SBI Xpress Credit is a type of personal loan offered by State Bank of India (SBI) to salaried individuals. This unsecured loan requires minimal documentation and features quick disbursal. SBI Xpress Credit personal loan can be flexibly used for various personal expenses such as debt consolidation, vacation, wedding, consumer durable purchases and more. The loan amount offered under this scheme of personal loan starts from Rs. 25,000 and goes up to Rs. 20 lakh.
Features of SBI Xpress Credit Personal Loan
- Loan amount: Ranging from Rs. 25,000, the loan amount offered by SBI Xpress Credit Personal Loan goes up to Rs. 20 lakh
- Flexible tenure: The tenure to repay SBI Xpress Credit Personal Loan varies from 6 months to 6 years and ensures convenient repayment
- Minimum documentation: To save time and effort of its customers, SBI asks for only minimum documentation to process your personal loan application
- Quick disbursal: Once the loan is approved, the bank ensures to disburse the loan amount in your account quickly
Also read about SBI Bank Personal Loan.
SBI Xpress Credit Personal Loan Interest Rate
For Defence/ Para-Military/ Indian Coast Guard Salary Package Applicants
|Term Loan||10.85% – 11.35%|
|Overdraft||11.35% – 11.85%|
For Other Applicants
- i) ‘Term Loan’ facility:
|Term Loan||10.85% – 12.85%|
|Overdraft||11.35% – 13.85%|
For XPRESS CREDIT- Non-Permanent Employees (NPES)
|Central and State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute Employees||11.75% – 13.85%|
|Employees of Co-operatives/Institutions not covered under regular Xpress Credit loan scheme and Unrated Corporates||12.50% – 14.10%|
Please note that following category of borrowers will get special concessions under SBI Xpress Credit Personal Loan scheme
|Loan amount >= Rs 10 lakh||50 bps in Rate of Interest|
|Platinum Salary Package customers||50 bps in Rate of Interest|
|Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status||50 bps in Rate of Interest|
Eligibility Criteria of SBI Xpress Credit Personal Loan
- You should be a salaried employee working with central/ state/ quasi government, central PSUS and profit making state PSUS, educational institutions of national repute and selected corporates with or without relationship with the bank
- Your minimum monthly income should be at least Rs. 15,000
- Your EMI/NMI ratio should be less than 50% after deduction of EMI for proposed loan
Documents Required for SBI Xpress Credit Personal Loan
- Proof of Identity: PAN, Aadhaar, Passport, Voter ID Card, Passport, etc.
- Proof of Address: Ration Card, Electricity Bill, Phone Bill, Rent/ Property Purchase Agreement, Aadhaar Card, PAN Card, Voter ID Card, etc.
- Proof of Income: Salary Slips, Bank Account Statement, ITR, etc.
Please note that the bank may ask you for additional documents, if required.
How To Apply for SBI Xpress Credit Personal Loan with Paisabazaar?
- Click here and fill out the personal loan application form to check your eligible personal loan offers
- Once you click on ‘proceed’, various personal loan offers from different banks will be listed as per the chances of approval
- You can either select a loan offer (SBI Xpress Credit Personal Loan, if available) or can call the customer care team of Paisabazaar for assistance
- Once you have submitted the completed personal loan application online, you will receive conditional e-approval
Personal Loan Verification Process
- When you submit your personal loan application, Paisabazaar forwards it to the respective lender for further formalities
- When the lender receives your application, you receive a verification call from lender’s representative. The representative also schedules documentation pickup from the comfort of your home or office
- Once you submit the documents and they are verified, the representative calls you again with the final loan offer
- If you agree with the terms and conditions of the lender, the loan will get disbursed to your account within 3 to 5 working days
Check SBI Xpress Credit Personal Loan Application Status
- Go to the “Track Your Online Application Status” page on the SBI website
- Select ‘Retail Loan’
- Enter your reference number
- Enter your mobile number with ISD code
Fees and Other Charges
The following are the key SBI Xpress Credit personal loan fees and charges:
|Processing fee||1.50% of the loan amount (subject to minimum Rs. 1,000 and maximum Rs. 15,000 plus applicable Tax|
|Penal interest||2% p. m would be charged over and above the applicable interest rate on overdue amount for the period of default.|
|Prepayment charges||3% on prepaid amount. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan account under same scheme|
How to Login on SBI Portal?
