SBI Xpress Credit Loan-A Brief
SBI provides a number of personal loans, including Express Credit Loans, SBI Pension Loans, and Express Power, as well as pre-approved personal loans, to fulfill the needs of a wide range of clients. SBI personal loans can be utilized for a variety of things, including company development, loan repayment, international travel, marriage, house repairs, and medical crises. SBI offers personal loans up to Rs.20 lakhs with interest rates beginning at 9.60(%) percent per annum.
|Interest rate||Start at 9.60 percent per annum|
|Loan amount||for loans up to 20 lakh rupees|
|Minimum income for eligibility||₹ 15000 per month|
|Qualifying age||you must be between the ages of 21 and 60|
|Loan tenure||Loans are available for up to 60 months|
|SBI Personal Loan Types||Express Credit|
express credit insta top-up
Key Points of the SBI Xpress Credit Loan SBI
Features of SBI Xpress Credit Personal Loan Amount:
The loan amount given by SBI Xpress Credit Personal Loan starts at Rs. 25,000 and goes up to Rs. 20 lakh.
Flexible payback period:
The repayment period for SBI Xpress Credit Personal Loans ranges from 6 months to 72 months, ensuring easy repayment.
Documentation required at a minimum:
SBI simply requires the bare minimum of documents to execute your personal loan request, saving you precious time and effort.
Once your loan gets sanctioned, SBI Bank will promptly deposit the funds into your account.
SBI Xpress Credit Personal Loan Types
|Personal Loan Type||Interest Rate (Per Annum)|
|Express Elite Scheme Personal Loan||Starting At 9.6%|
|Pension Loan (Including Pre-approved Pension Loan||Starting at 9.75%%|
|Express Credit Personal Loan||Starting At 10.60%|
|Express Power Personal Loan||Starting At 10.70%|
|Express Credit Insta Top-up Personal Loan||Starting At-11.50%|
|Express Credit Non-Permanent Employee Personal Loan||Starting At 12.60%|
|Pre-approved Personal Loan (PAPL)||starting at 15.65%|
|Clean Overdraft Personal Loan||Starting At 10.85%|
Note: That State Bank of India is not a Loanmaza.in partner; offers will only be made on behalf of Partner Banks / NBFCs.
1. Personal Loan from SBI Express Credit
SBI Express Credit may be used for cash amount requirements if you have a salary account with SBI.
You can apply for a personal loan / personal loan for a variety of reasons, including medical emergencies, vacations, marriage, and so on.
The following are the key characteristics of this SBI Personal Loan:
It is necessary to have an SBI salary account.
Until then, the loan amount is Rs.25,000 20 lakhs to Rs.
The length of the loan varies from 6 to 60 months.
2. Bandhan SBI Express
SBI Express Bandhan Personal Loan is available to persons who do not have an SBI salary account.
The following are some of the most important characteristics of this personal loan:
Employed mostly in defense establishments, state governments, the federal government, semi-government, and a few other top-rated employers.
The minimum monthly gross income to qualify for a loan is Rs.50,000.
Maximum EMI to Net Monthly Income Ratio of up to 50%
The following are the minimum and maximum loan amounts sanctioned for term loans and overdrafts:
|Express Phone Call||Loan Time "Min||Loan Time "Min|
|Loan Tenure||The Minimum-|
24 times NMI max 15 lakhs
|Rs 5 lakh|
24 times NMI maximum Rs.15 lakh
3. SBI Pensioners Personal Loan
The State Bank of India offers personal loans to retirees with the following features:
- Central or state government pensioners, defense pensioners, and family pensioners can all open an SBI pension account.
- Under the SBI Pension Loan Scheme, the highest loan amount sanctioned is Rs.14 lakh.
- To be eligible for this loan, retirees must be at least 76 years old.
