Highlights of SBI Credit Card Loan |
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Interest rates |
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Loan amount | For Encash Inline
For Encash
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Repayment tenure | 1, 2, 3 or 4 years (based on the loan applicant’s eligibility) |
Processing Fees | 2% of principal loan amount (Min Rs 499 and Max Rs 3,000) plus applicable taxes |
Note: Interest rates as on 20th June 2024
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Table of Contents
SBI Credit Card Loan Interest Rates
SBI Credit Card Loan interest rates range between 15% – 20.50% p.a. The lender sets the interest rates for SBI Credit Card Loan based on the bureau scores of loan applicants which are as follows:
- For bureau score less than or equal to 700 (including when no score is available): 18.50% to 20.50% p.a.
- Bureau score between 700 and 780: 15.50% to 16.50% p.a.
- Bureau score above 780: 15% to 15.50%p.a.
As the credit card loan interest rates are usually higher than the interest rates on personal loans charged by the same lender for the same credit profile, SBI credit card holders should also check the SBI Personal Loan Interest Rates before applying for SBI Credit Card Loan.
SBI credit card holders should also check the personal loan interest rates charged by other lenders. The personal loan interest rates charged by top lenders are as follows:
Banks/NBFCs | Interest Rates(p.a.) | |
Axis Bank | 11.25% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.99% onwards | Apply Now |
HDFC Bank | 10.75% onwards | Apply Now |
ICICI Bank | 10.85% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Federal Bank | 12.00% onwards | Apply Now |
DMI Finance | 12.00% - 40.00% | Apply Now |
L&T Finance | 12.00% onwards | Apply Now |
Kreditbee | 16.00% - 29.95% | Apply Now |
MoneyTap | 13.00% onwards | Apply Now |
Piramal Finance | 12.99% onwards | Apply Now |
Aditya Birla | 10.99% onwards | Apply Now |
Moneyview | 15.96% onwards | Apply Now |
Cashe | 27.00% onwards | Apply Now |
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Fees and Charges for Availing SBI Credit Card Loan
The processing fees and other charges for availing loan on SBI Credit Card are mentioned below:
Particulars | Rates |
Processing fees | 2% of principal loan amount (Min Rs 499 and Max Rs 3,000) plus applicable taxes |
Foreclosure charges | 3% of principal outstanding plus GST |
Cancellation charges |
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How to apply for Loan on SBI Credit Card
SBI Credit Card customers can apply for the SBI Credit Card Loan facility using the following methods:
Net/Mobile Banking
Existing SBI Credit Card holders can login to their net banking account through bank’s website or SBI Card App and follow the below mentioned steps:
- Customers eligible for Encash or Encash Inline will see the ‘Encash/Encash Inline’ link under the ‘Benefits’ section on the left hand navigation
- Eligible customers can go to the link for Encash/Encash Inline and select the SBI Credit Card Loan interest rate, loan amount and enter the desired loan amount to confirm their booking for the credit card loan facility.
Customers can also login to the Chatbot ILA facility, ask a query for booking Easy Money and follow the steps mentioned in the chatbot to apply for a loan on SBI Credit Card.
Phone Banking
Existing SBI Credit Card holders can call on the below mentioned SBI Card helpline numbers to check their eligibility for the Encash/Encash Inline facility:
- 39 02 02 02 (prefix the local STD code)
- 1860 180 1290
Customers can also SMS ‘Encash’ to 56767 to ascertain their SBI Credit Card Loan eligibility.
Existing SBI Card holders can also receive the loan on credit card facility through payable-at-par cheque. The bank claims to transfer the SBI Credit Card loan amount through the payable-at-par cheque within 3 working days (for metro locations) and 5 working days (for non-metro locations).
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Types of SBI Credit Card Loan
Encash Inline
The SBI Credit Card Loan ‘Encash Inline’ facility is provided for the bank’s existing credit card holders for loan amounts up to their available credit limit.
- Loan Amount:
- Min Amount: Rs 25,000
- Max Amount: Up to the cardholder’s available credit limit
- Tenure: 1, 2 3 or 4 years
Encash
The SBI Credit Card Loan ‘Encash’ facility is offered to the bank’s existing credit card holders for loan amounts over and above their available credit limit.
- Loan Amount:
- Min Amount: Rs 25,000
- Max Amount: Over and above the credit cardholder’s available credit limit
- Tenure: 1, 2 3 or 4 years
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SBI Credit Card Loan Eligibility Criteria
- Only select existing SBI Credit Card holders are eligible for availing the Encash/Encash Inline facility.
- Only primary card holders can book the loan against SBI Credit Card for Encash and Encash Inline.
Documentation Required for availing SBI Credit Card Loan
The bank does not require any documentation from customers availing loan against SBI Credit Card as it is offered to existing SBI Credit Card customers.