About State Bank of India
These three presidency banks were amalgamated in the year 1921 and named as The Imperial Bank of India. In 1955, Imperial Bank of India became the State Bank of India.
SBI offers various financial products and services in India, one of them being Credit Cards. SBI Credit Cards come with a plenty of attractive benefits to the users and one such amazing benefit is SBI Credit Card Loan.
Types of SBI Credit Card Loan
SBI offers a variety of Credit Cards with a host of benefits. The loan on SBI Credit Card is the added advantage of holding an SBI Credit Card. The loan is similar to an unsecured Personal Loan which is available instantly.
SBI offers four types of loans on Credit Card. These are:
SBI Flexipay Loan
- You can convert your big purchase into equated monthly installment (EMI) and pay back in easy instalments with SBI Credit Card.
- Any purchase of 500 and above can be converted into EMI within 30 days of purchase, but the minimum booking should be for 2,500.
- Flexible payment options of 6, 9, 12, and 24 EMIs are available
- Processing fee of 2% of the converted amount with a minimum of 199 and a maximum of 1,000 will be collected.
- If you want to pre-close or cancel the Flexipay option, a cancellation fee of 3% on the outstanding principal balance will be charged.
- Interest at 22% p.a. is applicable
SBI Balance Transfer Loan
- You can transfer the outstanding balance on Credit Cards of other banks to SBI Credit Card at a lower rate and save more with their EMI plan.
- You can repay in 3 months or 6 months
- You can continue to enjoy interest- free period on purchases with Balance Transfer on EMI. After the interest free period of 60 days, an interest at 1.7% p.m. for 6 months will be charged.
- In the event of pre-closure of balance transfer facility, a pre-closure charge at 3% on the outstanding principal balance will be collected.
- If the balance transfer pertains to a Visa Credit Card then, the balance transfer will be done within 3 days.
- If the balance transfer pertains to a non-Visa Credit Card then, you will receive a cheque for the Balance Transfer amount within 5 working days.
- Balance Transfer on EMI can be booked for a minimum amount of 5,000 up to a maximum of 75% of the available credit limit. Your maximum limit available for Balance Transfer on EMI booking will be communicated at the time of booking.
SBI Card Easy Money
- With SBI Easy Money, you can get instant money into your savings bank account within 48 hours through NEFT for your urgent cash requirements.
- You can apply for Easy Money either through SBI's official website or through mobile banking. You can also call SBI Credit Card helpline.
- There is only one Easy Money Plan available with 45 days tenure. The interest rate is 2.45% p.m. at present. A one-time processing fee at 1.5% of the loan amount or 199 whichever is higher will be collected.
- The minimum amount available is 5,000 and maximum is up to 75% of your card's limit.
SBI Card Encash
- You can plan your vacation, celebrations or education with SBI Encash
- Enjoy a hassle-free instant funds transfer to your account
- Flexible repayment options of 12, 24 or 36 EMI are available
- A pre-approved limit facility is available. The limit can either be over and above your Credit Card limit or within your Credit Card limit.
- 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 at 2% of the loan amount with a minimum of 499 and a maximum of 3,000 is applicable.
- If you propose to close the Encash within the repayment tenure, then a pre-closure charge at 3% of the outstanding principal balance will be collected.
Benefits of SBI Credit Card Loan
An SBI Credit Cardholder who avails any one of the above-mentioned loans against SBI Credit Card can enjoy the following benefits:
- You can save on higher interest payment to other banks
- Flexible tenure options of 3, 6, 9, 12, 18, 24, and 36 months are available
- The loan processing is easy and quick
- No documentation, collateral security, or guarantor required
- You can convert big purchases on the card into EMI and pay in easy instalments
- Nominal processing fees and pre-closure charges will be collected
Eligibility for SBI Credit Card Loan
The customers who satisfy the following criteria are eligible for a loan on Credit Card:
- Customer holding an SBI Credit Card is eligible for the loan
- Applicant should have a good repayment record in respect of earlier Credit Card payments
- A Credit Card Loan will be based on the spends, transaction pattern, and payment history
Key Features of SBI Credit Card Loan
- You can convert big purchases into EMI and pay in easy instalments. Any purchase above 500 can be converted to EMI but the minimum booking amount should be 2,500. Repayment can be done in 6, 9, 12 and 24 EMIs. Interest at 22% p.a. will be charged.
