SBI Xpress Credit Personal Loan

Last Updated : Sept. 23, 2022, 3:55 p.m.

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…

Criteria	Details
Interest Rates	11.55% - 14.95% per annum
Loan Amount	(i) Term Loan - Min: ₹25,000 Maximum: 24 times NMI subject to maximum of ₹ 20.00 lacs (ii) Overdraft - Minimum: ₹5.00 lacs Maximum: 24 times NMI subject to maximum of ₹20.00 lacs
Repayment Period	60 Months (5 Years)
Processing Fees	0.50% of the loan amount +GST
Prepayment Charges	Nil - 3% of the principal outstanding

Interest Rates in Detail

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

Term Loan Facility

2 year MCLR	Spread Over 2 Year MCLR	Effective Interest Rate with No Reset
8.15%	3.40% - 3.90%	11.55% - 12.05%

Overdraft Facility

[table “5776nbspresponsivescroll” not found /]

Xpress Credit for Other Applicants

Term Loan Facility

[table “5777nbspresponsivescroll” not found /]

Overdraft Facility

[table “5778nbspresponsivescroll” not found /]

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

[table “5779nbspresponsivescroll” not found /]

Xpress Credit-IT Employees Scheme

2 year MCLR	Spread over 2 Year MCLR	Effective Interest Rate with No Reset
8.15%	4.80% - 6.80%	12.95% - 14.95%

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): ₹15,000
EMI/NMI Ratio should not exceed 50%

Provision for Second Loan

Second Loan can be taken anytime after the disbursement of the first loan. However this is subject to the overall EMI/NMI ratio of 50%. Also, the thing which an individual must remember that second loan is only eligible on your EMI payment of the first loan.

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