SBI Xpress Credit is a type of personal loan provided by State Bank of India to the salaried people. Salaried people who wish to apply for this type of loan need at least documentation. And this type of loan mill also goes very fast. Personal loans availed under SBI Xpress Credit can be used for a range of personal expenses such as debt consolidation, vacations, weddings and other consumables.
That is to say, the loan received under this personal loan scheme can be used for any personal expenses. Under SBI Xpress Credit, a loan of Rs 25000 to Rs 20 lakh is given by State Bank of India. The rate of interest charged on this type of loan can range from 11.50% per annum to 12% or even more. And this loan can be taken for a period of 6 months to 6 years.
SBI Xpress Credit Loan Features
Some of the key features of SBI Xpress Credit loan are as follows.
- Under this personal loan scheme of State Bank of India, a provision has been made to give loan from Rs.25000 to Rs.20 lakh.
- The loan applicant can choose the tenure of the loan as per his convenience, which can be anything from 6 months to 6 years.
- Under this scheme, minimum documents are demanded from the loan applicants by the State Bank of India.
- Once your loan is approved, then under this scheme State Bank of India starts disbursing the loan amount to your account as quickly as possible.
- It also does not require any security or guarantor and the bank does not charge any hidden charges.
- You can visit any State Bank of India branch to avail a personal loan under SBI Xpress Credit Loan. Or you can also apply through YONO App.
Loan given under the scheme | Rs.25000 to Rs.20 lakh |
credit period | 6 months to 6 years |
processing fee | 1% of loan amount + tax |
penal interest | 2% per month |
prepayment fee | 3% of prepayment amount |
If that amount is used by the borrower to close the old account by taking a new personal loan under SBI Xpress Credit loan, then there will be no prepayment charges.
SBI Xpress Credit interest on the loan
For Defense/Para-Military/Indian Coast Guard Salaried Applicants
term loan | 10.85% – 11.35% |
overdraft | 11.35% – 11.85% |
For other applicants
term loan | 10.85% – 12.85% |
overdraft | 11.35% – 13.85% |
For temporary employees
Interest rates for employees of Central and State Government, Semi-Govt., Central Public Sector Undertakings, State PSUs, Defense personnel, Educational Institutions of repute, National Employees | 11.75% – 13.85% |
Interest rates for employees of co-operative societies/institutions and non-rated corporates which are not covered under the regular SBI Xpress Credit Loan scheme | 12.50% – 14.10% |
Under SBI Xpress Credit Loan, a provision has been made to give special concessions to the following categories of borrowers.
Criteria | concessions to be given |
Loan equal to or more than 10 lakhs | 50 bps concession in interest rates |
Customers with Platinum Salary Package | 50 bps concession in interest rates |
Central Public Sector Enterprises (CPSEs) having ‘Ratna’ status | 50 bps concession in interest rates |
SBI Xpress Credit Loan eligibility for
- Applicant should be salaried who is earning salary by doing job in any department under any central/state or in any private company.
- The minimum monthly salary of the one who is applying should be Rs 15000.
- The EMI/NMI ratio of the applicant should be less than 50% after deducting the EMI for the proposed loan.
SBI Xpress Credit Loan documents required for
- Any one of the documents such as PAN, Aadhar, Passport, Voter ID Card, etc. as proof of identity.
- Ration card, electricity bill, phone bill, rent/property purchase agreement, Aadhar card, PAN card, voter ID card, etc. can be used as address proof.
- Salary slip, account statement, income tax return filed slip etc. can be used as income proof.
Apart from all this, more additional documents may also be asked by State Bank of India for granting personal loan under SBI Xpress Credit Loan.
SBI Xpress Credit Loan other charges on
- penal interest If the loan taken is Rs 25000 then no penal interest will be charged on it. But if the loan taken is more than 25,000 and the irregularity for more than one month exceeds the loan installment or EMI, then penal interest will be levied. And it will be 2% per annum on the overdue amount. If part of the installment is overdue, penal interest will not be charged.
- 1% processing fee + tax will be applicable on the total loan amount.
- 3% of the amount being paid as prepayment fee will be charged as prepayment fee. That is to say, if the borrower closes the account prematurely by making full or partial payment, then 3% prepayment charge will be applicable on that amount.
But if the borrower takes a loan under the SBI Xpress Credit Loan scheme and uses that amount to close the previous account, then there will be no prepayment charges.
SBI Xpress Credi Loan how to apply for
- First of all visit the official website of State Bank of India.
- After that click on Apply Now button.
- After that a form will open, in which you will be asked about the purpose of taking the loan, relationship with the bank, type of relationship, account number, mobile number etc.
- You have to fill all the details correctly in the given form and click on submit.
- As soon as you submit your details, in the next step you will be offered loans by State Bank of India.
- You can choose the loan from the offered loan and apply online for it by filling the complete application form and attaching the required documents.
Loan verification process
- Once you have applied for Sbi Xpress Credit Loan online, then the bank representative will talk to you.
- This will be a verification call, through which they will want to know that you have actually applied for the loan, and you have full consent in this.
- Apart from this, they can ask you the reason for taking the loan, your salary, documents, home address etc.
- After you have provided them with all the details and documents, then they verify these documents, and after that you can be called by the bank for the final loan offer.
- If you agree to all the rules of the bank, then the loan is credited to your account within 3 to 5 days.
FAQs
- Question – What is NMI?
answer – The full form of NMI is Net Monthly Income, it is the income that is saved by taking all the deductions like taxes etc. from your earnings or salary.
- Question – Are pensioners eligible to take SBI Xpress Credit Loan?
answer – No, only salaried people are eligible to take a personal loan under this scheme.
- Question – Those whose pension comes in State Bank of India are they eligible for this loan?
answer – No, the pensioner is not eligible to take loan under this scheme.
- Question – What is the State Bank of India personal loan customer care number?
answer – State Bank of India personal loan customer care numbers are 1800 112 211, 1800 425 3800, and 080 2659 9990.
- Question – Are permanent government employees eligible for concession in interest rate.
answer – Yes, permanent government employees are eligible to get concession in the rates of interest under SBI Xpress Credit Loan Scheme.