SBI Launches Xpress Credit Personal Loan as Instant Loan up to 20 Lakh
SBI Xpress Credit Personal Loan
Good News for SBI Salary Account Holders. The largest public sector bank of the country, State Bank of India now allows its customers holding salary account with a minimum monthly income of Rs 15,000 to avail of instant access to Xpress Credit Personal Loan. Presently the lowest interest rate for SBI Personal Loans is capped at 9.60 % p.a. The loan can be availed of for 6 months to 6 years, as per the requirement.
This is a term loan offer and available for a minimum of Rs. 25,000 to the maximum of Rs. 20 Lakhs or 24 times of NMI.
Now, all salary account holders can expect quick approval and disbursal for personal loans from SBI. The loan can be applied digitally or by making a missed call on 7208933142. Alternatively the customers can also send an SMS “PERSONAL” on 7208933145 from their registered mobile number. The bank representative will call back to guide you further on the process of loan application.
SBI Xpress Credit Personal Loan is available for following purposes:
- Wedding/ Celebrations
- vacation/ Travel
- & others, purposes except for purchase of gold or speculative investments.
In all, eligibility criteria for Instant SBI Personal Loan can be summarised as:
- Applicant should hold a salary account with SBI.
- The minimum monthly salary should be Rs 15000.
- EMI/NMI Ratio should not be more than 50 % to qualify for loan offer.
- Furthermore, loans are swiftly approved for applicants working with: Central/ state/ quasi government, Central PSUs/ profit making state PSUs, Educational institutions of national repute, Select Corporates.
Furthermore on successful servicing of SBI Personal Loans you can qualify for SBI Overdraft facility ranging from Rs 5 lakhs to Rs 20 lakhs / 24 times of NMI. SBI also allows second Personal Loan on regular payments of EMIs.
SBI Personal Loan Interest is calculated on a daily reducing balance. Processing charges are low and there are no hidden charges. When you apply loan online there is minimal documentation required. A penal interest charge at 2% over and above applicable interest rate is charged per month on defaulting EMI. Also, a prepayment charge of 3 % is applicable on foreclosure of loan. However no prepayment or foreclosure charge is applicable if the account is closed due to second loan under the scheme.