SBI Xpress Credit Loan

Key Features of the SBI Xpress Credit Personal Loan

The highlights of the SBI Xpress Credit Personal Loan scheme are as follows:

1. You can apply for an RTXC loan using the SBI YONO digital platform, and you do not need to visit an SBI branch to submit your application.  

1. The repayment period for RTXC loans ranges from six (6) to eighty-four (84) months based on certain eligibility criteria, such as the ratio of your monthly EMI to your Net Monthly Income (NMI). 

1. Digital Document Execution charges (DDE charges) may apply to customers who qualify for the Digital Document Execution process. 

1. Once you submit your loan application, the interest rate will remain fixed for the entire duration of the loan, and your loan will have no interest resets during repayment. 

1. You can pre-close your RTXC loan through the YONO platform.  

1. The loan account will be closed automatically once all EMIs are paid in full. 

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Feature	Details
Loan Availability Mode	RTXC is offered through two modes: Digital Document Execution (DDE) and Non-DDE. The mode available to a customer depends on eligibility as determined by the bank’s system.
Minimum Loan Amount	The minimum loan amount that can be availed under RTXC is Rs.1.00 lakh. This ensures that the facility caters to customers with immediate but meaningful funding requirements.
Maximum Loan Amount	The maximum permissible loan amount under RTXC is Rs.35.00 lakh, subject to the customer’s eligibility, income profile, and internal assessment norms of SBI.
Repayment Tenure	The repayment period ranges from a minimum of 6 months to a maximum of 84 months. The exact tenure offered depends on factors such as EMI affordability, income level and Net Monthly Income (NMI) ratio.
Processing Fee	The processing fee may vary from nil to 1.50% of the sanctioned loan amount, plus applicable GST. The maximum processing fee is capped at Rs. 15,000 plus GST and may differ depending on customer eligibility.
Other Applicable Charges	In addition to the processing fee, stamp duty charges are applicable for execution of the loan agreement as per state laws. Customers eligible for the DDE process may also be required to pay Digital Document Execution charges.

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Difference between DDE and Non-DDE of SBI Real Time Xpress Credit (RTXC) 

The key differences between DDE and Non-DDE of SBI Real Time Xpress Credit (RTXC) are discussed in detail below: 

Aspect	DDE (Digital Document Execution)	Non-DDE (Physical Document Execution)
Meaning	DDE refers to a completely digital loan execution process where all loan documentation is completed electronically.	Non-DDE refers to a partially digital process where application and sanction are done digitally, but documentation is completed physically at the branch.
Availability	Offered only to customers who are eligible for Digital Document Execution as determined by the Bank.	Offered to customers who are not eligible for DDE but are otherwise eligible for RTXC.
Application Process	Application is initiated and completed through the YONO app.	Application is initiated through the YONO app, but completion requires branch interaction.
Documentation Method	Entire loan documentation is executed digitally on the platform.	Physical documents must be submitted and signed at the SBI branch as per the sanction letter.
Requirement of Documents	No physical documents are required, as the entire process is digital.	Documents are required as mentioned in the sanction letter and must be submitted at the branch.
Branch Visit Requirement	No branch visit is required at any stage of the loan process.	Branch visit is mandatory for execution of documents and completion of the loan process.
Execution of Loan Agreement	Loan agreement is executed digitally through the Digital Document Execution process.	Loan agreement is executed physically at the branch.
Disbursement Time	Loan amount is credited to the customer’s savings account within seconds after successful completion of the DDE process.	Loan amount is credited only after completion of documentation at the branch.
Convenience Level	High convenience, as the entire journey is paperless and completed remotely.	Lower convenience compared to DDE, due to the need for physical presence at the branch.
Charges Specific to the Mode	DDE charges may be applicable as prescribed by the Bank.	No DDE charges apply; however, applicable stamp duty charges still apply.
Overall Process Nature	Completely digital end-to-end loan journey.	Hybrid loan journey. It is digital initiation with physical completion

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Eligibility Criteria 

The following individuals are eligible to apply for the SBI Xpress Credit Personal Loan: 

