Loan on SBI Credit Card

• Encash Inline: This is a loan offered within your existing credit limit. This loan is available at an attractive interest rate for tenure of 12, 24, 36, and 48 months. You are not required to submit any documentation to avail yourself of this loan. The loan amount is transferred directly to any bank Savings account via NEFT within three to four working days. Do note that you will be charged a one-time processing fee of 2%, subject to a minimum of Rs.499 up to Rs.3,000. 

Features and Benefits of SBI Loan on Credit Card

The features and benefits of SBI loan on credit card are as follows:

• No Documentation: You are not required to submit any paperwork to avail a loan on credit card from SBI Bank.
• Attractive Interest Rate: SBI offers Encash and Encash Inline loans at an attractive rate of interest. This makes it easy for you to quickly arrange funds in times of need.
• Quick disbursement: The bank disburses the loan amount within three to four working days into the applicant’s bank account through NEFT facility.
• Flexible Tenures: You can borrow a loan for 12, 24, 36, or 48 months. The tenure of loan repayment will be decided based on your eligibility.

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Fees and Charges for SBI Loan on Credit Cards:

The fees and charges for SBI loan on credit card are as follows:

Type of Fee	Amount
Processing Fee	2% of the loan amount, subject to a minimum of Rs.499 up to a maximum of Rs.3,000 plus taxes
Foreclosure Charges	3% of the outstanding balance amount
Cancellation Charges	Rs.0 (if request is placed within 45 days of loan application) 3% of the outstanding balance amount (if the request if placed after 45 days of loan application)

SBI Loan on Credit Card Interest Rates: 

State Bank of India offer loan on credit card facility to its selected card holders and charges an interest rate based on their credit score. The interest rate charged by the bank on credit card loans ranges between 13.75% to 21.50% p.a. 

• If the credit score is less than or equivalent to 700 (or no credit history): 19.50% p.a. to 21.50% p.a.
• If the credit score is between 701 and 780: 16.50% p.a. to 17.00% p.a.
• If the credit score is above 780: 13.75% p.a. to 15.50% p.a.

Do note that the interest rate applicable on credit card loan is based on the applicant’s credit score at the time of loan application. 

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FAQs on Loan on SBI Credit Card

1. Who is eligible to get a loan on SBI Bank credit card?

   Only selected customers based on State Bank of India’s internal policy guidelines, repayment history, and credit profile are eligible for loan facilities. It is advisable that you check with the bank to know if you are eligible for a loan on SBI credit card. 

2. How can I check if I am eligible for a loan on the SBI credit card?

   You can check your loan eligibility on SBI credit card by either visiting the nearest bank branch or by calling the bank’s customer care number. 

3. Will I have to submit any documents to avail myself of a loan on my SBI credit card?

   The loans on credit cards offered by SBI, both Encash and Encash Inline, do not require you to submit any documents. However, submission of documents also depends on the bank’s internal policies, and your particular case. It is advisable that you check with the bank for more detailed information related to document submission. 

4. Can I avail myself of a loan more than the credit limit of my SBI credit card?

   Yes, you can avail yourself of a loan more than the credit limit of your SBI credit card. SBI offers two types of loans on credit cards; they are Encash and Encash Inline. The Encash loan offered is over and above the credit limit, and Encash Inline is offered up to the credit limit. 

5. Will I be charged a processing fee for availing a loan on my SBI credit card?

   Yes, you will be charged a processing fee of up to 2% of the loan amount when availing a loan on your SBI credit card, subject to a minimum of Rs.499 up to a maximum of Rs.3,000. 

6. Will I need a guarantor to avail myself of a loan on my SBI credit card?

   No, you are not required to have a guarantor to avail yourself of a loan on your SBI credit card. 

7. Within how many days will funds be transferred to my account if my loan on SBI credit card application is accepted?

   If your loan on SBI credit card application is accepted, the funds will be transferred to your account within a maximum duration of three to four working days.