SBI Personal Loan for Low Salary

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.

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:

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:

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:

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.

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:

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.

You can also check other loan schemes offered by SBI using the links provided below: