SBI Xpress Credit Personal Loan to Salaried Employees having salary accounts with SBI

SBI (State Bank of India), one of the biggest lenders in India, offers personal loans to meet your expenses. State Bank of India offers personal loans under three categories – SBI Xpress Credit Personal Loan, SBI Quick Personal Loan, and SBI Pension Loan.

SBI Personal loans are one of the most preferred loans because of the competitive interest rates. The loan processing charges are also very low. In this post, I will tell you about SBI Xpress Credit Personal Loan Scheme.

SBI Xpress Credit Personal Loan

The loan is provided to the employees of select entities or institutions maintaining a salary account with SBI. State Bank of India offers this loan at very competitive interest rates with fast and easy processing. You can apply for this loan without requiring any security or collateral.

This loan is available instantly to meet your multiple needs. This credit facility may be your solution for financial needs be it’s your wedding, a sudden vacation with your family, medical emergency, planned purchase, or others. Under this scheme, you can get a loan of up to 24 times your NMI (Net Monthly Income).

Eligibility for SBI Xpress Credit Personal Loan

State Bank of India offers personal loans to the employees of the following entities maintaining salary account with SBI:

1. Central and State Government

2. Quasi-Government

3. Profit-making State PSUs

4. Central PSUs

5. Selected Corporates who have a business relationship with State Bank of India

6. Educational Institutions of National Repute

7. Corporates who do not have a business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions.

Income

1. The minimum NMI (Net Monthly Income) must be Rs. 15000/- to be eligible for the SBI Personal Loan.

2. EMI/NMI ratio should not exceed 50%

Features & Benefits of SBI Xpress Credit Personal Loan

1. Interest rates are low. Further, SBI charges interest on the daily reducing balance.

2. A low processing charges of 1% of the loan amount + applicable service tax. Fast and easy processing.

3. There are no hidden costs / administrative charges in granting the loan.

4. No security is required for granting the loan.

5. Minimal documentation required in processing the loan. This is something that you had always wanted.

6. State Bank of India’s personal loan is available under both term loan and overdraft facility.

7. The tenure is a maximum of 60 months or residual service period whichever is less.

8. A second SBI Personal Loan can be taken after 1 year of availing the first loan.

Minimum and Maximum Loan Amount

Term Loan

The minimum loan amount is Rs.25,000/-. The maximum loan amount is 24 times of NMI (Net Monthly Income) subject to a maximum of Rs.20 lakhs.

Overdraft

The minimum loan amount is Rs. 5 lakhs. The maximum loan amount is 24 times of NMI (Net Monthly Income) subject to a maximum of Rs. 20 lakhs.

Repayment Period

The repayment period is a maximum of 60 months or residual service period whichever is less. The minimum repayment period is of 6 months.

Interest Rates

Click here for the latest interest rates

Provision for a Second Loan

A second loan can be taken after 1 year of availing the first loan. You have been regular in making payments for the first loan at the time of the sanction of a second loan. Note that there cannot be more than two loans in your name. However, this is subject to the overall EMI/NMI (Net Monthly Income) ratio of 50%.

Applicable Charges & Fees

Processing Fees

The processing fee of 1.5% of the loan amount (subject to minimum Rs.1000/- and maximum Rs.15000/-) + applicable Service Tax.

Penal Interest

Penal Interest of 2% p.m will be charged over and above the applicable interest rate on the overdue amount for the period of default.

Prepayment Charges

The bank will charge a prepayment charge of 3% on the prepaid amount for any prepayment of EMIs in full or in part. The closure of the account before the end of the term will also attract the prepayment charge. However, prepayment charges not applicable if the account closed from the proceeds of a new loan. The new loan account should be under the SBI Xpress Credit Personal Loan scheme.

Final Thoughts

State Bank of India offers SBI Xpress Credit Personal Loan to salaried individuals. You can use this loan for meeting your financial needs be it’s your wedding or vacation, medical emergency, or planned purchase. The loan amount under this scheme of personal loan can go up to Rs.20 lakh. The repayment period ranges between 6 months and 6 years.

Note: This post was originally published on November 2, 2018, and has been completely updated for accuracy and comprehensiveness.

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