This SBI Personal Loan for Central and State Government Pensioners has the following features:
|Loan Amount||Re-payment term||Age at full repayment of loan||Maximum age of applicant for loan|
|14 Lakh||60 months||up to 77 years||less than 72 years|
|12 Lakh||48 months||up to 78 years||72 to 74 years|
|7.5 Lakh||24 months||up to 78 years||74 to 76 years|
The SBI Pension Loan facilities for Defense Pensioners are as follows:
|Maximum loan amount (36 months pension or Rs.)||Re-payment term||Age at full repayment of loan||Maximum age of applicant for loan|
|14 Lakh||84 months||up to 63 years||less than 56 years|
|14 Lakh||60 months||up to 77 years||56 to 72 years|
|12akh||48 months||up to 78 years||72 to 74 years|
|7.5 Lakh||24 months||up to 78 years||74 to 76 years|
The following pension loan facilities will be available to retirees (including defense retirees):
|Maximum loan amount(18 months pension or Rs.)||Re-payment term||Age at full repayment of loan||Maximum age of applicant for loan|
|5 lakh||60 months||up to 77 years||less than 72 years|
|4.50 lakh||48 months||up to 78 years||72 to 74 years|
|2.50 lakh||24 months||up to 78 years||74 to 76 years|
4. YONO App: Pre-Approved Personal Loan for Employed and Pensioners
You may be eligible for a pre-approved personal loan if you have an SBI salary or pension account.
On the SBI YONO app, you may check your eligibility for this loan and apply for it.
SBI pre-approved loans are promptly sent to the applicant’s account with rapid loan processing, little paperwork, and cheap processing costs.
5.YONO Personal Loan with Pre-Approval
You can get up to Rs.2 lakh if you have an SBI Savings Bank account (as per account type) with an average monthly balance over the specified amount. You might be able to get a pre-approved personal loan of up to Rs.2 Lakh. On the YONO app, you may check your eligibility for this loan and apply for it at any time and from anywhere.
Interest Rates on SBI Personal Loans
SBI’s varied personal loan interest rates for distinct client groups are listed below.
Express Credit is a type of credit that allows you (including PAXC-Pre-approved Express Credit)
The following are the interest rates for Express Credit Loans, which are primarily given to SBI Salary Account holders:
- Salary Package for Applicants in Defense/Paramilitary/Indian Coast Guard
i) Term Loan Facility: Interest is only levied on the whole loan amount sanctioned in this circumstance.
|2 years MCLR||0.072|
|2 years MCLR + interest||3.40% – 3.90%|
|rate interest rates||10.60% – 11.10%|
ii) Overdraft facility: Interest is only levied on the amount borrowed, which may be less than the loan amount sanctioned.
|2 years MCLR||0.072|
|2 Years MCLR + Interest||3.90% – 4.40%|
|Effective interest rate with no reset||10.60% – 11.10%|
For the rest of the applicants:
Facility for Term Loans:
The interest is calculated on the whole loan principle in this scenario.
|2 years MCLR||0.072|
|2 years MCLR + interest||3.40% – 5.40%|
|Effective interest rate with no reset||10.60% – 12.60%|
Interest is only levied on the amount borrowed, which might be less than the actual loan amount sanctioned.