1. Must be an existing customer of State Bank of India. 

1. Must hold an SBI salary account. 

1. The salary account may be either a single account or a joint account. 

1. The mode of operation of the salary account must be E or S or F or S. 

1. The applicant must be holding an eligible SBI salary package account. 

1. Eligible salary package accounts include Government salary package accounts. 

1. Eligible salary package accounts include Defence salary package accounts. 

1. Eligible salary package accounts include CSP salary package accounts such as Rhodium, Platinum, and Diamond. 

1. The applicant must have a minimum stipulated salary as per the Bank’s internal eligibility norms. 

1. Eligibility is assessed automatically by the Bank’s system through the YONO app. 

1. The RTXC loan offer is displayed only if the applicant meets all eligibility conditions. 

Other Charges/Fees for SBI Xpress Credit Personal Loan 

1. A processing fee may be charged depending on the customer’s eligibility. It can range from nil to 1.50% of the loan amount plus applicable GST, with a maximum of Rs.15,000 plus GST. 

1. Stamp duty fees are applicable for the execution of the loan agreement as per the prevailing state laws. 

1. Digital Document Execution charges may be applicable for customers who are eligible for the DDE process. 

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FAQs on SBI Xpress Credit Loan

• How many times can I apply for an RTXC loan?

  The RTXC loan is a personal loan offered by SBI, and it is based on your eligibility as well as the salary account details you have provided. You can only apply for the RTXC loan once per specific offer. However, once your salary package and overall profile have been properly evaluated by SBI, you may qualify for a different type of digital loan product offered by SBI in the future, but each digital loan product is evaluated as a separate sanction.

• When do I get an RTXC loan?

  If you qualify for Digital Document Execution (DDE), the loan amount will be credited to your SBI savings account within seconds of completing the digital process. If you do not qualify for DDE, the amount will be credited after verification at your branch and submission of the required documents and can take a few days to be complete.

• What are the minimum and maximum amounts I can borrow with the RTXC loan?

  The minimum RTXC loan amount available is Rs. 1.00 lakh and the maximum amount is Rs.35.00 lakh. Both DDE and Non-DDE customers have the same loan limitations; however, how much is sanctioned to the applicant will vary based on the applicant's salary, account history, and internal assessment conducted by SBI in accordance with applicable eligibility criteria. 

• What is the difference between DDE and Non-DDE loans?

  DDE stands for Digital Document Execution and allows for the complete loan transaction, from application to signing documents electronically, to be completed through the YONO application without needing to go to a bank's physical location. Non-DDE requires a customer to go into a branch of the bank to submit their documents and to sign the loan agreement, even though the borrower will start the process through YONO electronically. 

• Are there any additional charges apart from the interest rate?

  There could be other fees in addition to the interest charged on a loan. SBI may charge other fees such as processing costs that are based on the amount of the loan and can be anywhere from 0-1.50% of the loan amount, plus GST, with a maximum cap of Rs.15,000, plus GST. There are also Stamp Duty Charges required when executing the loan agreement, and if a customer uses the digital document execution facility, that could add to the total cost of the loan. 

• How is the EMI for RTXC calculated and deducted?

  The EMI for an RTXC loan will automatically be tabulated by taking into consideration the amount of the loan, the interest rate, and the term of the mortgage. Repayment of EMIs will be accomplished through a standing instruction that has been set up on a customer's Savings Bank Account with SBI and will therefore be automatically debited on the day the customer chooses their EMI due date.  

• What should I do if I don't have enough money to pay the EMI?

  If there are insufficient funds in your account when your EMI comes due and the bank does not collect the payment when it first attempts to deduct the payment, the bank should attempt the payment again on a different date or charge you penalties based on the loan terms. If you have multiple failed payments, this will negatively impact your credit history and potentially lead to additional fees or interest charged until the EMI is finally collected successfully. 

• Is there a waiting period before RTXC is enforced?

  Yes, after your Loan is issued you have a three-day waiting period, which is also referred to as a cooling-off period, during which you can cancel your Loan without being charged any pre-payment fees.  

• Can I cancel (or foreclose) my RTXC Loan before expiration?

  Yes, you can cancel your RTXC loan through the YONO App (YES as a customer you're able to cancel/foreclose your loan). In the case of cancellation, you will have to repay the loan in full prior to the specified duration to reduce your total interest.