SBI Personal Loan: Will your spouse’s income be included while calculating loan amount? Know Here in detail

SBI Personal Loan – Planning to take a loan from the State Bank of India (SBI)? If you are wondering whether your spouse’s income can be included while deciding the personal loan amount, then you can get the right answer here. The largest state lender, SBI, offers these personal loans – SBI Term Loan and SBI Overdraft Personal Loan.

While the minimum limit for SBI term loan is Rs 25,000, the loan limit for SBI Overdraft loan is Rs 5 lakhs. The Overdraft will be subject to monthly reduction in Drawing Power, so that Drawing Power becomes NIL in 72 months.

The maximum SBI personal loan amount is Rs 20 lakhs which is subject to 24 times Net Monthly Income (NMI) as per the information present on SBI Bank website.  Applicable EMI/ NMI is equal to 50 per cent for all categories [except employees of Government. Aided Schools where it is 12 times Gross Monthly Income (GMI)], the website says.

SBI Personal Loan – Spouse income included while calculating loan amount?

As per the SBI Bank, spouse income cannot be added for calculating loan amount. However, if eligible, spouse may apply for another loan separately.

SBI Personal Loan Documents - Here is what you need to deposit while applying for SBI Personal Loan:

1. Latest passport size photographs  
2. Copy of identity card issued by the employer
3. Last 6 months’ salary slip or latest Form 16 (in case of Income Tax Payee)
4. Permanent Account Number (PAN).
5. At least one copy of the Officially Valid Documents (OVDs) mentioned below, as proof of identity and current address – Passport/Driving license/Proof of possession of Aadhaar Number/Voter's Card etc.

With SBI Personal Loan, you are not required to pledge any security.

Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3 per cent on prepaid amount

No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.