|2 years MCLR||0.0795|
|2 Years MCLR + Interest||3.90% – 6.40%|
|Effective interest rate with no reset||11.85% – 14.35%|
The following SBI personal loan interest rates are available to SBI Salary Package account holders:
|2 years MCLR||0.072|
|2 Years MCLR + Interest||2.40% – 3.90%|
|Effective interest rate with no reset||9.60% – 11.10%|
Customers who are not SBI Salary Package Account Holders are subject to the following interest rates:
|2 years MCLR||0.072|
|2 Years MCLR + Interest||2.65% – 4.15%|
|Effective interest rate with no reset||9.85% – 11.35%|
Non-Permanent Employees: Express Credit (NPES)
SBI Personal Loans are available to Central and State Government workers, Semi-Government, Central Public Sector Undertakings, State Public Sector Undertakings, Defense personnel, and staff of National Educational Institutions at the following interest rates:
|2 years MCLR||0.072|
|2 Years MCLR + Interest||4.30% – 6.40%|
|Effective interest rate with no reset||11.50% – 13.60%|
SBI Express Personal Loan Interest Rates for Employed Employees of Co-operative Societies/Institutions
(Not Covered by Regular Express Credit Loan Scheme and Unrated Corporate:)
|2 years MCLR||0.072|
|2 Years MCLR + Interest||5.05% – 6.65%|
|Effective interest rate with no reset||12.25% – 13.85%|
SBI Xpress Credit Loan Interest Rate
Customers who choose any other form of personal loan from SBI will be charged the following interest rates:
|Loan Type||Rate of Interest|
|SBI Pension Loan (including PAPNL Pre-approved Pension)||9.75%-10.25%|
|Clean xpress credit loan sbi||0.1565|
|Express Credit Insta Top-Up||0.107|
|Pre-approved personal loan (PAPL)||0.126|
Customers with a salary account with SBI will receive a reduction of 25 BPS, or 0.25 percent per annum, on the interest rate.
Eligibility Requirements for an SBI Personal Loan including Xpress Credit
The following are the current sbi xpress credit loan eligibility for several types of SBI personal loans:
No.1. Personal Loan from SBI Express Credit
- You must have an SBI salary account.
- You must be a chosen corporate employee of a Central / State / Semi-Governmental Organization / Central or State Government Public Sector Undertakings / National Institutes of Educational Institutions / Bank without connection.
- Your monthly salary must be at least Rs 15,000 to qualify.
- You should have an EMI/NMI ratio of less than 50%.
No.2. Bandhan SBI Express
- You should not have an SBI salary account.
- You must work for the Central/State Governments/Defense Establishments, Public Sector Undertakings, Semi-Governmental Bodies, Selected Corporations, or National Educational Institutions.
- Your monthly income must be at least Rs.50,000.
- Your EMI/NMI ratio should be at least 50%.
No. 3. SBI Pension Loan
For different types of applicants, the following are the major features of SBI Pension Loan:
Pensioners from the federal and state governments:
- The applicant’s age should not exceed 76 years old.
- Before applying for a loan, the applicant’s pension account should be in SBI, and after taking out the loan, it should be in SBI.
- The pension providing institution must certify in writing that the applicant’s pension account will not be moved from SBI to any other bank until the loan is paid off.
No.4. Pensioners in the Armed Forces:
- Armed forces (Navy, Army, and Air Force), Coast Guard, paramilitary forces (CRPF, CISF, BSF, ITBP, and others), Rashtriya Rifles, and Assam Rifles are all eligible.
- SBI should be the applicant’s pension account.
- The applicant must be under the age of 76.
No.5. For Retired Family Members:
- The approved members of the pensioner’s family who are eligible to receive pension after the pensioner’s death are known as family pensioners.
- To be eligible for an SBI Pension Loan, a family pensioner must be at least 76 years old.
No. 6. On the YONO App, you may get a pre-approved personal loan for salaried and retired people.
- When the applicant signs in to YONO, he or she must have a salary or pension account with SBI.
- A pre-approved SBI personal loan offer should be accessible.
No.7. YONO PAPL (Pre-Approved Personal Loan Non-Salaried)
- You need have an SBI Regular Deposit savings account.
- Your monthly balance should be in a specific limit (limit depends on the type of SBI account)
Documents needed to apply for a loan
The documents required to apply for an SBI personal loan differ based on the personal loan category you select.
However, the following is a list of documents:
- ID Proof: Ration Card, Bank Account Details, Passport, Driving License, Electricity Bill, Telephone Bill, Agreement to Buy or Sell Property Identity Proof: Passport, PAN, Voter ID, Driving License, Aadhar Card .
- Address Proof: Ration Card, Bank Account Details, Passport, Driving License, Electricity Bill, Telephone Bill, Agreement to Buy or Sell Property (For Ownership Properties),
- Income Proof: Bank account statement, salary slip, ITR, Form 16 are all examples of Aadhar Card income proof.
