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Get answers to commonly asked questions related to credit bureaus
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.
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 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.
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.
| Category | SBI Xpress | SBI Quick Personal Loan | SBI Pension Loan |
|---|---|---|---|
Purpose | Loans to salaried Employees having salary account with SBI | Loans to salaried Employees not having salary account with SBI | Loan for pensioners or family pensioners |
Amount of Loan | Minimum Loan amount - Rs. 25,000 Maximum Loan amount – Lower of, Rs. 20,00,00 or 24 times net monthly income | Minimum Loan amount - Rs. 24,000 Maximum Loan amount – Lower of, Rs. 20,00,00 or 24 times net monthly income | Central and State Government Pensioners – Rs. 7,50,000 to Rs. 14,00,000 (depending on their age) Defence Pensioners - Rs. 7,50,000 to Rs. 14,00,000 (depending on their age) Family Pensioners – Rs.2,50,000 to Rs. 5,00,000 (depending on their age) |
Rate of Interest | 12.63% approximately | 9.75% - 10.25% | 10.85% - 12.85% |
Tenure | Lower of,
| Lower of,
| Between 2 years to 7 years depending on the age of the applicant and category of applicant |
1. What is the minimum CIBIL™ score for SBI personal loans?
A. The minimum CIBIL™ score required for SBI personal loans is 650.
2. What is the maximum eligible age of the applicants for SBI Pension Loan?
A. The maximum eligible age of applicants for SBI Pension Loans is 76 years and 78 years at the time of maturity of the loan.
3. What are some of the reasons for the reduction of the CIBIL™ score?
A. Some of the reasons for the reduction of the CIBIL™ score are mentioned below.
4. Is CIBIL™ score mandatory for the personal loan application of SBI?
A. Yes. CIBIL™ score of a person is an essential requirement or eligibility parameter while reviewing a personal loan application of the Bank.
5. Will settlement of personal loan affect CIBIL™ score?
A. Yes. Settlement of a personal loan will have an adverse effect on your CIBIL™ score.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
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It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
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It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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