- Go to the Online SBI website
- Enter your username and password
- Click on ‘Login’
SBI Xpress Credit Personal Loan Statement
You can check your loan statement for SBI Xpress Credit Personal Loan by logging in to the internet banking by following the above mentioned steps. Once logged in you can easily view/download your SBI Xpress Credit personal loan statement.
|Loan principal @ interest|
|1 year||2 years||3 years||4 years||5 years|
|10 lakh @ 11%||Rs. 88,381||Rs. 44,607||Rs. 32,738||Rs. 25,845||Rs. 21,742|
|15 lakh @ 11.25%||Rs. 1,32,747||Rs. 70,085||Rs. 49,285||Rs. 38,950||Rs. 32,800|
|20 lakh @ 11.5%||Rs. 1,77,230||Rs. 93,680||Rs. 65,952||Rs. 52,178||Rs. 43,985|
Comparison of SBI PL VS Other Lenders
The following table compares personal loan from SBI to similar unsecured loan offered by other leading lenders:
|Particulars||SBI||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank|
|Interest Rate||10.35% onwards||11.25% to 21.50%||9.99% onwards||12% onwards||11.50% onwa|
|Tenure||6 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Max. Rs. 20 lakh||Max. Rs. 40 lakh||Max. Rs. 30 lakh||Min. Rs. 50,000/Max. Rs. 15 lakh||Max. Rs. 20 lakh|
|Processing Fee||Upto 1.50% of the loan amount||Up to 2.50% of loan amount||Up to 3% of the loan principal||2% of loan principal + GST||Upto 2.25% of loan amount + GST|
SBI Customer Care
- You can call on 1800-112-211, 1800-425-3800 or 080-26599990
- You can SMS UNHAPPY to 800-8202-020
- You can write to the bank at Customer Service Department, State Bank of India
State Bank Bhavan, 16th Floor, Madam Cama Road, Mumbai 400 021
- You can visit the nearest branch of SBI
- You can also fill a customer complaint form online on the SBI website
Benefits of Applying for Personal Loan at Paisabazaar
- 24 x 7 free access: Paisabazaar is an online platform that can be accessed anywhere, anytime and is completely free to all the customers. You can apply for a personal loan at any time without paying anything
- Compare before you choose: You can compare personal loan offers from different NBFCs and Banks at Paisabazaar and can select the one offering the lowest interest rate
- Calculate your EMI: Before applying for a personal loan with any lender, you can take help of Paisabazaar Personal Loan EMI Calculator and can borrow a loan amount as per your repayment ability
- Complete assistance: At Paisabazaar, you get an end- to- end assistance on your personal loan from our team of customer care
- Know your credit score: A very important thing to consider before applying for a personal loan is to check the credit score because with a good credit score, you have more chances of getting a personal loan at lower interest rate
- Know your repayment ability: Do not borrow a loan amount just because it is easily available. Evaluate your repayment ability by considering your other expenses and loans (if any) and then avail an amount that you can easily repay
- Compare before you choose: You can quickly compare multiple personal loan offers at Paisabazaar and then choose the one with lowest interest rate, processing fee, etc.
Q1. What is NMI?
NMI stands for Net Monthly Income. It refers to the net portion of your monthly income after tax and other deductions are made from the gross monthly salary.
Q2. I am a pensioner. Am I eligible for SBI Xpress Credit Personal Loan?
No, only salaried individuals are eligible to apply for SBI Xpress Credit Personal Loan scheme.
Q3. Can I prepay SBI Xpress Credit Personal Loan?
Yes, you can prepay SBI Xpress Credit Personal Loan along with the applicable charge of 3% on prepaid amount.
Q4. I am a pensioner drawing my pension from SBI branch. Can I get the Xpress Credit loan?
No. Pensioners are not eligible for the SBI Xpress Credit Loan. However you may be eligible for the SBI Pension Loan.
Q5. I am working in a Government company. Will I get a low interest rate I apply for the Xpress Credit loan?
Yes. As a government employee you might be eligible for a low personal loan interest rate as compared to other applicant groups of the SBI Xpress Credit Loan if you meet the other criteria as specified by the lender.
Please Note: SBI is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.