SBI Xpress Bandhan Loan Interest Rates, Customer care Contact number

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SBI Xpress Bandhan

What is SBI Xpress Bandhan?

It is a personal loan scheme offered by State Bank of India. This is an unsecured personal loan to salaried employees not maintaining a salary account with SBI. You can apply for this personal loan if you are salaried and your minimum gross monthly income is Rs. 50,000/-.

Under this scheme, you can opt for both term loans and overdraft facilities. You can get SBI Xpress Bandhan Personal Loan for tenure up to 60 months at an affordable rate of interest. Additionally, the State Bank of India does not charge any hidden charges when applying for a personal loan under this scheme.

Features and Benefits of SBI Xpress Bandhan Loan

  • This personal loan is for those who are not having a salary account with SBI. The following are some of the key features of this personal loan:

  • Specifically focus on salaried employees of Defence Establishments/ Central Govt/State Governments/ Quasi Govt. and a few other top-rated companies

  • Min. Gross Monthly Income required to get this loan is Rs. 50,000

  • Max. EMI to Net Monthly Income ratio of up to 5o percent

SBI Xpress Bandhan loan Eligibility Criteria 

It’s very important that you come under eligibility criteria of SBI Xpress Bandhan loan. We mention some points check whether you are eligible or not:

  • salary account with SBI not mandatory

  • You should be an employee of state govt. PSUs institutions of national repute/selected corporates or central/state/quasi government organization/central /educational

  • Your min monthly income should be Rs. 50,000

  • Your EMI ratio should be up to 50%

SBI Xpress Bandhan “Loan Amount”

  • Term Loan

    • Minimum : Rs.25,000/ -

    • Maximum : 24 times NMI subject to maximum of Rs 15lakh 

  • Overdraft

    • Minimum: Rs.5 lakh,

    •  Maximum: 24 times NMI subject to a maximum of Rs 15 lakh

  • Processing Fee: 1% of the principal amount + Applicable tax.

  • Interest Rate 

  Interest rate Loan amount
Term loan 10.85% - 11.35% Max. 15 lakh
Overdraft facility 11.35% - 11.85% Max. 15 lakh
  • How to repay the loan amount? Repayment Period: Upto 60 months or remainder of service, whichever is lower.

  • Repayment Mode: NACH/SI

  • No hidden costs 

The loan must be paid back in EMIs from the date mentioned in the approval letter. Once all EMIs are paid in full, the liability towards the bank will be closed. However, repayments can also be made by cash or cheque at the bank counters. Postdated Cheque will need to be provided by individuals for repayment if EMIs are taken from a bank other than SBI. Individuals can pre-close the loan before the loan tenure ends. However, there will be a 3% pre-closure charge.

Compare other banks personal loan interest rates

Banks Interest Rates
AXIS Bank Personal Loan 12% p.a.
SBI Personal Loan 11.30% to 16.40%
SBI Xpress Bandhan 12.15% to 15.15%
SBI Xpress Credit Personal Loan 11.65% to 14.65%
HDFC Bank Personal loan 10.75% p.a.
Kotak Mahindra Bank Personal Loan 10.75% to 17.99%
Yes Bank Personal Loan 10.99% to 20.00%
Yes Bank Personal Loan 10.99% to 20.00%
Citi Bank Personal Loan 10.50%
ICICI Bank Personal Loan 11.25% to 22.00%
Standard Chartered Bank Personal Loan 10.99% to 19.00%
IDBI Bank Personal Loan 12.00% to 13.50%
RBL Bank Personal Loan 13.99% to 18.00%
HSBC Bank Personal Loan 10.75% to 17.84%
IndusInd Bank Personal Loan 11.00% to 20.00%
Bank of Baroda Personal Loan 10.50% to 16.15%
Bank of India Personal Loan 12.15% to 14.15%
Canara Bank Personal Loan 13.00% to 14.00%

What if EMIs Not Paid

In case EMIs are not paid on time, individuals will receive notifications regarding repayment by SMS, email, telephone, post, fax, or third-parties will be appointed in order to collect the outstanding amount. There is a fine of Rs.500 plus applicable tax that is charged every time an EMI is not paid. The rate is not fixed and may vary. In case the EMI is not paid for more than a month, a 2% charge above the normal charge on the outstanding amount is levied as a penalty. However, if part EMI or installment is overdue, no penal interest is levied.

Documents required for SBI Xpress Bandhan loan

Here below list of the entire mandatory documents:

Type Documents
Identity proof Adhar card, pan card, driving license, passport etc.
Address proof Aadhar card, voter id, rental agreement, registry, and utility bills
Income proof Last 3 months salary slip, last 6 months bank statement, latest ITR
For repayments modes

Duly signed loan agreement,

ECS form/Standing Instruction Request

SBI Bank other financial Products:

SBI bank personal loan
SBI bank business loan
SBI bank holiday loan
SBI bank car loan
SBI bank commercial vehicle loan

How to apply for SBI Xpress Bandhan loan

SBI bank other loan products

By 2 Ways you can apply for SBI Xpress Bandhan i.e. by visiting to the bank or through bank online portal

Apply online

  • Go to SBI bank official portal

  • At home page go to “personal”  and click on “Loan” 

  • In loan section click on “ personal Loan”

  • After that go to “SBI Xpress Bandhan”

  • Fill the application form 

  • Attached all required documents with an application form

  • After submitting your application form you will get notification through bank about loan status

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Last Updated on : 21/Jun/2020

Know More How To Apply ??

Know More About

Sbi Xpress Bandhan

You're eligible for a Sbi Xpress Bandhan if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Sbi Xpress Bandhan Interest Rates

Updated on 25 Nov 2017

Sbi Xpress Bandhan Details
Interest Rate (Monthly reducing balance) 12.15% - 15.15%
Processing Fees 1% of the Loan amount + Applicable tax
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

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