SBI Xpress Credit Personal Loan

About SBI Xpress Credit Personal Loan

Want to enjoy a family vacation in Australia, falling short of cash? Need credit instantly to pay the medical bills? Planning to renovate your home, don’t have enough savings? If the answers to all these questions is Yes, all you need is SBI’s Xpress Credit Personal Loan. That’s Right! This credit facility can easily be availed instantly to meet your multiple needs. Let’s just know more about this credit facility in the page below…

CriteriaDetails
Interest Rates11.45%-15.35% p.a.
Loan Amount(i) Term Loan - Min: ₹24,000/-
Maximum: 24 times NMI subject to maximum of ₹ 15.00 lacs
(ii) Overdraft - Minimum: ₹5.00 lacs
Maximum: 24 times NMI subject to maximum of ₹15.00 lacs
Repayment Period60 Months (5 Years)
Processing Fees0.50% of the loan amount +GST
Prepayment ChargesNil-3% of the principal outstanding

Personal Loan

Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility

    Almost done, few more details required.

    Interest Rates in Detail

    Xpress Credit for Defence/Para-Military/Indian Coast Guard Salary Pacakage Applicants

    Term Loan Facility

    2 year MCLRSpread Over 2 Year MCLREffective Interest Rate with No Reset
    8.55%3.40% - 3.90%11.95% - 12.45%

    Overdraft Facility

    2 year MCLRSpread Over 2 Year MCLREffective Interest Rate with No Reset
    8.55%3.90% - 4.40%12.45% - 12.95%

    Xpress Credit for Other Applicants

    Term Loan Facility

    2 year MCLRSpread Over 2 Year MCLREffective Interest Rate with No Reset
    8.55%3.40% - 5.40%11.95% - 13.95%

    Overdraft Facility

    2 year MCLRSpread Over 2 Year MCLREffective Interest Rate with No Reset
    8.55%3.90% - 5.90%12.45% - 14.45%

    Note for loans under Xpress credit scheme: Following category of borrowers will get special concessions:

    CriteriaConcession Offered
    Where ‘Check-Off’ is provided50 bps in Rate of Interest
    Loan amount ≥ Rs 10,00,00050 bps in Rate of Interest

    Xpress Credit-IT Employees Scheme

    2 year MCLRSpread over 2 Year MCLREffective Interest Rate with No Reset
    8.55%4.80% - 6.80%13.35% - 15.35%

    Eligibility Criteria

    The bank provides personal loan to:

    • Central and state Government
    • Quasi-Government
    • Central PSUs
    • Profit making State PSUs
    • Educational Institutions of National Repute
    • Selected Corporates who have business relationship with the Bank
    • Corporates who do not have business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions

    Income
    Minimum Net Monthly Income(NMI): ₹5000/-
    EMI/NMI Ratio should not exceed 50%

    Provision for Second Loan

    Second Loan can be taken after 1 year of disbursement of the 1st loan provided the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However this is subject to the overall EMI/NMI ratio of 50%

    • Margin:Nil
    • Security:Nil
    • Third Party Guarantee:Nil

    Penal Interest
    Penal Interest @2% p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest should not be levied.

    Documents Required

    The list of documents that a person must carry while applying for SBI Personal loan are as follows:

    • Duly signed application form
    • Identity Proof- PAN Card/Voter ID Card/Passport/Driving License, etc.
    • Address Proof
    • Processing fee cheque
    • Last 3 months bank statement or 6 months bank passbook
    • Latest salary slip & Current dated salary certificate with the Latest Form 16 for salaried individuals
    • Latest Bank statement or Latest ITR of Form 16 for self-employed individuals

     

    SBI Xpress Credit Personal Loan Application Form

    In order to apply for this unsecured credit facility being offered by SBI, you simply need an application form first. Yes, it is mandatory to fill and submit the duly signed form as far as applying for a personal loan is concerned. You can either download this form online from SBI’s official website or you can visit the bank branch near you to get this form. The form asks you to fill all your personal as well as professional details such as Name, Age, Gender, Address, Income, Job Stability, Work Profile, etc. Make sure, you fill the correct information in the required fields for a smooth loan journey.

    Features & Benefits

    • Attractive Interest Rates
    • Low Processing Charges
    • No Hidden Costs/Administrative Charges
    • Minimal Documentation
    • No Collateral

     

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