Cash woes? A personal loan to the rescue!

    SBI Personal Loan Eligibility

    SBI is the largest banking group in India, and has a major global presence, which helps its customers enjoy premium banking experience throughout the world. SBI started its operations in Singapore in 1977, and received its Qualifying Full Bank (QFB) status in 2008.

    Personal loans form one of the largest classes of debt products offered by SBI in Singapore. As an individual, you can get SBI personal financing up to four times your monthly income if your annual income satisfies the condition of being more than or equal to S$30,000 and up to S$120,000, or up to six times your monthly income if your yearly salary is greater than S$120,000, provided you meet the other eligibility criteria set by the bank.

    The bank retains the final say in the amount of loan or overdraft facility that is made available to you.

    SBI Bank Personal Loan Eligibility Criteria

    To be eligible for personal loan offered by SBI, you must satisfy the following conditions:

    • You must be a Singapore citizen or permanent resident.
    • You must have an annual salary of S$30,000 or more.
    • You must be aged between 21 and 55 (both ages inclusive).
    • You could be a full-time employee, a part-time employee, a commission-based employee or self-employed.
    • You should have an active savings or chequing account with SBI.

    Don’t forget to provide a copy of your NRIC along with the completed application form during verification/approval.

    How to Improve Your SBI Personal Loan Application Process?

    You can increase your loan application success rate by doing one or more of the following:

    • Ensure that you have a good credit score. Continue to make full payments on other lines of credit that you may be holding.
    • If you think that your personal income may increase soon, wait till it actually happens. Higher incomes usually attract better offers.
    • Have relevant salary documents and tax documents up to date. The bank may conduct extensive background checks on you. Your compliance with various regulations will be thoroughly scrutinised.

    Explore Eligibility Parameters Set by Other Banks in Singapore

    The following are the eligibility criteria set by other banks for personal financing:

    Frequently Asked Questions

    1. Q: I am a foreigner. Can I apply for an SBI personal loan?

      A: No, you can’t. Only Singapore citizens and PRs can get unsecured loans from SBI.

    2. Q: Can I apply online?

      A: Yes, you can. However, you’ll have to be physically present at a branch at the time of verification of the application form and the supporting documents.

    3. Q: I am self-employed. What are the income documents that I need to provide?

      A: You’ll need to provide income tax notice of assessment for the last two years.

    4. Q: I am a commission-based employee. What are the income documents that I need to furnish?

      A: Any commission-based employee or someone with a variable pay can apply provided they have two years of work experience in Singapore at least. You’ll have to provide income tax notice of assessment for the last two years or provide statements of your CPF contribution for the last 15 months.

    5. Q: Is there a minimum work experience criteria for salaried employees?

      A: If you’re a salaried/full-time employee, you’ll need to have a work experience of at least two years to be eligible for an SBI personal loan.

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