Wednesday, December 7, 2022

SBI Xpress Credit Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

State Bank Of India provides SBI Xpress Credit Loan as Loan to Salaried Customers having Salary accounts with State Bank Of India. This is a personal loan scheme. 

This loan is to fulfill the financial need of some common or special tasks of our life such as wedding planning, Vacation planning, and many other pre or post-program.

The Xpress Credit loan can also be your urgent/emergency loan in some cases to fulfill financial needs.

With 6 years of Loan Tenure, an eligible customer can take up to 20 lakhs Rs. amount from the SBI bank with an applied interest rate from 9.60% per annum to 15.65% per annum.

Main Highlights of SBI Xpress Credit Loan

  1. Loan amount from 25,000 Rs. to 20 lakhs Rs.
  2. Low-interest rate from 9.60% per annum to 15.65% per annum.
  3. Interest will be charged on a daily reducing balance.
  4. Loan tenure from 6 months to 6 Years.
  5. Only for Salaried Customers having salary account with State Bank Of India.
  6. No Need for any Guarantor, and Security.
  7. Minimal Documents required.
  8. No hidden charges, low processing fees (1% of loan amount + tax).
  9. You can take a second loan also.

What is SBI Xpress Credit Loan?

It is a loan by the State bank of India to salaried customers having salary accounts in the state bank of India (SBI).

How much Amount of Loan is Provided in SBI Xpress Credit Loan Scheme?

Min Loan Amount – 25,000 Rs.

- Advertisement -

Max Loan Amount – 20 Lakhs Rs.

Read Also SBI Kavach Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

Who is eligible for the SBI Xpress Credit Loan?

  1. The Customers have a salary account in SBI (Individuals)
  2. The Borrower’s monthly minimum income should be 15,000 Rs.
  3. The EMI/NMI ratio of individuals should be less than 50%
  4. For the second loan over this loan (After disbursement of the first loan)then the overall EMI/NMI ratio of 50%
  5. If you want to sanction your second loan then remember that this second loan is based on regular EMI repayment of the first loan.
  6. The borrower who is working in any of these services can apply for an Xpress Credit loan, these are
  • Central/State or quasi-government employees
  • Central PSUs employees
  • Profit-making state PSUs
  • Educational institutes (Which nationally recognize)
  • Selected Corporates (having in relation with the bank or not)

SBI Xpress Credit Loan Document Requirements?

Minimal documents at the level of KYC verification, such as Adhar Card, Pan Card. Your profile with a good credit score can be a factor for getting the max loan amount.

Interest Rate for SBI Xpress Credit Loan?

Min Interest Rate – 9.60% Per Annum

Max Interest Rate – 15.65% Per Annum

The interest rate difference is based on the type of services in which employees working, such as Para-Military/Defence/Indian Coast Guard.

The interest rate also varies with overdrafts facility, term loan facility, XpressElite Scheme, etc.

Note: The interest rates can change with the passage of time.

Loan Tenure/Time for SBI Xpress Credit Loan?

Min Loan Tenure – 6 Months (half Year)

Max Loan Tenure – 72 Months (6 Years)

Examples of EMI Calculations for SBI Xpress Credit Loan

With An Interest rate of = 10% Per Annum.

SBI Xpress Credit Loan EMI = Per Month Amount to be paid by the customer to the bank.

Loan Amount EMI for 1 Year EMI for 2 Years EMI for 3 Years EMI for 4 Years
25,000 Rs. 2,198 Rs. 1,154Rs. 807 Rs.  634 Rs.
2 Lakhs Rs. 17,583 Rs. 9,229 Rs. 6,453 Rs. 5,073 Rs.
10 lakhs Rs. 87,916 Rs. 46,145 Rs. 32,267 Rs. 25,363 Rs.

Charges & Fees in SBI Xpress Credit Loan Scheme?

  1. Processing Fees – 1% of loan amount + Service tax (Additional)
  2. Pre-Payment Penalty – 3% on prepaid amount. But, if the account is closed from the Proceeds of a new Loan obtained under the same scheme then, Nil Pre-Payment penalty and Foreclosure Charges. 
  3. Penal Interest – @2% p.m would be charged over and above (the applicable interest rate,) on an overdue amount for the default period-time. However, on a loan amount of 25,000 Rs. (up to 25 k Only) no penal interest will charge.

How Can you Apply For SBI Xpress Credit Loan?

  1. By visiting the nearest SBI Branch.
  2. Pre-approved on SBI Yono App.
  3. Can apply online on SBI Official online application form page.

Read Also SBI Pension Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

FAQ – SBI Xpress Credit Loan

  1. Is This loan is for Pensioners?

No, this loan is only for salaried customers having accounts in SBI.

2. SBI Xpress Credit Personal Loan Customer Care/Contact information?

  1. Visit the nearest SBI Branch to solve your all doubts.
  2. Toll-free Numbers – 1800112211, 18004253800, 08026599990
  3. Email – customercare@sbi.co.in, contactcentre@sbi.co.in

If You have any Doubts Please comment, we are happy to help YOU

Share this post If YOU Like