Whether you're purchasing property or covering major expenses like a wedding, a personal loan can be a helpful solution. However, ensuring your financial capacity aligns with the repayment of the loan is crucial. Therefore, the Cleartax SBI Personal Loan Eligibility Calculator helps you estimate the loan amount you qualify for, making the process smoother. Read on to explore its features and benefits.

What Is SBI Personal Loan Eligibility Calculator?

The SBI Personal Loan Eligibility Calculator helps potential borrowers estimate their monthly EMIs based on loan amount, interest rate, and tenure. This online tool provides instant and accurate results, ensuring you assess your financial capacity beforehand. Simply enter your loan details to get quick, error-free calculations.

How To Use SBI Personal Loan Eligibility Calculator?

Follow the steps mentioned below to make use of the Cleartax personal loan eligibility calculator:

• Enter your gross monthly income. 
• Enter the desired tenure for repayment of your personal loan.
• Enter the corresponding interest rate being charged by the respective bank.
• The calculator will automatically display the total loan amount you are eligible for, along with the monthly EMI payable for the same. 

How Is SBI Personal Loan Eligibility Calculated?

The SBI personal loan eligibility calculator is one of the most effective tools to determine the estimated EMIs of your loan online. However, in case you are wondering how it works, given below is the formula based on which this calculator is designed to perform:

P = EMI x [(1+r)(^n) - 1]
            r x (1+r)^n

Where, 

• EMI= Equated Monthly Instalment
• R=Interest Rate on the loan amount
• N= tenure of the loan repayment amount
• P= Principal amount

For Example: Mr Rathore intends to secure a personal loan, with the following parameters in place: 

• Monthly Salary: Rs 1,00,000
• Tenure: 3 years (36 months)
• Miscellaneous Expenses: Rs 30,000
• Interest Rate: 10%

Step 1: Calculate the maximum EMI you can afford

Since banks allow you to use 50% of gross monthly income for loan EMI:

EMI=[100000×(50/100)]-30000 = 20000 

So, he can afford to pay ₹20,000 per month as EMI.

Step 2: Input values in the formula

• P = Loan amount (we want to find this)
• EMI = ₹20,000 (from Step 1)
• r = Monthly interest rate = 10% per year → (10/12) x (1/100) = 0.00833
• n = Loan tenure in months = 3 years → 3 x 12 = 36 months

Adding these values to the formula, 

P = 20000 x [(1+0.00833)(^36) - 1]
        0.00833 x (1+0.00833)^36

P= ₹6,19,824.71

Therefore, the final loan amount Mr Rathore is eligible for is ₹6,19,824.71.

Documents Required For SBI Personal Loan Eligibility

The following points feature the list of documents that are required to apply for an SBI personal loan:

List of documents for salaried applicants

• Identity Proof: Voter card, aadhaar card, PAN card, passport, driving licence
• Address Proof: passport, aadhaar card, utility bills of the last 2 months, ration card, driving licence
• Income Proof: Salary slips for the last 2 months, bank statements of the last 6 months mentioning your salary credit
• Residence Ownership Proof: Maintenance bill, property documents, electricity bill
• Tax Paid: Form 16, income tax returns of the last 2 years
• Employment Proof: current employment certificate, experience letter or relieving letter from the previous organisations, current job appointment letter, if working in the same organisation for the last 2 years

List of documents for self-employed applicants

• Identity Proof: Voter card, aadhaar card, PAN card, passpor, driving licence
• Address Proof: Passport, aadhaar card, utility bills of the last 2 months, ration card, driving licence
• Income Proof: Current bank account statements for the last 2 years, tax audit report and audited balance sheet mentioning the profit and loss of the business, income tax returns of the last 2 years duly attested by a chartered accountant
• Residence Ownership Proof: Maintenance bill, property documents, electricity bill
• Office Ownership Proof: Maintenance bill, property documents, electricity bill
• Business Existence Proof: GST registration copy, licence of company registration, business establishment proof

