SBI Xpress Credit Loan

Apply for an instant SBI Xpress Credit Loan for up to Rs. 20 Lakhs at attractive interest rates starting from 10.10% p.a. and repay in easy EMIs within 6 years tenure. You can avail of SBI Xpress personal loan online with minimal documentation without any security or guarantor.


SBI Xpress Credit Personal Loan Details

Following are the SBI Xpress Credit personal loan details:

Minimum loan amountRs.25,000 for Term Loans & Rs.5 Lakhs Overdraft Loans
Maximum loan amountRs.20 Lakhs for Term Loans & Overdraft Loans
Tenure6 months to 6 years
Rate of interestStarting at 10.10% p.a.
Processing feeZero Processing Fee till 31st January 2024
Prepayment chargesUp to 3% of the prepaid amount
Minimum age21 years
Minimum monthly incomeRs.15,000

Features of SBI Xpress Credit Loan

Following are the key features of SBI Xpress Credit Loan:

  • Loan amount: Under Xpress Credit loan scheme, you can avail minimum Rs. 25,000 for Term Loans and Rs. 5 Lakhs for Overdraft Loans. The maximum loan amount offered is Rs. 20 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 daily reducing balance and start from 10.10% p.a.. The maximum rate can go up to 13.85% p.a., depending on the borrower’s income and repayment capacity.
  • Processing fees: The processing fee can be up to 1.50% of the sanctioned loan amount. However, under the Festive Offer, currently SBI offers 100% waiver in processing charges from 15th August 2021 to 31st January 2022.
  • 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, 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 the 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.

SBI Xpress Credit Loan Interest Rate

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

XPRESS CREDIT (including Pre-Approved Xpress Credit)

Borrower TypeTerm LoanOverdraft Facility
Defence, Para-Military, & Indian Coast Guard Salary Package Applicants10.60% to 11.10%11.10% to 11.60%
Other Applicants10.60% to 12.60%11.10% to 13.10%

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 2021.
  • 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 of maximum concession cannot be more than 100 bps over the card rate.


Central & State Government, Quasi-Government, Central PSUs, State PSUs, Defence personnel, Educational Institutions of National Repute11.50% to 13.60%
Co-operatives or Institutions not covered under regular Xpress Credit scheme & Unrated Corporates12.25% to 13.85%

Xpress Credit Insta Top-Up

10.70% p.a.

SBI Xpress Credit Loan Documents Required

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 photocopy of Passport, PAN Card, Driving License, Voter’s ID, or Aadhaar Card (any one).
  • Residence proof, such as photocopy of Passport, recent Telephone/ Electricity Bill, Property Tax Receipt, or Voter's ID Card (any one).
  • 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.

SBI Xpress Credit Loan Eligibility Criteria

The eligibility criteria for SBI Xpress personal loan are as mentioned below:

  • This loan is offered to employees who are working in the central/ state/ quasi government, central PSUs, profit making state PSUs, educational institutions of national repute, select corporates who have/ doesn’t have a business relation with SBI.
  • The borrower must be earning a minimum monthly income of at least Rs. 15,000.
  • The EMI/NMI ratio must not be above 50%.
  • Applicants must have a Salary Account with SBI.

How to Apply for SBI Xpress Credit Loan

Xpress Credit Loan meaning express or fast loan process. Applying for SBI Xpress Credit Loan is simple with MyMoneyMantra. All you have to do is:

  • Visit MyMoneyMantra website.
  • Click on the Personal Loan tab under Loans section.
  • Enter all the required details.
  • After entering all the details, our personal loan expert will get in touch with you over the phone to further discuss the process.
  • You can also apply for the loan through the YONO app. The YONO Xpress Credit loan process is very fast and easy.

Fees and charges of SBI Xpress Credit Loan

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 amount 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.

SBI Xpress Credit Loan EMI Calculator

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 beforehand. You can then make an informed decision and proceed ahead. The calculator also shows you the complete amortization schedule along with the EMI.

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Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.

SBI Xpress Credit Personal Loan FAQs

How can I cancel SBI Xpress credit?


You can cancel or close your SBI Xpress loan account by following the steps mentioned below:

  • Click on Requests and select Closure of Loan A/C. 
  • A Closure of Loan A/C page will appear.
  • Select the loan account that you want to close.
  • Select the transaction account that will be debited to close the loan. 
  • Click on the Submit button.

What is the interest rate of SBI Xpress credit loan?


The SBI Xpress Credit loan interest rate varies from 10.10% to 13.85% p.a.

What is the maximum period of loan for which pre approved Xpress credit is sanctioned?


The Pre-approved Xpress Credit is sanctioned for a maximum period of 6 years.

How do I foreclose SBI Xpress credit?


You can foreclose the SBI Xpress Credit personal loan account anytime by paying the prepayment charges of 3% on the prepaid amount. Prepayment charges are not levied by the bank if the loan account is closed from the proceeds of a new loan account opened under the same scheme.

How can I check my SBI Xpress credit status?


Once you have filled in the Xpress Credit Loan application form and applied for the loan, you can easily check your SBI Xpress Credit status online and offline. After the loan application, you will get a reference number. You can use your reference number and registered mobile number to check your SBI personal loan status.

All you need to do is:

  • Visit SBI’s website & go to the personal loan section.
  • Then click on the ‘Apply Online’ tab. 
  • Click on the ‘Application Tracker’ option given on the top right of the webpage.
  • A pop-up will appear, choose ‘Track’ and ‘Retail Loan’.
  • Now enter your reference number along with your registered mobile number.
  • Then click on ‘Track’ to view the status of your personal loan.

You can also check your SBI Loan status offline by visiting the nearest SBI branch and taking help of an SBI official. Make sure to carry all the relevant documents and remember your reference number to check your SBI personal loan status.