You can only avail a personal loan from SBFC if you meet the laid out eligibility criteria, just like in the case of any other kind of credit. SBFC expects you to earn a certain amount of money on a monthly basis, have a particular credit score (Preferably above 750) and be of a certain age. Read on to know more about the eligibility criteria you need to fulfil to get an SBFC personal loan.

SBFC Personal Loan Eligibility Criteria

Employment status

Salaried professional

Age criteria

Between 25-54 years old

Income criteria

You must have a monthly income of ₹30,000 a month and ₹50,000 if you are above 40 years old. 

CIBIL Score

700 or above

Factors Affecting SBFC Personal Loan Eligibility

Some of the factors that will affect your SBFC personal loan eligibility are as follows:

  • Age: Your age determines the maximum amount you can get as an SBFC personal loan and the maximum amount of time you can repay it over. If you are in your 20s or 30s, you can get a large sum of money as an SBFC personal loan and repay it over 5 years. If you are close to the upper end of the laid out age criteria, you may only get to avail a smaller amount as a personal loan which you may have to repay over a shorter span of time.

  • Income: Your monthly income is an indicator of your repayment capability, so the more you earn every month, the better are your chances of getting a personal loan from SBFC. A low monthly income, on the other hand, may mean that you may only be able to avail a small amount as a personal loan and that too at a higher interest rate.

  • CIBIL Score: A CIBIL score is a three-digit-long figure that stays between 300-900. It is also an indicator of your creditworthiness.If your CIBIL score is equal to or above 750, you should be easily able to get a SBFC personal loan. But, if it is any lower than, you may get a loan but at unfavourable repayment terms. If your CIBIL score is below 650, chances are that your personal loan application might get rejected.

Note that there are a handful of other factors that are taken into account while considering you for a personal loan. Those factors are your job stability and experience. SBFC requires you to have at least one year of work experience and at least six months of that with your current employer.

How to Improve Your Chances of Getting a SBFC Personal Loan

You can increase your chances of securing a SBFC Personal Loan in the following ways:

Improve your credit score: If you have a CIBIL score of 750 or more, it will give the lender an impression that you are a creditworthy individual who can repay the loan as per the agreed upon payment terms. A credit score of 750 or above can also help you get a SBFC personal loan at a lower interest rate. If your CIBIL score is below that, consider improving it by making timely credit card/loan EMI payments if you have any. You must also consider prepaying any of your credit obligations if possible.

Get a co-applicant: If you have a working spouse, consider making him or her your personal loan co-applicant as the combined income of two people will enhance your chances of getting a SBFC personal loan. Alternatively, you can also get a co-guarantor on board. A co-guarantor basically guarantees the full repayment of the loan irrespective of your financial condition

Altering your debt-to-income ratio: Another way of increasing your chances of getting a personal loan from SBFC is by altering your debt to income ratio. You can do so byu either earning more per month, prepaying your old loans and credit card bills if possible or even getting a new credit card. The third option will basically increase your available credit limit and it will simultaneously bring down your credit utilisation ratio, which is another way of increasing your credit score, and in turn, your chances of securing a SBFC personal loan.

FAQs on SBFC Personal Loan Eligibility

  • ✔️What are the eligibility criteria to avail SBFC Personal Loan?

    The eligibility criteria to avail SBFC Personal Loan are credit score, minimum salary, age, experience, employment type and employment reputation.

  • ✔️What is the maximum loan amount an applicant can get?

    The maximum loan amount that an applicant can get is ₹10 Lakhs. Although, the loan amount you can get would entirely be based on your credit history and existing income.

  • ✔️Will CIBIL Score affect my availing of Personal Loan from SBFC?

    Yes, a good CIBIL score can get you a Personal Loan from SBFC, at a low rate of interest.

  • ✔️Do I need to have a guarantor to apply for a Personal Loan from SBFC?

    You need not provide any guarantor to apply for a Personal Loan.

  • ✔️How do I get in touch with SBFC?

    You can visit their official website and get in touch with them.

  • ✔️What is the interest rate of SBFC Personal Loan?

    The interest rates of SBFC Personal Loans start from 14.0%.

  • ✔️What is the processing fee of SBFC Personal Loan?

    The processing fee of SBFC Personal Loan is 2% of the loan amount.

  • ✔️My SBFC Personal Loan application got rejected. Is it possible to re-apply?

    Asking the lender can solve your problem of getting rejected and you can also re-apply accordingly.