List of documents for pensioner applicants

• Identity Proof and Age Proof: Voter card, aadhaar card, ration card, birth certificate, school leaving certificate, PAN card, passport, driving licence
• Address Proof: Passport, aadhaar card, utility bills of the last 2 months, ration card, driving licence
• Income Proof: Bank passbook, bank statements for the last 6 months, income tax returns, form 16, pension payment order copies

List of documents for NRI applicants

Given below are the documents required for NRI applicants:

• Income Proof: Salary slips of the last 6 months, bank statements of the last 6 months mentioning your salary credit
• Employment Proof: Current employment certificate, Copy of the job contract, Labour or identity card, Official contact details of the current organisation or the official mail ID of the HR, Current job appointment letter
• Identity Proof: Copy of passport, copy of visa

SBI Personal Loan Eligibility Criteria

There are some major eligibility parameters that all potential borrowers need to satisfy to avail of personal loans from the State Bank of India. The following points feature some of the key eligibility highlights of personal loans from the SBI:

• All applicants must be from 21 years to 58 years of age.
• All applicants must have a minimum monthly income of Rs. 15000.
• All applicants must be employed for a minimum of 1 year before applying for the loan.
• The EMI and NMI (Net Monthly Income) ratio should be less than 50%.
• Applicants who have their salary account in some other banks are also eligible to apply.
• Applicants who are employees of the Central Government/ Quasi Government/ State Government/ Private and Public corporations/ Central and State PSUs are also eligible to apply.

The State Bank of India primarily offers three types of personal loans for salaried individuals. Each of these features different eligibility criteria which are mentioned in the table below:

SBI Xpress Credit Personal Loan

SBI Xpress Power Loan

SBI Pension Loan

Factors Affect SBI Personal Loan Eligibility 

Following are a few factors that are considered before approving a personal loan to a potential borrower.

• Age: The State Bank of India offers personal loans to different age groups ranging from 21 years to 58 years. Pensioners are also allowed to opt for personal loans through the SBI Pension Loan scheme. Besides, the Xpress Power Loan and the SBI Xpress Credit Loan are valid for salaried applicants up to a certain age limit.
• Monthly Income: SBI offers personal loans to individuals having a minimum of Rs. 15000 monthly earnings. Considering the stability and the amount of the income, the bank determines the repayment capability of the borrower. 
• Working Experience: SBI takes into account the working experience of the applicants. This indicates that the risks of loan repayment are lesser with such applicants, and the chances of loan approval automatically increase.
• Type of Employment: Type of employment refers to salaried or self-employed people, to estimate the stability of their monthly earnings.
• EMI and NMI Ratio: The EMI and NMI ratio indicates that the Equated Monthly Instalments for the personal loan should be only a certain percentage of the Net Monthly Income. This ratio is then multiplied by 100 to determine the loan eligibility of the applicant. The more the EMI/NMI ratio is, the higher your chances of loan approval you can get.
• CIBIL Score: The CIBIL score or credit score of a borrower indicates the loan repayment capacity. It enables the lenders to assess the lower risks associated with the applicant, which eventually increases the chances of loan approval.
• Salary Account with the Bank: Applicants who hold their salary accounts at the State Bank of India tend to be preferred by the bank in case of approving personal loans. Apart from this, individuals who are drawing their pension from the bank are also eligible to apply for the SBI Pension Loan.
• Residential Status: Whenever applicants reside in their own houses, they automatically have higher chances of getting their personal loan application approved. 

Applying for a personal loan is one of the ideal choices to fulfil your financial aspirations if you have a stable source of income. However, to make your loan application process smoother, the SBI personal loan eligibility calculator enables you to comprehend the requirements beforehand. It helps you understand your loan repayment capacity and the loan amount you can opt for. So make sure to use this calculator online and apply for your personal loan mindfully.