1. What is SBI Personal Loan Eligibility?

The SBI Personal Loan Eligibility calculator determines how much you can borrow from State Bank of India based on your affordable monthly payment, current interest rates (starting at 10.49% p.a.), and desired repayment term.

2. How Does the Calculator Work?

The calculator uses the present value of annuity formula:

Where:

• \( P \) — Loan principal amount (INR)
• \( PMT \) — Affordable monthly payment (INR)
• \( r \) — Monthly interest rate (annual rate ÷ 12)
• \( n \) — Loan term in months

Explanation: The formula calculates the maximum loan amount you can get based on what you can afford to pay monthly, considering SBI's interest rates and your preferred repayment period.

3. Importance of Loan Eligibility Calculation

Details: Knowing your eligibility helps in financial planning, ensures you don't over-borrow, and helps negotiate better terms with the bank.

4. Using the Calculator

Tips: Enter your comfortable monthly payment, current SBI interest rate (default 10.49%), and desired loan term (12-84 months). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the minimum salary for SBI personal loan?
A: SBI typically requires a minimum net monthly income of ₹15,000 for salaried individuals.

Q2: What is the maximum loan amount from SBI?
A: SBI offers personal loans up to ₹20 lakhs, depending on your income and repayment capacity.

Q3: What documents are needed for SBI personal loan?
A: Typically requires ID proof, address proof, income documents, and bank statements.

Q4: How is EMI calculated for SBI personal loan?
A: EMI = [P × r × (1+r)^n] ÷ [(1+r)^n-1], where P=principal, r=monthly rate, n=term in months.

Q5: What is the processing fee for SBI personal loans?
A: SBI charges up to 1% of loan amount + GST as processing fee (minimum ₹1,000 + GST).