- You can transfer balance outstanding on other bank Credit Cards to SBI Credit Card at a lower rate and save more with their EMI plan. Minimum booking for a balance transfer is 5,000 and up to a maximum of 75% of the available credit limit. The maximum limit available for balance transfer will be communicated at the time of booking. Repayment can be done in 3 months or 6 months. Interest at 1.7% p.m. will be charged.
- On booking for Easy Money on SBI Credit Card, the money will be transferred into your savings account within 48 hours by NEFT. Easy money will be for tenure of 45 days with an interest at 2.45% p.m.
- You can plan your holiday, education or celebrations with Encash on SBI Credit Card. It is a pre-approved limit which will be available immediately on booking. The limit can be within the Credit Card limit or over and above the Credit Card limit. Interest will be charged on a case to case basis. You can check for the interest rate on the pre-approved limit by logging in to your SBI online account.
- The process for all the above loans is quick and hassle-free
- No documentation is required
- There is quick turnaround time
- No collateral and guarantor required
How to Apply for SBI Credit Card Loan?
You can apply for a loan on SBI Credit Card in the following ways:
You can convert your transaction into Flexipay in 2 easy ways:
- Log on to your SBI Card account online
- Click on the 'Flexipay' under the benefits section on the left-hand navigation
- Select the transaction(s) above 500 that you want to convert to Flexipay
- Select the tenure and interest rate, then confirm the booking
- Call the SBI Card helpline to book for Flexipay
For Balance Transfer
You can book for balance transfer through the following ways:
1. Through their official website
- Log in to your SBI Card online account
- Click the 'The Benefits' link on the left-hand navigation and select "Balance Transfer"
- Enter details and confirm to book Balance Transfer
2. Through mobile app
- Log in with the website login username and password
- Click on the 'Benefits' option in the main menu and select 'Balance Transfer'
- Enter the required details and confirm to book Balance in 3 simple steps
- Alternately you can just send an SMS to SBI Card helpline from your registered mobile number.
- You can even give a call to SBI Card helpline from our registered mobile number
Repayment of SBI Credit Card Loan
The EMI of the loan along with GST will be included in the statement of next immediate billing cycle. It will be mentioned along with the minimum amount due in your card statement. You will have to pay the outstanding balance mentioned in the Credit Card statement or the minimum amount due on or before the due date mentioned in the card statement.
Frequently Asked Questions
What is a balance transfer?
A balance transfer is the transfer of outstanding balance on a Credit Card issued by any other bank to SBI Credit Card at a lower rate of interest. You can apply for Balance Transfer through the official website of SBI using your SBI online account or through the mobile app. You can also call the SBI card helpline or send an SMS through your registered mobile number.
What are the plans available for a balance transfer?
There are two plans available for Balance Transfer:
- The first plan is an interest free for 60 days with a processing fee of 2% of the loan amount or 199 whichever is higher.
- The second plan is for a period of 6 months with an interest at 1.7% p.m. with nil processing charges.
Can a balance transfer be availed for a balance on another SBI card?
No. Balance transfer cannot be availed for balance on another SBI card.
What is the extent of the amount for which balance transfer can be availed?
A balance transfer can be booked for a minimum amount of 500 and up to a maximum of 75% of the credit limit available. The maximum limit available will be communicated at the time of booking for a balance transfer.
What is the mode of transfer of funds?
For a balance transfer on Visa Card the amount will be transferred online through Visa Money Transfer and for a non-Visa Card a cheque will be given for the balance transfer amount.
Are add-on cardholders eligible for a balance transfer?
No, a balance transfer facility is available only for the primary cardholders.
