SBI Xpress Credit Loan
SBI offers the Xpress Credit Personal Loan scheme for individuals planning a wedding or vacation, or those making a planned big-ticket purchase. The loan can also be taken for meeting emergency financial needs. The loan amount can go up to Rs.20 lakh and the interest rate varies from 11.50% p.a. to 12.00% p.a. The repayment period ranges between 6 months and 6 years.
The loan amount can go up to Rs.20 lakh and the interest rate varies from 11.50% p.a. to 12.00% p.a. The repayment period ranges between 6 months and 6 years.
Key Features of the SBI Xpress Credit Personal Loan
The highlights of the SBI Xpress Credit Personal Loan scheme are as follows:
- Individuals can apply for the SBI Personal loan through all SBI bank branches or via the YONO App.
- A borrower can apply for a second loan only after the first loan is disbursed. This is, however, based on the EMI/NMI ratio being below 50%.
- The second loan can be taken only if the borrower had been diligent in paying the first loan EMIs on time.
- The interest is calculated on daily reducing balance.
- There is no need for a security or guarantor and there are no hidden charges.
Loan Amount | For Term Loan - Rs.25,000 to Rs.20 lakh/24 times the NMI For Overdraft Loans - Rs.5 lakh to Rs.20 lakh/24 times the NMI |
Loan Tenure | 6 months to 6 years/remaining period of service, whichever is lower |
Processing Fee | 1% of the loan amount + tax |
Penal Interest | 2% per month |
Prepayment Charges | 3% on prepaid amount* |
*There will be no prepayment charges if the account is closed using the amount borrowed through a new loan under the Xpress Credit Loan scheme
Interest Rate of SBI Xpress Credit Loan
Xpress Credit Personal Loan Scheme (basic version):
- For para-military, defence, or Indian Coast Guard personnel:
- Term Loan facility - Interest rate is 11.50% to 12.00% p.a.
- Overdraft facility - Interest rate is 12.00% to 12.50% p.a.
- For others:
- Term Loan facility - Interest rate is 11.50% to 13.50% p.a.
- Overdraft facility - Interest rate is 12.00% to 14.50% p.a.
Additionally, the following borrowers will receive special concessions on interest rate:
- Those who provide 'Check-Off' - Concession is 0.5% in interest rate Those who apply for a loan greater than or equal to Rs.10 lakh - Concession is 0.5% in interest rate
SBI Xpress Credit Basic Scheme Overview
The interest rate under this scheme ranges from 12.90% to 14.90% p.a.
Xpress Credit - Non-Permanent Employees Scheme (NPES):
- For employees of Central, state, and quasi government, Central and state PSUs, nationally recognised educational institutes, and defence - Interest rate is between 12.80% and 14.90% p.a.
- For employees of co-operatives and institutions that are not covered under the basic Xpress Credit loan and unrated corporates will get an interest rate of 12.45% to 14.55% p.a.
Xpress Credit Insta Top-Up:
Interest rate for this scheme is 11.60% p.a.
Eligibility Criteria:
The following individuals are eligible to apply for the SBI Xpress Credit Personal Loan:
- Borrowers with an SBI salary account
- Individuals with minimum monthly income of Rs.15,000
- Individuals with EMI/NMI ratio less than 50%
- Employees of the following institutions can apply:
- Central, state, or quasi government bodies
- Central PSUS or profit-making PSUS
- Nationally recognised educational institutions
- Selected corporates
Other Charges/Fees for SBI Xpress Credit Personal Loan
- Penal Interest:For loans up to Rs.25, 000, penal interest will not be charged. If the loan amount is more than Rs.25000/-, and the irregularity is more than EMI or instalment amount, for over a month, then penal interest will be charged. The penal interest applicable will be @2% p.a. (over and above the applicable interest rate) on the overdue amount for however long that the default is for. Penal interest will not be levied if part instalment or part EMI remains overdue.
- Processing Fees:1% of the Loan Amount + applicable Service Tax
- Prepayment Charges:3% will be charged as prepayment charge on prepaid amount if the borrower prepays EMIs in part or in full and closes the account before the end of term. The borrower will not be charged with prepayment/ foreclosure charges if the account is closed using the proceeds of a new loan account which has been opened under the same scheme.
FAQs on SBI Xpress Credit Loan
- What is the customer care number for SBI Personal Loans?
The customer care number on which you can call are 1800 112 211, 1800 425 3800, and 080 2659 9990. You can call on any one of the following numbers to get in touch with a customer care executive from the bank and place your query.
- How else can I get in touch with the bank regarding my queries?
In addition to the customer care phone numbers, you can also get in touch with the bank by using the SMS feature. In this case, you would be required to type 'UNHAPPY' and send the message to 800 8202 020. You can also write to the Customer Service Department of State Bank of India (SBI).
- I am a retired person and I am drawing pension. Will I be eligible to apply for the SBI Xpress Credit Personal Loan?
No, you will not be eligible for the SBI Xpress Credit Personal Loan. This loan is applicable only for salaried individuals.
- Do I get the option to prepay my SBI Xpress Credit Personal Loan?
Yes, you can prepay your SBI Xpress Credit Personal Loan. However, a nominal prepayment charge will be applicable to the same.
- What is the percentage of prepayment charge that is charged on prepayment of an SBI Xpress Credit Personal Loan?
A prepayment charge of 3% is charged as prepayment charges on the outstanding amount at the time of prepayment of an SBI Xpress Credit Personal Loan.
- Will I eligible for a discounted rate of interest on the SBI Xpress Credit Personal Loan if I am a govt. Employee?
Yes, you will be eligible for a discounted rate of interest in case you are a full-time government employee for the SBI Xpress Credit Personal Loan. However, it should be kept in mind that the bank will also run a thorough check to find out if you are eligible for the same as per the other criteria quoted by the bank for the loan.
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