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SBI Xpress Credit Loan

SBI Express Loan

Last Updated 01st Mar 2021

SBI Xpress Credit is a special loan for employees of Central and State Government, Quasi Government, Central PSUs, Profit making State PSUs, Educational National Institute and few selected companies to help them meet their urgent cash requirements such as a medical emergency or a family vacation.

Maximum Loan Amount₹ 15 Lakh
Minimal Monthly Income₹ 24,000
Loan Type
  • Term Loan
  • Overdraft
PurposeAny financial emergency such as a wedding, medical expenses, travel etc.
Repayment Period6 months to 48 months
Prepayment ChargesNil charges
Apply for Personal Loan @ 10.40%* Get upto ₹ 1,000* Cashback

SBI Xpress Credit Personal loan

Be it any financial emergency or you require funds for travel, wedding expenses or buying any equipment, SBI Xpress Credit Personal Loan can be a one-stop-shop solution for all your financial needs. Borrowers can avail SBI Xpress Loan for a loan amount ranging from ₹ 10,000 upto ₹ 15 Lakh for a repayment tenure upto 4 years. Some of the features of SBI Xpress Credit Personal Loan includes quick approval, instant disbursal & minimal documentation.

Documents Required for SBI Xpress Credit Loan

Individuals with a salary account in SBI can apply for SBI Xpress Credit Loan with the following documents:

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID/ Aadhaar Card
  • Residential Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill (upto 3 months old)
  • Income Documents - 2 years Form 16, 3-month payslip, 3 months bank statement showing salary credit and any EMI debit.

Eligibility Criteria to apply for SBI Xpress Credit Loan

To apply for SBI Xpress Credit Loan, you need to fulfil the following eligibility criteria:

  • Applicants:
    • Employees working in the following organisation can apply for Xpress Credit Loan.
    • Central/ state/ quasi government
    • Central and profit-making state PSUs(Public Sector Undertakings)
    • Educational Institutions with a national Repute
    • Selected corporates irrespective of their relationship with the bank.
  • Monthly Income : To apply for SBI Xpress Credit Loan, you should have at least a minimum monthly salary of ₹ 24,000 .
  • Loan Amount : You can get a loan amount ranging from ₹ 10,000 to ₹ 15 Lakh or 24 times your EMI/NMI ratio if you apply for term loans with SBI Xpress Credit Loan. The minimum eligibility criteria for overdraft loans is ₹ 5 Lakh.

SBI Xpress Credit Personal Loan Interest Rate

SBI Xpress Credit Personal Loan can be availed by individuals working in defence/Paramilitary/ Indian Coast Guard, non-permanent employees in Central and State Government, Quasi-Government, Central & state PSUs, Defence personnel, Educational Institutions of National Repute Employees etc. as a term loan & overdraft facility at an interest rate starting at 12.50%. The rate of interest for an overdraft is however higher than term loan & maybe upto 16.60%.

How To Apply for SBI Xpress Credit Personal Loan?

  • To apply for SBI Xpress Credit Personal Loan, you need to submit an SBI Xpress Credit Personal Loan application form.
  • The form can be downloaded from the SBI official website or at the nearest SBI branch.
  • You need to fill personal & professional details such as Name, Age, Gender, Address, Income, Job Stability, Work Profile, etc.
  • To apply for Xpress Credit Personal Loan online, you need to visit https://onlineapply.sbi.co.in/personal-banking/personal-loan
  • Once you have duly filled all the details, you can submit the form online.

SBI Xpress Credit Personal Loan Application Status

To track the application status of your SBI Xpress Credit personal loan, follow the steps as mentioned below:

  • Visit https://onlineapply.sbi.co.in/personal-banking/personal-loan and click on Application Tracker on the top right-hand side of the page.
  • Now, select the retail loan option.
  • Next enter your reference number, mobile number and click on the track button.

SBI Xpress Loan Fees and Other Charges

Along with personal loan rates, the following charges are applicable on SBI Xpress Loan.

Processing fee1.50% of the loan amount, ranging from ₹ 10,000 to ₹ 15,000 plus tax.
Penal interest 2% p. m on overdue amount for the period of default.
Prepayment charges 3% on prepaid amount. In case the account is closed & a new loan account is opened under the same scheme no prepayment/ foreclosure charges are applicable.

SBI Xpress Credit Loan Calculation

To calculate SBI Personal Loan EMI manually use the formula as mentioned below:

EMI= [PXRX(1+R)^N]/[(1+R)^N-1], where,
R=Rate of Interest
P=Principal Amount
N= Tenure in months
EMI- Equated Monthly Installment

You can also calculate EMI for different loan tenures online by using Personal Loan EMI Calculator without any hassle to save your time & efforts.

Features & Benefits of SBI Xpress Loan

Salaried individuals who have an account in SBI bank can apply for SBI Xpress Loan to avail the following benefits:

  • Quick Approval: The time taken for approval & disbursal of SBI Xpress Loan is very quick.
  • Minimum Documentation: You require minimum documentation for identity, residential & income proof to avail SBI Xpress Loan.
  • No Security: To avail SBI Xpress Loan you do not require any security or guarantor.
  • Flexible Tenure: SBI Xpress Loan can be repaid with a flexible tenure ranging from 6 months to 6 years.

SBI Xpress Credit Personal Loan Customer Care

If you have any query or concerns regarding SBI Xpress Credit Personal loan you can get in touch with the bank through different mediums:

  • You can call customer care numbers 1800-112-211, 1800-425-3800, and 080-26599990 to contact customer care executives.
  • In addition to that, you can also send an SMS, ‘UNHAPPY’ and send the message to 800-8202-020.
  • The concerns can also be raised by writing to the Customer Service Department of State Bank of India (SBI).

FAQs

What is an Xpress credit loan in SBI?

SBI Xpress Credit Loan is a personal loan for salaried individuals who have a minimum monthly income of ₹ 15,000 for a flexible tenure upto six years. Applicants can avail upto ₹ 20 Lakh as term loan & overdraft if they fulfil the eligibility criteria.

How can I get an emergency loan from SBI?

SBI emergency loan can be availed within 45 minutes online through SBI official website or YONO app. To apply for an emergency loan from SBI through YONO app, follow the steps as mentioned below:

  • Download SBI YONO app & click on Pre-approved Loan as you open the app.
  • Now, choose loan tenure & loan amount.
  • Next, you will be sent OTP to your registered mobile number.
  • Enter the OTP for approval of the emergency loan.

What is the eligibility for SBI Xpress personal loan?

To apply for SBI Xpress Personal Loan, you need to have a minimum monthly income of ₹ 15,000 with a salary account in SBI. Along with that, you should be a salaried individual working in one of the following:

  • Central/ state/ quasi government
  • Central and profit-making state PSUs(Public Sector Undertakings)
  • Educational Institutions with a national Repute
  • Selected corporates irrespective of their relationship with the bank.

Can I prepay the Xpress Credit Personal Loan?

Yes, you can prepay the Xpress Credit Personal Loan. However, SBI will charge a penalty fee of 3% of the loan amount for the same.

What is the maximum loan amount offered under the Xpress Credit Personal Loan offered by the SBI?

You can get upto ₹ 20 Lakh with Xpress Credit Personal Loan offered by SBI.


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