SBI offers the Xpress Credit Personal Loan scheme for individuals planning a wedding or vacation, or those making a planned big-ticket purchase. The loan can also be taken for meeting emergency financial needs. The loan amount can go up to Rs.20 lakh and the interest rate varies from 11.50% p.a. to 12.00% p.a. The repayment period ranges between 6 months and 6 years.
The highlights of the SBI Xpress Credit Personal Loan scheme are as follows:
|Loan Amount||For Term Loan – Rs.25,000 to Rs.20 lakh/24 times the NMI For Overdraft Loans – Rs.5 lakh to Rs.20 lakh/24 times the NMI|
|Loan Tenure||6 months to 6 years/remaining period of service, whichever is lower|
|Processing Fee||1% of the loan amount + tax|
|Penal Interest||2% per month|
|Prepayment Charges||3% on prepaid amount*|
*There will be no prepayment charges if the account is closed using the amount borrowed through a new loan under the Xpress Credit Loan schemeInterest Rate:
Xpress Credit Personal Loan Scheme (basic version):
Additionally, the following borrowers will receive special concessions on interest rate:
Xpress Credit – IT Employees Scheme:
The interest rate under this scheme ranges from 12.90% to 14.90% p.a.
Xpress Credit – Non-Permanent Employees Scheme (NPES):
Xpress Credit Insta Top-Up:
Interest rate for this scheme is 11.60% p.a.
The following individuals are eligible to apply for the SBI Xpress Credit Personal Loan:
For loans up to Rs.25, 000, penal interest will not be charged. If the loan amount is more than Rs.25000/-, and the irregularity is more than EMI or instalment amount, for over a month, then penal interest will be charged. The penal interest applicable will be @2% p.a. (over and above the applicable interest rate) on the overdue amount for however long that the default is for. Penal interest will not be levied if part instalment or part EMI remains overdue.
1% of the Loan Amount + applicable Service Tax
3% will be charged as prepayment charge on prepaid amount if the borrower prepays EMIs in part or in full and closes the account before the end of term. The borrower will not be charged with prepayment/ foreclosure charges if the account is closed using the proceeds of a new loan account which has been opened under the same scheme.
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