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SBI Loan on credit card is a facility offered by the bank to SBI credit card holders. Customers can avail different types of loans on credit cards and use them to meet their emergency fund requirements. All the credit card loan processes offered by SBI are hassle-free and quick. If you are looking forward to availing any of these facilities, explained below are various types of credit card loans along with their respective features and benefits.
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There are two types of loans that can be availed on SBI credit cards, read below to know more:
SBI Encash is a pre-approved loan or money on-demand facility offered specifically to select SBI credit cardholders. The facility allows customers to get an encash amount over and above or within the existing credit limit on the card. The desired amount is transferred to the cardholder’s account within 48 hours of raising the request or disbursed via payable-at-par cheque.
| Particulars | SBI Encash Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | Rs.10,000 to a maximum amount as per available offers |
| Loan Tenure | 12, 24, 36 or 48 months |
| Interest Rate | Communicated by the bank and may vary with respect to time and offers |
| Processing Fee | 2% of the loan amount, a minimum of Rs.499 and a maximum of Rs.3,000 will be levied |
| Loan Disbursal Time | The amount will be transferred in 48 hours with the NEFT facility OR the cheque would ideally be delivered in 3 working days for metro locations and in 5 working days for non-metro locations. |
Easy Money on SBI Card is a facility that allows credit cardholders to avail short term funds at a low rate of interest to meet their urgent monetary requirements. The funds availed are credited directly to the customers’ accounts via NEFT.
| Particulars | SBI Easy Money Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | Rs.5000 to a maximum of 75% of the available cash limit |
| Loan Tenure | 45 days |
| Interest Rate | 2.45% p.m for 45 days |
| Processing Fee | 1.5% or Rs.199, whichever is higher |
| Loan Disbursal Time | The amount will be transferred in 48 hours with the NEFT facility |
Apart from the above-mentioned loan types, there are two other types of quick loan facilities offered by SBI to SBI credit cardholders. Read below for more information:
Flexipay facility allows existing SBI credit cardholders to convert their large purchases into manageable monthly payments. Any SBI Card customer who has a transaction worth more than 500 can convert it to Flexipay within 30 days of making the purchase. Read below to know more about
| Particulars | SBI Flexipay Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Transaction Amount | Minimum amount Rs. 500. The maximum amount varies from case to case |
| Loan Tenure | 6, 9, 12, 24 or even 36 months for loan amounts greater than Rs.30,000 |
| Interest Rate | 20% per annum, or as per applicable offer |
| Processing Fee | 2%, up to a minimum of Rs. 249 and a maximum of Rs. 1,500 will be levied |
The SBI Card’s Balance Transfer on EMI (BT on EMI) facility allows credit cardholders to transfer balances from other credit cards to their SBI Card at low-interest rates and payback in easy EMIs.
| Particulars | SBI Balance Transfer on EMI Details |
| Eligibility | Only Pre-approved cardholders can apply. The bank informs the customers via SMS or call |
| Documents Required | No additional documents are needed for pre-approval |
| Loan Amount | Rs.5000 to a maximum of 75% of the available credit limit |
| Loan Tenure | 3 months or 6 months |
| Interest Rate | 0.75 (3 months), 1.27 (6 months) |
| Processing Fee | 1.5% or Rs.199, whichever is higher |
| Loan Disbursal Time | The amount will be transferred in 48-72 hours with the NEFT facility |
How can I book Encash/Encash Inline?
You can book Encash/Encash Inline via the bank’s website or call the SBI Card helpline to check your eligibility and book the offer.
Can an add-on cardholder be eligible to avail of the encash facility?
No, the encash/encash inline facility can only be availed by primary cardholders.
How and when is the Encash/Encash Inline instalment billed?
The encash/encash inline statements are billed as a part of your monthly card statement.
Can I book Easy Money if I have recently changed my address and not updated the same?
Yes, you can request Easy Money even if there is a change in the address. However, your booking request will only be processed after the new address has been updated.
Can I raise a request for another Easy Money after making a booking?
If you have already booked Easy Money for the maximum acceptable amount, you will be able to book Easy Money again only when you have paid back the amount in full OR if your cash limit has been increased. If you pay back the Easy Money in instalments, you can schedule another Easy Money for the remaining balance. Also. it must be kept in mind that at any given moment, Easy Money bookings on your account cannot exceed 75% of your available cash limit.
Can I repay the Balance Transfer EMI due before the EMI tenure ends?
Yes, you can repay the amount before the EMI tenure ends. However, you will have to pay a fee of 3% on the outstanding principal along with the applicable GST.
