SBI launches Xpress Credit Personal Loan; here's how to apply, eligibility and other features
Customers holding a salary account with SBI and a minimum monthly income of Rs 15,000 is eligible to apply for Xpress Credit personal loan. The interest rate on this SBI loan is 9.60 percent.
February 17, 2021 / 01:31 PM IST
The State Bank of India has launched an Xpress Credit Personal Loan facility for instant loan with quick approval. Customers holding a salary account with SBI and a minimum monthly income of Rs 15,000 is eligible to apply for Xpress Credit personal loan.
The interest rate on this SBI loan is 9.60 percent.
"Whether it’s a wedding or a vacation, unplanned emergency or planned purchase, SBI customers can get quick approval and instant disbursal with minimal documentation through SBI’s Xpress Credit Personal Loan," the bank mentioned on its website.
To avail this facility, customers need to give a missed call or send a message from their smartphone.
SBI also tweeted saying: “All it takes is an SMS, to begin with your personal loan process. SMS <PERSONAL> on 7208933145.”
In another tweet, it wrote, "Personal loans made convenient! Give a missed call on 7208933142 and get a call back from us."
Here's who can apply:
- Individuals with Salary Account with SBI.
- Minimum monthly income Rs 15,000/.
- EMI/NMI Ratio less than 50 percent.
- Employees working with: Central/ state/ quasi government, Central PSUS and profit making state PSUS, Educational institutions of national repute, Select corporates with or without relationship with the bank.
- Term Loans Amount: Minimum Loan Amount – Rs. 25,000, Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI
- Overdraft Loans Amount: Minimum Loan Amount – 5 lakhs, Maximum Loan Amount – Rs. 20 lakhs / 24 times NMI, Second Loan is eligible any time after disbursement of first loan, subject to the overall EMI/NMI ratio of 50 percent. Second Loan is eligible only on regular EMI repayments of the first loan.
Features of the SBI’s Xpress Credit Personal Loan:
- Loan up to 20 lakhs.
- Low interest rates.
- Interest on daily reducing balance.
- Low processing charges.
- Minimal documentation
- Zero hidden costs.
- Provision for second Loan
- No security, no guarantor.
Terms and Conditions
- Penal Interest @2 percent p/m would be charged over and above the applicable interest rate on overdue amount for the period of default.
- Prepayment charges of 3 percent on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme.
- Minimum repayment period is of six months and maximum repayment period is of six years or remaining period of service (whichever is lower).