SBI Credit Card Loan

Highlights of SBI Credit Card Loan
Interest rates	For bureau scores less than or equal to 700 (including when no score is available): 18.50%-20.50% p.a. For bureau scores between 700 and 780: 15.50%-16.50% p.a. For bureau scores above 780: 15%-15.50% p.a.
Loan amount	For Encash Inline Min Amount: Rs 25,000 Max Amount: Within the available credit limit on the loan borrower’s credit card For Encash Min Amount: Rs 25,000 Max Amount: Over and above the available credit limit on the loan borrower’s credit card
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

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.)
Bajaj Finance	10% - 31% p.a.
Axis Bank	9.99% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.99% onwards
HDFC Bank	10.85% onwards
ICICI Bank	10.80% onwards
Kotak Mahindra Bank	10.99% onwards
Tata Capital	11.99% onwards
Federal Bank	11.49% onwards
DMI Finance	Up to 24%
L&T Finance	11.00% onwards
Kreditbee	16.00% - 29.95%
MoneyTap	13.00% onwards
Piramal Finance	12.90% onwards
Aditya Birla	10.99% onwards
Moneyview	14%-36%
Cashe	33.50% onwards

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	Nil – if cancellation request is placed within 45 days of booking SBI Credit Card Loan Encash/Encash Inline 3% of outstanding principal amount – if cancellation request is placed post 45 days of booking SBI Credit Card Loan Encash/Encash Inline or if the cheque/instrument is credited by the bank

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).

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

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.