State Bank of India provides loans to all despite the applicant’s gender. So, if you are a woman and need a lump sum amount to meet your financial need, apply for an SBI Personal Loan. Mother, wife, daughter, and woman play an important role in our life. And as society progresses, so does the woman. Now, they earn a livelihood from their house. So if there is a financial problem, it is the woman’s duty to get rid of it. And with Best SBI Personal Loan for women in India it has become easy. The bank lends you a lump sum amount which you can pay in equated monthly installments. So, there won’t be an issue and the house budget will run smoothly. Keep reading this article to know more about this loan product of SBI.

How Much is Available from SBI?

Under this product, you can borrow a maximum amount of INR 20 Lakh from SBI. And the bank won’t even ask for collateral. This is an unsecured loan and there is no role of an asset in it. The amount will be provided to you based on your repayment capabilities. Check out the factors affecting your loan amount for SBI Personal Loan –

Income

You will be eligible for an SBI Personal Loan if you earn a minimum of INR 15,000 per month. With this, you qualify for personal loans. But the income requirement may change based on your loan request. If you apply for an amount such as INR 10 Lakh, its EMI can’t be afforded under an INR 15,000 income. So, do take care of that if you are applying for a personal loan. 

Credit Score

If you are new to this term, let us tell you that it depicts your repayment history. A three-digit number called credit score ranges from 300 to 900. The higher the score, the more will be the possibility of getting the loan approved. Why? Because a high score means you have paid the credit card bills or loan EMIs without default. 

You can check your score online for free by visiting the Transunion CIBIL or any other credit bureau. If the score doesn’t seem right to you, see your credit report and check whether the seeded information is correct. Because if there is an error, you can remove it by filing a dispute. Your data will be evaluated and the new score will display. 

Now that your score is right, apply for an SBI Loan.

What is the SBI Personal Loan Interest Rate?

If you have borrowed a loan earlier, you must know that the lender charges an interest rate on your borrowed amount. You can pay the interest amount in your EMIs. This way by the time the end of the tenure your loan is fully paid. A higher interest rate can make it difficult for you to pay off the loan. How? A high-interest rate means high EMIs and more payout which could be difficult for you to afford under a monthly income. 

Fortunately, SBI has the lowest interest rate, beginning from 9.60% per annum. But not everyone is eligible for the lowest SBI Personal Loan Interest Rate. To negotiate with the lender you need strong points such as high income, a good repayment record, or a co-borrower.

When you borrow a loan with your spouse, child, or parent, the liability of repayment is divided between you two. So, in case you are not able to repay the EMI, the co-borrower can step in and complete the repayment for you. If the co-borrower doesn’t do the same, it will impact both your and his or her repayment record. So, if you are in a financial hustle and need a lump sum amount to get out of it, apply for and SBI Personal Loan.

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