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
 
 
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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.


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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).

Moneycontrol News
first published: Feb 17, 2021 01:31 pm

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