Multiple banks. Different interest rates. Call it a "conflict of interest".

    SBI Xpress Credit Loan

    When you are need of funds for a medical treatment, a sudden family vacation or any other reason, SBI Xpress Credit Personal Loan may just be your solution.

    • Loan Amount
      • Term Loan: The minimum amount you can borrow is Rs.24,000/-.
      • The maximum amount that you can borrow is 24 times the net monthly income of the applicant (subject to maximum of Rs 15.00 lacs).
    • Overdraft:
      • Minimum: Rs.10.00 lacs,
      • Maximum: 24 times NMI (subject to maximum of Rs 15.00 lacs).
      • The OD will be subject to monthly reduction in DP so that DP becomes NIL in 60 months.
    • Repayment Period:

      The minimum repayment period that a borrower can take is 6 months. The maximum repayment period that he/ she can take is 60 months or residual service period, whichever is less.

    • Margin : Nil
    • Third Party Guarantee : Nil
    • Security : Nil
    • Provision for second loan:
    • A borrower can avail a second loan after 1 year of availing the 1st loan. This is under the condition that the first loan has been satisfactorily conducted and the repayment of the first loan has been regular. Not more than two Xpress Credit Loans can be availed by one borrower. However this is subject to the overall EMI/NMI ratio of 50%.

    SBI Xpress Credit Personal Loan Eligibility

    • The minimum net monthly income that an applicant must be earning to be eligible for the SBI Xpress Credit Personal Loan is Rs.7500/-.
    • EMI/NMI Ratio should not exceed 50
    • SBI Xpress Credit Personal Loan is offered to employees who are employed in the following categories and maintain salary account with SBI at zero margin:
    1. Quasi-Government
    2. Central and state Government
    3. Central PSUs
    4. Educational Institutions of National Repute
    5. Profit making State PSUs
    6. Selected Corporates

    Interest Rate for SBI Xpress Credit Personal Loan

    Scheme Name Check off Rate of Interest
    Xpress Credit Personal Loan Category I: Full Check-off 330 - 380 bps above 2 year MCLR i.e., 12.55% - 13.05% p.a. currently
    Category II: Partial Check-off 430 - 480 bps above 2 year MCLR i.e., 13.55% - 14.05% p.a. currently
    Category III: No Check-off 530 - 580 bps above 2 year MCLR i.e., 14.55% - 15.05% p.a. currently

    Other Charges/Fees for SBI Xpress Credit Personal Loan

    • Penal Interest:

      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.

    • Processing Fees: 1% of the Loan Amount + applicable Service Tax
    • Prepayment Charges:

      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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