SBI Credit Card Loan
SBI Credit Card holders can avail cash for emergency purposes. Credit card customers can opt for exclusive SBI Credit Card Loan facilities such as FlexiPay, EnCash, Easy Money, and SBI Balance Transfer on EMI for urgent cash shortfalls. You can book instantly online as no documentation or collateral is required. The eligibility criteria and interest rates for loans on SBI Credit Cards are decided as per profile, credit card type, and existing credit limit.
SBI Credit Cards Loan / Cash Facility Details
| Facility on Credit Card | Interest rate | Processing Fee | Max Tenure |
|---|---|---|---|
| Flexipay | 20% per annum | 2.00% (Rs 249- Rs 1500) | 2 years |
| Balance Transfer on EMI | 60 days of free credit period + 1.7% monthly for 6 months | 1.50% | 6 Months |
| Easy Money | 2.45% per month | 1.50% | 45 days |
| Encash | *varies as per profile | 2.00% | 3 months to 3 Years |
Types of SBI Credit Card Loans
Being an SBI credit card customer, you can apply for an additional SBI Credit Card Loan or Credit on a pre-approved credit limit. Here are the offers & schemes you get with SBI Credit Card.
SBI Flexipay Loan
- Preapproved facility for SBI Credit Card customers.
- You can convert big purchases into equated monthly installments (EMIs) within 30 days of purchase.
- Opt for this credit facility for transactions over Rs 500 & book a minimum of Rs 2500.
- Choice of easy installments for 6, 9, 12, or 24 months.
- Pay the lowest EMI of Rs 51 per Rs 1000.
- One time processing fee of 2% is applicable. The fee will range between Rs 199 to Rs 1,000.
- The interest rate will be 20% p.a.
- A 3% cancellation fee is applicable on the outstanding principal amount.
SBI Credit Card Balance Transfer on EMI
- Facility for transferring outstanding balance on other credit cards to SBI Credit Card.
- Convert outstanding other cards’ balances up to 75% of your SBI-approved credit limit.
- Pay a lower rate on EMIs & save with affordable EMI options.
- Choose for 3 months or 6 months plans.
- Continue enjoying an interest-free period on purchases with a Balance Transfer on EMI.
- After interest interest-free period of 60 days, 1.7% p.m. for 180 days will be charged.
- You can apply for BT online through the SBI Credit Card website or app.
- The process will take 3 days for VISA Cards & 5 days for Non-VISA Cards.
- A pre-closure charge of 3% will be levied on foreclosure.
SBI Easy Money
- Facility to get instant money into your savings bank account through NEFT.
- Avail small cash loans within 48 hours for urgent requirements.
- Apply through the SBI Card website, App, or Credit Card helpline.
- Avail short-term loan for 45 days tenure.
- The interest rate will be 2.45% per month for 45 days.
- A one-time processing fee of 1.5% of the loan amount or Rs 199 (whichever is higher) is applicable.
- Avail Easy Money for a minimum of Rs 5,000 or a maximum of up to 75% of the card limit.
SBI Encash
- Pre-approved, money-on-demand facility for select SBI Credit Card Customers.
- You can qualify for Encash facility for over & above your approved limit.
- Instant cash transfer to customer’s account.
- Flexible repayment tenure of 12, 24, 36 or 48 months.
- Lower rate of interest charged on Encash. It varies on a case-to-case basis. You can log in to your SBI online account and check for the interest on the pre-approved limit.
- A one-time processing charge of 1.5%, ranging between a minimum of Rs 499 to Rs 3,000 is applicable.
- Pre-closure charge of 3% on outstanding principal will be levied for foreclosures.
- Book SBI Encash online through an app or website.
Benefits of SBI Credit Card Loan
By availing instant cash facility on your SBI Credit Card you will enjoy the following benefits:
- Exclusive quick cash facility for SBI credit card customers.
- Avail additional loans on lower than Credit Card APRs.
- Easy approval for urgent short-term needs.
- Choose flexible tenure ranging from 45 days to 3 years.
- Easy and quick approval process.
- No documentation, collateral security, or guarantor is required.
- Option to convert credit card dues to easy EMIs.
- Nominal processing fees & other charges are applicable.
Eligibility for SBI Credit Card Loans
To avail of SBI Credit Card loan facilities you need to meet the following:
- The applicant should be an SBI Credit Card customer.
- The borrower should have a good SBI card repayment history.
- Approval limits vary according to customer profile & past spending behaviour and payment history.
- The facility is not available for delinquent accounts.
How to Apply for an SBI Credit Card Loan?
You can apply for SBI Credit Card loan/cash facilities online or by contacting the customer care helpline through call or SMS:
Apply Online
- Log on to your SBI Card account online through the website or app.
- Click on the benefits section.
- Choose the facility you want to access on the left-hand navigation: Encash, Easy Money, Balance Transfer, or FlexiPay.
- Select the amount, tenure & interest rate.
- Confirm booking.
Apply through SMS
- SMS the applicable code to the SBI Card helpline from your registered mobile number to book the facility.
- For Balance Transfer, SMS “BT” to 56767
- For the Encash facility, SMS “Encash” to 56767
- For FlexiPay, SMS "FP" to 56767
- For Easy Money You need to contact customer care through call or check your customer account on the website or app.
Book by Calling the Customer Care Helpline
- You can call the SBI Card helpline from the registered mobile number for booking any of the loan facilities.
- Call 1860 180 1290 / 39 02 02 02 (prefix local STD code)
- Share your SBI Card and date of birth and book the account.
FAQs
SBI Card offers easy cash/ loan facilities to select SBI Card Customers. The SBI Credit Card holder can avail of Encash, Balance Transfer on EMI, Flexipay, or Easy Money offers. Each of these facilities can be booked online or through a customer care helpline. There is no documentation or collateral involved.
SBI Encash is a pre-approved on-demand cash facility for select SBI cardholders. The pre-approved limit for Encash can either be under or over the Credit Card limit. The amount is sent to the customer’s bank account through NEFT. You can apply for Encash through the SBI website or mobile app. You can also call or send an SMS to the SBI Card helpline to book the facility.
The facility to transfer outstanding balance on your other banks’ Credit Cards to SBI Credit Card on EMI is SBI Balance Transfer on EMI. You can apply for 3 to 6 months for EMI Scheme. The applicable interest rate is lower than the Bank’s Personal Loan or Credit Card APR.
The Flexipay facility allows SBI Card holders to convert their big purchases into easy monthly installments. The transactions can be booked for flexipay within 30 days. Delinquent or blocked cardholders are not eligible for this facility.
Easy Money lets SBI cardholders avail funds for short term at a low interest rate. The funds are credited immediately to the account through NEFT. You can apply for Easy Money through the official SBI Website or App. You can also choose to cal or send an SMS to SBI card helpline from your registered mobile number.
No, the balance transfer EMI facility is available only to the primary cardholders. Other facilities like Encash & Easy Money are also available to primary cardholders. Add-on card members cannot access these facilities or change the card terms.
If you have already availed the balance transfer on EMI for the maximum eligible amount, then you cannot book for another transfer till you clear your account. A balance transfer booking on an account cannot exceed 75% of the available credit limit. After repayment of the previous BT, you can avail the facility again.
Yes, you can always cancel or foreclose availed credit facilities before the tenure. However, a preclosure fee of 3% on the outstanding amount will be charged.
The Encash EMI will be billed with your Credit Card statement. It will reflect in the immediate card statement after the Encash is booked.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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