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SBI Xpress Bandhan Personal Loan

SBI Xpress Bandhan Loan

Last Updated 18th Oct 2021

  • SBI offers Xpress Bandhan Loan to salaried employees who do not have an account with SBI.
  • Avail SBI Xpress Personal Loan with minimum documentation requirement.
Interest Rate9.85% - 11.35%
Processing Fees 1.00%
Prepayment ChargesNil Charges
Loan TenureUpto 60 Months
Loan Amount₹ 25,000 - ₹ 15,00,000
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

What is Xpress Bandhan Loan?

Xpress Bandhan Loan is an unsecured personal loan scheme for salaried employees who do not maintain a savings account with SBI. If you work with government or private establishments and have a minimum monthly income of ₹ 50,000, you can get a personal loan under this scheme. SBI offers the facility as both a term loan and overdraft for up to ₹ 15 Lakh.

What are the Features and Benefits of SBI Xpress Bandhan

  • You do not need to maintain a salary account with SBI
  • SBI offers Bandhan Loan as Term Loan & overdraft facility ranging from ₹ 25,000 to ₹ 15,00,000.
  • There are no hidden costs on loan.
  • The maximum repayment tenure is up to 60 months or remainder of service, whichever is lower.
  • You can repay the personal loan through NACH/SI.

What is the Eligibility Criteria for SBI Xpress Personal Loan?

  • To avail of the SBI Xpress Loan, you need to fulfil the following eligibility criteria:
  • Minimum Monthly Income ₹ 50,000.
  • EMI/NMI ratio less than 50%.
  • Employees working with Central/ State Governments/ Defence Establishments, Quasi-Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates etc.
  • Term Loan- ₹ 25,000 - ₹ 15,00,000
  • Overdraft Facility- ₹ 5 Lakhs to Maximum: 24 times NMI subject to a maximum of ₹ 15 Lakhs

Documentation of SBI Xpress Bandhan Personal Loan

You need to furnish the following list of documents along with the personal loan application form:

  • Two passport size photographs
  • Proof of Identity & Address- Passport/Driving License/Aadhaar/Voter's Card/ Job Card issued by NREGA
  • Permanent Account Number (PAN)
  • Identity card issued by the employer
  • Last six months' salary slip or latest Form 16 (in case of Income Tax Payee)

SBI Xpress Bandhan Personal Loan Interest Rates & Charges

  • The Interest Rate for SBI Xpress Bandhan Personal Loan ranges from 9.85% to 11.35%.
  • The bank also charges various other fees on the personal loan, including the charges for processing the loan, prepayment & foreclosure charges.
  • The processing fee charged by SBI to employees who do not have an account with SBI is 1.00% of the loan amount.

How to Apply For a Personal Loan?

You can apply for an SBI personal loan by visiting the nearest bank branch or official website. In addition, to get the information about the best offers on how to apply for a personal loan in SBI, you can avail loan from MyLoanCare. Here is a step-by-step procedure to avail of a loan.

  • Step 1:Fill the Personal Loan Application form
  • Step 2 : Fill in necessary details like name, pin code, phone number, loan amount.
  • Step 3 :Click on 'Get Quote' and enter the OTP received on your mobile phone.
  • Step 4 : Click on 'Submit.
  • Step 5 : You will get the offers as per your eligibility.
  • Step 6 : MyLoanCare's executive will contact you within some time and help you with the further process.

FAQs

What is the minimum loan amount under SBI Xpress Bandhan?

You can avail of a minimum of ₹ 25,000 & ₹ 5 Lakhs as term loan and overdraft facility, respectively.

What is the processing fees for SBI Xpress Bandhan Personal Loan?

Along with rates, SBI also charges a processing fee of upto 1.00% of the loan amount for SBI Xpress Bandhan personal loan.

What is the standard loan tenure for Xpress Bandhan Loan?

You can avail of Xpress Bandhan Loan for a maximum repayment tenure of 60 months.

How can I get an SBI Xpress Bandhan personal loan?

You can apply for an SBI Xpress Bandhan personal loan on the SBI website or visit the nearest branch. Alternatively, you can get a loan through an online marketplace like MyLoanCare.

What are the Prepayment charges on the Xpress Bandhan Loan?

SBI allows you to repay your loan before the end of the loan tenure. You can repay a personal loan with a minimum prepayment penalty of Nil Charges.


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