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 

• 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

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:

SBI Bank other financial Products:

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