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SBI XPRESS CREDIT PERSONAL LOAN

About SBI Xpress Credit Personal Loan: Xpress Credit is a type of personal loan offered by State Bank of India to salaried individuals. SBI Xpress Credit personal loan also used for various personal expenses such as vacation expenses, wedding expenses, 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.

WHAT IS SBI XPRESS CREDIT PERSONAL LOAN

SBI Xpress Credit personal loan is a type of personal loan that is offered to salaried individuals by the State Bank of India. SBI Xpress Credit personal loan can be used for different personal expenses including the vacation expenses, wedding expenses and consumer durables purchases. This type of loan by SBI offers the amount which starts from Rs. 25,000 and goes up to Rs. 20 lakh.

BENEFITS OF SBI XPRESS CREDIT PERSONAL LOAN

Opting for SBI credit personal loan comes with multiple perks. Here are the benefits of SBI credit personal loan:

  1. Minimum documentation

SBI Xpress Credit provides less and minimum documentation for the customers. You are not asked to submit heavy piles of documents to get this loan. Thankfully, the entire process of documentation for Xpress credit personal loan by SBI is smooth and fast.

  1. Less interest rate

The minimum interest rate of SBI Xpress Credit personal loan is 11.50% and the maximum interest rate is 12%. Basically the rate of interest for this type of loan is decided by the bank according to the customer's age, employment type, overall profile and not to mention, the cibil score.

  1. Quick approval

SBI Xpress Credit provides personal loans approval quite speedily to the customers. Thus, you don't have to spend time waiting for the  loan approval. You can get the approval for your SBI Xpress credit loan either offline or online.

  1. No requirement for security or guarantor

To successfully get the SBI Xpress Credit you are not required to submit any guarantor for personal loan. 

Now that you know what are the benefits of SBI Xpress Credit loan, let us move ahead and know who can apply for this type of SBI personal loan.

FEES & CHARGES OF SBI XPRESS CREDIT PERSONAL LOAN

TYPE

CHARGES

Processing fees

1% of the loan amount plus additional taxes

Part payment charges

Not allowed

Pre-closure charges

3% on prepaid amount

Penal interest

2% per month

DOCUMENTS REQUIRED FOR SBI XPRESS CREDIT PERSONAL LOAN :

TYPE

DOCUMENTS

Identity proof

Aadhar card, pan card, driving license, passport etc.

Address proof

Aadhar card, voter id, rental agreement, registry and utility bills

Income proof

Salary Slips, Bank Account Statement, ITR, etc

ELIGIBILITY CRITERIA FOR SBI XPRESS CREDIT PERSONAL LOAN :

This is one of the frequently asked questions when it comes to SBI personal loan application. The checkpoints of eligibility criteria that you need to pass when applying for an Xpress personal loan are listed below. Take a look and ensure that you check off each in order to get the loan.

  • You should have a salary account with SBI.

  • You should be an employee of the state govt. PSUs institutions of national repute/selected corporates or central/state/quasi government organization/central /educational with or without relationship with the bank.

  • Your min. monthly income should calculate at least  Rs. 15,000

  • Your EMI ratio should be less than 50%

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

HOW TO APPLY FOR SBI XPRESS CREDIT PERSONAL LOAN 

Another important thing to know about the SBI Xpress Credit personal loan application is that you can apply for the loan using two methods. 

Here is how to apply for SBI Xpress Credit loan:

  1. Offline method 

You can visit the nearest SBI branch and apply for Xpress Credit Personal Loan SBI.

  1. Online method

Another way to apply for SBI Xpress personal loan is by using the online method. Here is what you can do:

  1. Visit the SBI official website. 

  2. Hit the “Personal” button on the homepage.

  3. Click on “Loan” and then select “ personal Loan”.

  4. Now, choose “SBI Xpress credit personal loan”.

  5. Fill the application form.

  6. Attach all the required documents with the application form.

After submitting your application form you will get notification from the bank. It will be sent to confirm the application and share the loan status.

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum tenure of personal loan in SBI Xpress Credit Bank?

The maximum tenure of personal loan in SBI Xpress Credit Bank is 5 years.

2. How can I get the SBI Xpress Credit Bank personal loan?

You can get a personal loan from SBI Xpress Credit Bank using two methods: Online and offline.

3. What is the loan amount of SBI Xpress Credit Bank personal loan?

The minimum loan amount is Rs. 25000 and maximum amount for SBI Xpress Credit Bank personal loan offered by SBI is Rs 20 lakh.

4. What were the processing fees charged by SBI Xpress Credit Bank personal loan?

SBI Xpress Credit Bank charges processing fees is 1% of the loan amount plus GST.

Last Updated on : 02/Sep/2021

Know More About

Sbi Xpress Credit Personal Loan

You're eligible for a Sbi Xpress Credit Personal Loan 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 Credit Personal Loan Interest Rates

Updated on 25 Nov 2017

Sbi Xpress Credit Personal Loan Details
Interest Rate (Monthly reducing balance) 11.5% - 12%
Processing Fees 1% of the Loan Amount + applicable Service Tax
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959