SBI Xpress Credit Loan

Following are the SBI Xpress Credit personal loan details:

The following are the key features of SBI Xpress Credit Loan:

• Loan amount: Under the Xpress Credit loan scheme, you can avail a minimum of Rs. 25,000 for Term Loans and Rs. 5 Lakhs for Overdraft Loans. The maximum loan amount offered is Rs. 35 lakhs or 24 times NMI (whichever is lesser) for Term Loans as well as Overdraft Loans.
• Repayment tenure: You can repay the borrowed loan amount within a repayment tenure of 6 months to 6 years.
• Interest rates: SBI Xpress Credit Loan interest rates are charged on a daily reducing balance and start from 11.45% p.a.. The maximum rate can go up to 14.60% p.a., depending on the borrower’s income and repayment capacity.
• Processing fees: Max processing fee can be up to 1.50% of the sanctioned loan amount + applicable taxes (minimum ₹1,000 & maximum ₹15,000)
• No need for security or guarantor: This SBI Xpress Credit personal loan does not require any security or guarantor.
• Easy process: From application to disbursal, the entire process is online from yono app, making it easy and instant to get the loan amount during an emergency.
• Provision of second loan: You are eligible for a second SBI Xpress Credit loan anytime after the disbursal of the first loan, subject to keeping the overall EMI/NMI ratio under 50% and making regular payments for the first loan.
• EMI Calculator: You can use the online SBI Xpress Credit Loan Calculator to calculate the prospective EMI before applying for the loan.

The SBI Xpress Credit loan interest rate depends on the loan type, borrower’s type, eligibility, and repayment capacity.

Interest Rates for SBI Xpress Credit Scheme (including Pre-Approved Xpress Credit/ RTXC/ RMP Xpress Credit)

SBI offers special concessions in Rate of Interest (ROI) to the following category of borrowers under the Xpress Credit scheme:

• For Rs.10,00,000 or above loan amount: 50 bps concession in SBI Xpress Credit loan interest rate 2025.
• For Platinum Salary Package customers: 50 bps concession in ROI.
• For Central Public Sector Enterprises who are considered under ‘RATNA’ Status: 50 bps concession in ROI.
• The total maximum concession cannot be more than 100 bps over the card rate.

XPRESS CREDIT- NON-PERMANENT EMPLOYEES (NPES)

To apply for the SBI Xpress Credit loan documents required by the applicant are as mentioned below:

• Duly filled and signed SBI Xpress Credit Loan application form with 2 passport-size photographs.
• Identity proof, such as a photocopy of a Passport, PAN Card, Driving License, Voter’s ID, or Aadhaar Card (any one).
• Residence proof, such as a photocopy of Passport, recent Telephone/ Electricity Bill, Property Tax Receipt, or Voter's ID Card (anyone).
• Identity Card copy issued by the employer.
• Bank statements of the last 6 months of the bank account where salary is credited.
• Salary slip of the last 6 months.
• Income Tax Return.
• An irrevocable letter of authority by a person authorised to disburse salary.
• An irrevocable letter of authority addressed to disbursing authority.

Here are the eligibility criteria for SBI Xpress Credit Loan scheme:

• Individuals should have a Salary Account with SBI.
• Minimum monthly income of the applicant should be at least Rs. 25,000.
• The bank requires an EMI/NMI Ratio of up to 60%.
• The applicants must be employees working with Central/ State/ Quasi Government, Central & State PSUs, Educational institutions of national repute, and selected corporates with/ without relationship with the bank.

• You can dial SBI’s Contact Centre, i.e. 1800-11-2211 to apply for the SBI Xpress Credit Loan.
• You can give a Missed Call on 7208933142 or send SMS “PERSONAL” on 7208933145 to get a call back from SBI’s Contact Centre.

Apart from the applicable interest rate, SBI Xpress Credit Loan also involves the following charges:

• Processing fee: 1.50% of the loan amount, minimum Rs. 1,000 and maximum Rs. 15,000 + GST.
• Penal interest: 2% per month over & above the applicable interest rate on overdue amounts for the default period.
• Prepayment charges: 3% on the prepaid amount. No prepayment charges are levied if the account is closed from the proceeds of a new loan account under the same scheme.

The SBI Xpress Credit Loan EMI Calculator is an online tool that can be used to calculate the monthly EMI paid for an SBI Personal Loan. The EMI can be computed using the three loan elements, including the rate of interest, the principal loan amount, and the repayment tenure. On entering these parameters your monthly EMIs are calculated within seconds.

The SBI Xpress Loan EMI Calculator helps you in planning the loan payments. You can then make an informed decision and proceed ahead. The calculator also shows you the complete amortization schedule along with the EMI.

This table shows the monthly Rs. 3 lakhs loan EMI at a 11.45% interest rate, across different loan tenures ranging from 1 to 5 years.

Here's the EMI calculation for a personal loan of 5 lakh for a loan tenure of 1 to 5 years in a tabular format: