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.
Ans: The customer care number on which you can call are 1800 112 211, 1800 425 3800, and 080 2659 9990. You can call on any one of the following numbers to get in touch with a customer care executive from the bank and place your query.
Ans: In addition to the customer care phone numbers, you can also get in touch with the bank by using the SMS feature. In this case, you would be required to type ‘UNHAPPY’ and send the message to 800 8202 020. You can also write to the Customer Service Department of State Bank of India (SBI).
Ans: No, you will not be eligible for the SBI Xpress Credit Personal Loan. This loan is applicable only for salaried individuals.
Ans: Yes, you can prepay your SBI Xpress Credit Personal Loan. However, a nominal prepayment charge will be applicable to the same.
Ans: A prepayment charge of 3% is charged as prepayment charges on the outstanding amount at the time of prepayment of an SBI Xpress Credit Personal Loan.
Ans: Yes, you will be eligible for a discounted rate of interest in case you are a full-time government employee for the SBI Xpress Credit Personal Loan. However, it should be kept in mind that the bank will also run a thorough check to find out if you are eligible for the same as per the other criteria quoted by the bank for the loan.
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