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.
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.
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%.
|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|
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.
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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