What is SBI CIBIL Score for Personal Loan?

You've probably heard that your creditworthiness is determined by your CIBIL score. Before granting you a personal loan, house loan, or even a credit card, banks often examine your credit score. The required SBI CIBIL score for personal loan is 750. This is necessary to obtain a loan quickly.

What are the Factors Affecting the CIBIL Score for SBI Personal Loan?

• Approximately 30% to 35% of your credit score is derived from your payment history. Your chances of getting denied for a loan increase with the number of ECS rejections, EMI delays, and cheque bounces you have. 

• Around 30% of your credit score is attributed to your entire debt. Requirements for loans are low if you have too much leverage. 

• An approximate 15% weight is assigned to credit history length. The longer you have had debt, the better; nonetheless, this is a little problematic. Serving is important, of course.

• The weightage of your credit combination is roughly 10%. Possessing a mix of unsecured and secured debt in several categories is preferable.

• It's odd but the number of credit inquiries has an effect on credit score as well, so don't keep applying for loans online. It affects your credit rating.

If you are applying for personal loans from SBI, apart from maintaining the CIBIL score of 750, you will also need the following eligibility criteria;

• People who have a salary account with another bank

• Minimum Net Monthly Income (EMI/NMI): Rs. 15, 000

• EMI/NMI Ratio less than 50%

• Employees of Central, State, and Quasi-Governmental Organisations; Central and State Public Utility Companies (Private & Public Ltd.), Educational institutions of National Repute can apply for this loan

• Age range: 21–58

• One year of minimum service

• Minimum Loan Amount: Rs. 24,000

• Rs. 20,00,000 / 24 times the NMI is the maximum.

I hope this discussion on the SBI CIBIL score for personal loans helps you.

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