal Loan Eligibility Calculator ‘
- Insert your age, monthly income and obligations
- Now, you can see the loan amount you’re eligible for
Note – The actual limit may slightly differ as the bank also considers the applicant’s repayment history and other factors.
Apply Without Any Hassle Using SBI Personal Loan Eligibility Calculator
Once you know your loan limit, apply for the loan online by following the below steps –
- Visit the bank website
- Go to the personal loan tab
- Click on the ‘Apply Now’ button
- Fill in an application form
- Upload Aadhaar Card or other documents
- Click on the ‘Submit’ button
Now, check for SBI Personal Loan Calculator and wait for the bank’s response. You’ll know about the loan application status on your registered mobile or email via SMS or email.
What Documents Do I Need for SBI Personal Loan?
The bank will require the following documents –
You need identification documents such as –
- Aadhaar Card
- PAN Card
- Driving License
- Passport copy
Using the above, SBI verifies your name, age, and address.
To check your income details, the bank will require the following –
- Salary slip
- Bank statement
The above helps the bank know your income, job experience, monthly obligations, etc.
Note – In case any information is mismatched from your documents, the bank can deny your loan request.