If a balance transfer is already taken, is there any possibility of booking another balance transfer?
If you have already availed the balance transfer for maximum eligible amount, then you cannot book for another balance transfer till you have paid the earlier balance transfer on your SBI card either in full or in part or until your existing credit limit gets enhanced. If you pay a balance transfer, then you can book for another balance transfer to that extent. A balance transfer booking on your account cannot exceed 75% of your available credit limit.
What is flexipay?
It is a facility offered by SBI to their existing Credit Cardholders to convert their big purchases to easy monthly instalments. Any SBI cardholder can convert a transaction above 500 into flexipay within 30 days. Delinquent or blocked cardholders are not eligible for this facility.
Can all the transactions on the card be converted to Flexipay?
You can convert the following transactions into Flexipay:
- All retail purchases that are done using your SBI Credit Card
- Transactions that were done within the last 30 days
- Transactions of a value greater than 500 can be converted into single Flexipay plan
- A minimum booking amount of 2,500 is stipulated Interest, fuel, fees, or any other charges levied on your card cannot be converted into Flexipay.
What is the tenure of Flexipay?
Flexipay can be booked for 6, 9, 12 and 24 months. It can also be booked for 36 months but the converted amount should be greater than or equal to 30,000.
Is Flexipay option available for add-on cardholders?
No, the facility is available only for primary cardholders.
Can the Flexipay be cancelled or pre-closed?
The Flexipay can be cancelled by calling the SBI Card helpline. If it is cancelled within 45 days then, no charges are levied. If it is cancelled beyond 45 days, then a cancellation at 3% of the amount will be charged.
What is Easy Money?
Easy Money enables an SBI cardholder to avail funds for short term at a low -interest rate. The funds will be credited immediately to the account through NEFT. You can apply for Easy Money through the official Website of SBI using your SBI online facility. You can also apply for Easy Money through the Mobile App or by calling or sending an SMS to SBI card helpline from your registered mobile number.
What are the plans for Easy Money?
Currently, there is one plan available which is for a period of 45 days with an interest of 2.45% p.m. A processing charge at 1.5% of the amount with a minimum of 199 will be collected.
Can another Easy Money be booked when one Easy Money is running?
No, you cannot book for another Easy Money when one is running. But if you have paid the earlier Easy Money in full or part you can avail another Easy Money to the extent of the amount repaid. The Easy Money should not exceed 75% of your cash limit at any time.
What is the cancellation process for Easy Money?
If the Easy Money is cancelled within 45 days, then all the charges and fees collected will be reversed, but if the cheque is encashed then the charges will not be reversed. Also, if the facility is cancelled after 45 days the fees and charges will not be reversed.
What is Encash?
An Encash is a pre-approved facility available for select SBI cardholders. The pre-approved limit can either be below or over and above the Credit Card limit. It will be paid instantly into the savings bank account of the cardholder or by way of payable-at-par cheque. You can apply for Encash through the official website of SBI using your SBI online facility or through the mobile app. You can also call or send an SMS to SBI card helpline.
What are the minimum and maximum booking amounts and tenure for Encash?
The minimum booking amount for Encash is 10,000 and the maximum amount depends on the offer available in your account. Encash can be booked for 12, 24, 36 and 48 months, depending on time and offer.
How much time will it take to deliver the Encash cheque?
It will take 3 working days to deliver the instrument in Metros and 5 working days in non-Metros.
How and when the Encash EMI be billed?
The Encash EMI will be billed with your Credit Card statement. It will reflect in the immediate card statement after the Encash is booked.
Can the Encash request be cancelled?
You can cancel the Encash request by calling the SBI card helpline. If the request is cancelled within 45 days of booking or before encashing the cheque, no charges will be collected. If it is cancelled after 45 days or after encashing the cheque a cancellation charge of 3% of the booking amount will be collected. If the Encash facility is closed before the tenure opted for, a pre-closure charge at 3% on the outstanding balance will be collected and it will be billed on your SBI card.