How to Apply SBI Xpress Credit Loan Online?
The procedure for applying for an SBI personal loan online is straightforward, and the procedures are as follows:
- Fill out the online application form at SBI Portal to learn about the personal loan options available to you.
- SBI Portal will provide you with a list of options based on the loan application approval opportunities.
- Please provide some extra information in order for your loan application to be processed.
Personal Loan / Verification Process for Personal Loans
- Your personal loan application is processed by the bank once you fill out all of the relevant paperwork on SBI Official website.
- Following the completion of your online application, a bank representative will contact you to organize the pick-up of your loan paperwork.
- The bank checks all needed papers, such as KYC, income verification, and so on, once you submit them.
- Following verification, you’ll receive a call from the bank confirming the exact loan amount, interest rate, and loan term for your personal loan.
- Transfer the loan money after the bank confirms that the loan terms are acceptable on your behalf.
Check the status of your SBI personal loan application.
Once you’ve applied for an SBI personal loan, you’ll be given an application reference number, which you may use to monitor the progress of your application:
- To check the status of your SBI personal loan application, go to the SBI Personal Loan Application Status Check Page.
- Enter the reference number for your loan application.
- Enter the Phone number (if asked)
- To monitor the status of your personal loan application, go to ‘track.’
Charges and Additional fees for SBI Xpress Credit Loan
State Bank of India’s fees and charges for various sorts of personal loans are as follows:
Personal Loan from SBI Express Credit
|Interest on the Penalty||Processing Fee||Prepayment Fee|
|Over and above the appropriate interest rate for the time of default, the late amount will be levied at a rate of 2% per annum.||1.50 percent of the loan amount sanctioned as a processing charge (minimum Rs.1,000 and maximum applicable tax of Rs.15,000)||3% prepayment penalty on prepaid loan principle. If the account is closed with the proceeds of a new loan obtained under the same plan, there are no prepayment or foreclosure costs. |
- SBI Express Bandhan * is a service provided by SBI.
|1% of the loan amount + relevant taxes as a processing charge|
*All additional fees are determined by the Express Credit Loan.
- SBI Pension Loan* *All other fees and charges are the same as for the Express Credit Loan.
|Processing Fee||Prepayment Fees|
|For all other seniors Citizans, including family pensioners, the processing charge is 0.50 percent of the loan amount plus tax.||A charge for prepayment of 3 percent for the prepaid amount. If the account is closed with the funds of a new loan account under the same plan, there are no prepayment/foreclosure costs.|
How do I get into the SBI Portal (Log in)?
The method for logging into SBI’s internet banking system is as follows:
- Go to onlinesbi.com to access SBI Internet Banking.
- Your username and password are required fields.
- Choose between Image Captcha and Audio Captcha.
- Select ‘login‘ from the drop-down menu.
Personal Loan Statement from SBI
Individuals who have existing personal loans with State Bank of India can see their loan statements by entering into their online banking account.
You may also pick up a copy of your personal loan statement in person at your local SBI bank.
SBIi Xpress Credit Personal Loan EMI Calculator
Calculation of the EMI
For various loan principle amounts, interest rates, and loan tenures, the following is an example of a personal loan EMI calculation:
|Loan Principal Amount||5 lakh||10 lakh||15 Lakh||20 Lakh|
|Tenure||1 year||₹ 44,074||₹ 88,381||₹ 1,32,747||₹ 1,77,230|
|Tenure||2 years||₹ 23,188||₹ 44,607||₹ 70,085||₹ 93,680|
|Tenure||3 year||₹ 16,251||₹ 32,738||₹ 49,285||₹ 65,952|
|Tenure||4 years||₹ 12,801||₹ 25,845||₹ 38,950||₹ 52,178|
|Tenure||5 years||₹ 10,746||₹ 21,742||₹ 32,800||₹ 43,985|
Comparison of SBI Xpress Credit Personal Loan with other Banks
Personal Loans from SBI Xpress Credit Vs Personal Loans from Other Banks
In contrast to other banks’ loans, the major characteristics of the State Bank of India Personal Loan are listed below.
