CIBIL score is in the range of 300-900 and higher the score higher is the credit worthiness of an individual. Depending on the CIBIL score, banks such as SBI determine how much credit you are eligible for and for how long.
Here is a quick breakdown of various ranges of CIBIL score and what that means if you are applying for a personal loan from SBI:
- 750 – 900:
- 600 – 749:
- 300 – 599:
A CIBIL score above 750 is considered to be an excellent CIBIL score. An individual with this score is considered to be extremely creditworthy and risk averse which means that he/she will have next to no difficulty in obtaining a personal loan. This person will also be able to negotiate a lower interest rate and a higher loan amount.
This is a good range for a CIBIL score but other parameters such as monthly income, employment status, existing loan amount taken among others to decide the personal loan eligibility. A person with this score is not in the best position to bargain on the interest rate or loan amount.
This CIBIL score range is considered to be poor. This highlights the fact that the person is at a high risk of defaulting on his payments. A personal loan is often provided against a collateral. It is highly recommended that people in this CIBIL score range improve their credit score by consistently repaying their loan amounts and to become eligible for personal loans from SBI.
What is the CIBIL score in SBI Bank?
The CIBIL score is within the range of 300-900 and any score above the 700 mark is considered to be good enough to get loans approved. Although for some loans, the cut-off might be slightly higher. Higher the credit score, higher the probability of getting your loan approved as it indicates responsible repayment pattern.
SBI Personal Loan Information:
One can procure a personal loan from SBI bank for any individualistic objective:
Following are the kinds of personal loans given out by SBI.
- Xpress credit loan:
- SBI pension loan:
- Xpress power:
This personal loan type offers low interest rate and processing charges. Minimal documentation is needed from borrowers for this loan. The net monthly income of an individual applying for such a loan should be a minimum of INR 5,000. The minimum loan amount is INR 25,000. The maximum limit is 24 times the net monthly income or INR 15 lakh.
This loan type has nominal processing charges with no processing charges for defence pensioners. This loan type enables pensioners to meet their planned, unforeseen expenses alike. Central and state government pensioners up until the age of 76 years are eligible for this loan type. The minimum loan amount is INR 25,000.
Xpress power personal loan is best suited for employees of central and state governments, Defence institutions, Educational establishments, PSUs and Quasi government organizations. Only individuals with a gross monthly income of INR 50,000 or above are eligible.
Instructions on how to check CIBIL score for free on SBI
Here’s how you can find your CIBIL score for free on SBI:
Click this link, and you will be redirected to the page where the following details will be required from your end.
Next, enter the following personal details:
- First name
- Last name
- Date of birth
Next section is for providing address details, for which the following details are needed:
- Address type (Residence, permanent, office and so on)
- Full address
- PIN code
Next section is for identify proof for which any one of the following documents can be used:
- PAN card
- Voter ID
- Driving licence
- Ration card
Once all these details are provided, click on the little box provided at the very end which says that you authorize SBI to run a CIBIL check on your profile. You will then be contacted by SBI or its representative over phone or email.
- Can my credit card related information be revealed to the credit bureau?
- Does SBI check CIBIL score for home loan?
- What is the Minimum CIBIL Score for SBI Home Loan?
According to the terms of the credit card agreement, SBI is fully authorized to share information pertinent to your credit card account to the credit bureau. Although, the credit bureau is not authorized to share individual account details to the public.
Yes, apart from factors such as age, income, property value and repayment capability, CIBIL score also plays an important role in securing a home loan from SBI.
The minimum CIBIL score required for SBI home loan is 650 or above. Higher the score, higher the chances of getting the loan approved.