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What is Xpress Credit Loan in SBI?

sbi xpress credit loan
In: Business

Personal loans can be issued when the consumer needs more money for their vacation, for renovating their dream house or even for urgent medical expenses. Personal loans are the quickest approved loans. Moreover, these loans have low-interest rates, with minimal documentation and a flexible tenure period. SBI Xpress credit loan is a loan that the special employees of Central/ State/ Quasi government, Profit making state PSU’s, central PSU’s, educational institutes of national repute can avail. Also, those corporates that may or may not have business relations with SBI can obtain Xpress credit loans. SBI Xpress credit personal loan starts with an interest rate of 9.60%. The borrower should at least have a monthly income of 15,000. The bank sanctions up to 20 Lakhs in this loan.

Features of Xpress Credit Loan – SBI

SBI Xpress credit loan is an amazing option to invest in. Below are some essential features of Xpress Credit Loan. 

Loan Amount

The loan amount depends on whether that scheme is Term Loans or Overdraft Loans. The amount that is allowed in Term Loans is Rs. 25,000 and in Overdraft Loans Rs. 5 Lakhs. Overall the largest sum that is offered by the bank is Rs. 20 Lakhs. 

Tenure of the repayment

The bank is flexible with its tenure. The consumer can repay the borrowed loan within the agreed time limit which can range from 6 months to 6 years. 

Interest rates of Loan

The interest rates of SBI Xpress credit loans depend upon the salary of the consumer or borrower. It also depends on their repayment capacity. SBI charges on a daily reducing balance starting from 10.10% p.a. The highest percentage of the rate of interest is 13.85% p.a. 

Processing fees

The processing fee on the loan amount provided by the bank can be up to 1.50%. 

Unsecured form

Personal loans are unsecured. A customer can get personal loans without providing any collateral or security. Collaterals are the items that are placed as security. Collaterals could be shares, jewellery or gold articles.

Minimal process

The entire process of approval and acceptance of personal loans is minimal & easy. There is minimal documentation or application. This is helpful when the consumer requires loan money on an emergency basis.

EMI Calculator

Borrowers can find EMI calculators on the lender’s website. It helps borrowers to check their EMI capacity for the loan amount. 

Second loan

SBI Xpress credit loan allows you to take up a second loan but only after you’ve been able to successfully repay the first one without any complications. It also keeps the overall EMI/NMI amount under 50%.

Eligibility Criteria for Xpress Credit Loan – SBI

Now that we have had a look at the features that affect the decision-making process let us go through the eligibility criteria. 

  • The loan is only offered to those who work for the Central/State/Quasi-Government, Educational institutions of national repute, Central PSU’s, Profit making state PSUs and those who may or may not have business relations with SBI. 
  • The borrower or the applicant should at least earn 15,000 as their monthly income. 
  • The EMI/NMI ratio of the loan issued can not be more than 50%.
  • The applicant or the borrower should have a salary account at SBI bank.

Interest rates in details 

Interest rates of the Personal Loans depend on the salary of the consumer. Rates of interest change based on the choice of their scheme. For those who work for Defence/ Paramilitary/ Indian Coast Guard, the rate of interest in Term Loans is 10.60% -11.10% for 2 years of MCLR while the rate of interest in Overdraft Loans is 11.10% – 11.60% for 2 years of MCLR. For other applicants, however, the rate of interest in Term Loans is 10.60% – 12.60% for 2 years of MCLR and in Overdraft, Loans is 11.10% – 13.10% for 2 years of MCLR. 

How to apply for Xpress Credit Personal Loan in SBI

Now that we have looked at all the important factors such as features, eligibility and interest rates, take a look at the entire process on how to apply for SBI Xpress Credit Personal Loan. 

  • Visit the website MyMoneyMantra.
  • Search for “Personal Loan” under the Loans tab
  •  Enter the asked and important details.
  • Once the form is filled, get in contact with the bank for further steps in the process. 

Pro tip: You can also apply for a loan through the SBI Banks personal app, YONO. The YONO Xpress Credit Loan procedure is quick and easy. 

SBI Xpress Credit Loan is a great scheme to look into if you are planning for personal loans. Not only is it a quick process but also an easy process. If you have associated with SBI bank before this is a very good loan scheme to look into.

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