The country’s biggest lender, SBI (State Bank of India) offers personal loans to meet your urgent personal expenses. SBI provides personal loans under three categories – SBI Xpress Power Personal Loan (SBI Xpress Bandhan), SBI Xpress Credit Personal Loan, and SBI Pension Loan. SBI offers personal loans without any collateral and gives you the freedom to use the funds to meet your personal expenses. In this post, I will tell you about SBI Xpress Power Personal Loan (SBI Xpress Bandhan) Scheme.
Table of Contents
SBI Xpress Power Personal Loan (SBI Xpress Bandhan)
It is a personal loan scheme offered by State Bank of India. This is an unsecured personal loan to salaried employees not maintaining a salary account with SBI. You can apply for this personal Loan if you are salaried and your minimum gross monthly income is Rs. 50,000/-.
Under this scheme, you can opt for both term loans and overdraft facility. You can avail SBI Xpress Bandhan Personal Loan for a tenure up to 60 months at an affordable rate of interest. Additionally, the State Bank of India does not charge any hidden charges when applying for a personal loan under this scheme.
Eligibility for SBI Xpress Power Personal Loan (SBI Xpress Bandhan)
State Bank of India offers SBI Xpress Bandhan Personal Loan to salaried employees not maintaining salary account with SBI. Employees working with the following entities can avail this loan:
- Central/ State Governments
- Defence Establishments
- Quasi Government Bodies
- PSUs
- Educational Institutions of National Repute
- Select Rated Corporates.
Income Requirement
The minimum gross monthly income must be Rs. 50,000 to avail SBI Xpress Bandhan Personal Loan.
EMI/NMI ratio should not exceed 50%
Features & Benefits of SBI Xpress Bandhan
- This is an unsecured personal loan to salaried employees not maintaining a salary account with SBI.
- The loan is available as a term loan or as an overdraft facility.
- A low processing fee of 1% of the loan amount + applicable tax.
Festival Offer: No processing fee till 30th November 2018.
- There is no hidden cost in granting the loan under this scheme.
- The loan tenure is up to 60 months or the remainder of service, whichever is less.
- Mode for repayment of the loan amount is NACH / SI.
- The minimum gross monthly income must be Rs. 50,000 to avail loan under this scheme.
Loan Amount under SBI Xpress Power Personal Loan
Term Loan
You can avail a minimum Rs. 25,000/- and maximum 24 times of NMI (Net Monthly Income) subject to a maximum of Rs. 15 lakhs as a term loan.
Overdraft
You can avail a minimum Rs. 5 lakhs and maximum 24 times of NMI (Net Monthly Income) subject to a maximum of Rs. 15 lakhs as an overdraft.
Processing Fee
The processing fee is 1% of the loan amount + Applicable tax for availing SBI Xpress Bandhan Personal Loan.
Festival Offer: There is no processing fee till 30th November 2018.
Interest Rates
Click here for the latest interest rates
SBI Xpress Power Personal Loan Repayment Period
The loan amount repayment tenure is up to 60 months or the remainder of service, whichever is less.
Related post: SBI Xpress Credit Personal Loan | Features & Benefits
Related post: How to request for SBI cheque book online?
Hi Sir, This is a very useful article for me….Thanks, Sir
Good Article
This article very helpful for me.
Thanks sir.