|Bank / NBFC||Rate of Interest||Tenure||Loan Amount||Processing Fee|
|State Bank of India (SBI)||Starting at 9.60%||6 to 60 months||Max ₹ 20 lakh||Up to 1.50% of the loan amount|
|HDFC Bank||11.25% to 21.50%||12 to 60 months||Maximum ₹40 Lakh||Up to 2.50% of the loan amount|
|Citi Bank||Starting from 10.50%||12 to 60 months||Maximum ₹ 30 lakh||Up to 3% of the loan amount|
|Axis Bank||12% to 24%||12 to 60 months||Minimum ₹ 50,000 / Maximum ₹ 15 Lakh||2% of loan amount + GST|
|ICICI Bank||11.50% to 19.25||12 to 60 months||Max ₹ 20 lakh||Loan amount up to 2.25% + GST|
|Bajaj Finserv||Starting at 12.99%||12 to 60 months||Maximum ₹ 25 lakh||Up to 3.99% of the loan amount|
Customer Service for SBI Xpress Credit Loan
Customers of Bank Personal Loans (Personal Loans) can contact the bank in a variety of ways, both online and offline:
- 1800-425-3800 and 1800-11-2211 are toll-free numbers.
- You can also work as a customer service representative.
- You may SMS ‘Unhappy‘ to 8008202020 by calling 080-26599990 (charges apply).
- You may seek / request by filling out the online customer form and emailing it to firstname.lastname@example.org
- Finally, you have also the option of going to Branch section (SBI)
SBI Xpress credit Personal Loan Benefits
- Individuals can apply for the loan at any SBI office or through the YONO App.
- Only after the first loan has been disbursed may a borrower apply for a second loan.
- This, however, is predicated on an EMI/NMI ratio of less than 50%.
- The borrower is only eligible for the second loan if the first loan EMIs were paid on time.
- The daily declining balance is used to compute the interest.
- There are no security or guarantor requirements, and there are no hidden fees.
SBI Xpress Credit Crucial Factors
The following are some of the most important considerations to make while applying for an SBI Personal Loan:
Check your credit score:
Knowing your credit score is crucial when applying for a personal loan. If you have a strong credit score, you’ll have a better chance of getting a loan with a reduced interest rate.
Compare the Loans:
Before picking a possible Loan, compare personal loan costs (including interest costs as well as any relevant fees and charges) offered by different loan offers available on the SBI website. onlinesbi.com
Take only the necessary loan amount:
Make sure you only take out one loan that you can afford to repay. Taking out a larger loan than you require will merely increase your interest costs and provide no long-term advantage.
Applying for Multiple loans at the same time is not a good idea:
Applying for a personal loan with numerous banks at the same time may lower your chances of getting your loan approved.
SBI Xpress Credit Loan Application Form
FAQ’s Most Popular SBI Xpress Credit Questions
Question: Is it possible to include my spouse in the loan application?
Answer: No, you cannot include your spouse’s income in the loan application. A personal loan can be applied for by any one (personal loan).
Question: What may I pay off before the loan term ends? How much does it cost?
Answer: Before the loan tenure is completed, you can pre-pay your loan installments for a fee of 3% of the remaining loan amount.
Question: What is SBI Xpress Credit Personal Loan interest rate?
A fixed-rate personal loan (personal loan) is offered as per the loan offers available on the SBI website portal.
Question: I don’t have an SBI Account, Can I apply for a SBI Xpress Credit Personal Loan?
Yes, are welcome to apply. SBI Express Power Personal Loan is available to those who do not have an SBI salary account.
Question: What is the best way to contact (SBI) customer service?
Answer: By Phone: You may reach the bank by dialling 1800-425-3800 or 1800-11-2211, which are both toll-free numbers.
Email: You can send an email to email@example.com or go to the Email (SBI) branch.
Question: I am a retired individual who receives a pension. Is the SBI Xpress Credit Personal Loan something I may apply for?
