5 tips to get personal loans from SBI

Posted by Bhavna Singhal on August 24th, 2018

State Bank Of India (SBI) offers some of the most exciting personal loan products in India for various cash requirements faced by individuals in their day-to-day lives. It offers personal loans at attractive interest rates and low processing charges. In addition, the bank also offers seasonal discounts from time to time, which decreases the EMI payable on the amount borrowed.

We have listed a few tips to get a personal loan from SBI without any hassle:

1. Improve your credit score: SBI will grant personal loans to you only if you have a credit score of 650 and above. It will check your repayment history for all current and past loans and credit cards. Thus, always ensure to repay your dues on time to have a good credit score. Also, take out your credit reports at regular intervals and if any error, report it to the bureaus or lenders for rectifications.

2. Proper documentation: Lack of proper documentation can lead to outright rejection of your personal loan application. Make sure you have all the required documents before applying for the personal loan. Documents required by SBI include KYC documents (Aadhaar Card, Voter ID, Driving license, Passport), bank statements and income proofs (Form 16, salary slips, etc.).

3. Ensure job stability: Job stability plays an important role in order to get a personal loan from SBI. Your total work experience and current work experience are assessed to evaluate your job stability and profession. SBI looks for a minimum total experience of 24 months and also looks for applicants who have been employed in the current job for a minimum of 12 months. Thus, make sure that you do not change your job frequently.

4. Do not hide your existing debts: Details of your existing loans and other financial obligations should be disclosed to the bank. If you hide any useful information, your loan application is likely to get rejected. Moreover, it will also erode your trustworthiness in the eyes of the lenders.

5. Apply for a loan amount based on your repayment capacity: Determine the loan amount that you can easily repay in future. If you apply for a loan amount which is higher than your eligibility, it can lead to rejection of your loan application. SBI gives a loan amount of up to Rs 15 lakh for your personal needs. So, make sure you choose the correct loan amount that you can comfortably repay in future.

Conclusion: So, if you are planning to take a personal loan from SBI, make sure you have all the required documents along with a good credit history for easy approval of the loan. In addition, make sure you have a stable job and you disclose all the details of your existing loans to the bank.