What Is The CIBIL™ Score Needed For An SBI Bank Personal Loan

What is the CIBIL™ score required for SBI personal loans?

CIBIL™ is a credit rating agency that provides credit score for individuals and business entities. This credit score is the measure of the creditworthiness of the applicants. The credit score issued by CIBIL™ is a three-digit number that is from 300 to 900. A credit score closer to 300 is considered to be bad and risky by the lenders while a credit score closer to 900 is considered to be good and favourable by the lenders.

SBI requires the applicants to have a credit score of 650 or more to be eligible for their personal loans. An applicant with a high CIBIL™ score can also get a better rate of interest or loans at lower processing charges. A credit score lower than that will not be considered to be favourable for the loan applications. The loan application in such a case will mostly be rejected.

However, note that the bank may sanction the loan to an applicant with a lower credit score at its discretion. In such a case, the applicant may have to provide additional security or may get loans at a higher rate of interest or may have to provide a third-party guarantee.

Overview of Personal loans from SBI

A personal loan is a financial assistance that can be availed by a person to meet their expenses of personal nature like a wedding in the family, travel expenses, medical expenses etc. The personal loans of SBI are of multiple variants depending on the category of the applicants.

These loans are mentioned below,

• SBI Pension Loan
• Loans for salaried employees having salary account with the bank
• Loans for salaried employees not having salary account with the bank

SBI or State Bank of India is the topmost bank in our country. The bank provides many kinds of loans for its national and international customers among other products. The maximum amount of loan or the eligibility for the same depends on the type of the loan and the eligibility criteria set for the same. These eligibility criteria can range from the age of the applicant, category of applicant, income or work experience of the applicant, etc.

Apart from these above-mentioned parameters, the CIBIL™ score is equally important for the loans of the bank.

What are the highlights of the SBI Personal Loans?

As mentioned below, there are many types of personal loans that can be applied by the applicants based on their eligibility.

The highlights of these loans types are tabled below.

CIBIL™ Score Needed For An SBI Bank Personal Loan FAQs