Answer: No, the SBI Xpress Credit Personal Loan is not available to you. Only salaried people are eligible for this loan.
Question: If I am a government employee, would I be eligible for a lower interest rate on the SBI Xpress Credit Personal Loan?
Answer: If you are a full-time government employee, you will be eligible for a reduced interest rate on the SBI Xpress Credit Personal Loan. However, keep in mind that the bank will do a comprehensive investigation to determine whether you are eligible for the loan based on the bank’s other requirements.
Question: In SBI, what is an Xpress credit loan?
Answer: SBI Xpress Credit Loan is a personal loan for salaried persons with a monthly income of at least 15,000 rupees, with a flexible repayment period of up to six years.
If you meet the qualifying requirements, you can get a term loan and an overdraft worth up to 20,00,000.
Question: How can I apply for an SBI emergency loan?
Answer: SBI emergency loans may be applied for online in as little as 45 minutes via the SBI official website or the YONO app.
Follow the steps below to apply for an emergency loan from SBI using the YONO app:
- As soon as you open the SBI YONO app, click on Pre-approved Loan.
- Now you must select a loan duration and a loan amount.
- Following that, an OTP will be issued to your registered cellphone number.
- For emergency loan approval, enter the OTP.
Question: What are the requirements for a personal loan from SBI Xpress?
Answer: To apply for an SBI Xpress Personal Loan, you must have a monthly income of at least 15,000 and an SBI salary account. In addition, you must be a paid employee in one of the following fields:
- Governments at all levels: federal, state, government undertaking and government aided
- PSUs (Public Sector Undertakings) having a national reputation, including central and profit-making state PSUs a group of companies, regardless of their connection with the bank
- Selected corporates, regardless of their affiliation with the bank,
- Educational Institutions with a national reputation
Question: What is the highest loan amount available under the SBI’s Xpress Credit Personal Loan?
Answer: With SBI’s Xpress Credit Personal Loan, you may borrow up to 20 lakh.
Question: What is the Cost to apply SBI Xpress Credit Loan?
Answer: There is no cost involved in applying for a SBI Xpress Credit Loan but once the loan is approved the below mentioned charges applies:
|Processing fee||Penal interest||Prepayment charges|
|1.50% of the loan amount, ranging from ₹ 10,000 to ₹ 15,000 plus tax.||2% p. m on overdue amount for the period of default.||3% on prepaid amount. In case the account is closed & a new loan account is opened under the same scheme no prepayment/ foreclosure charges are applicable.|
Question: SBI Xpress Credit Loan Online apply?
Answer: Visit https://onlineapply.sbi.co.in/personal-banking/personal-loan and apply for SBI Xpress Online directly
Question: How do I check the status of my SBI personal loan online using my SBI loan account?
Answer: The methods for checking the status of your SBI Personal loan are outlined below:
- On the SBI website, go to the personal loan area.
- Select ‘Apply Online’ from the drop-down menu.
- You will be sent to a different page.
- Click on ‘Application Tracker‘ in the top right corner of the website.
- A pop-up window will open, prompting you to pick ‘Track’ and ‘Retail Loan.’
- The next step is to input your reference number, followed by your registered mobile phone number.
- Select ‘Track’ from the drop-down menu.
- You’ll be able to monitor how your personal loan is progressing.
Question: How to Use the Mobile App to Track Loan Status?
Answer: The procedures to track the status of your insurance using the SBI mobile app are outlined below.
- Get the SBI Loans app on your smartphone.
- If you’re an Android user, you can get it through the Play Store app, and if you’re an iPhone user, you can get it from the App Store.
- To begin, open the app and select ‘Personal Loan.’
- Click on ‘Next’ after selecting the Personal Loan plan that you want to use.
- Select ‘Menu’ from the upper left-hand corner of the page
- A drop-down menu will appear, and you must select ‘Track Application’.
- Enter your application reference number, then your bank-registered mobile phone number.
- The status of your personal loan may then be checked.
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