SBI Xpress Credit Loan Interest Rate @11.05%, Apply Online Now

One of the loan services offered by the State Bank of India is called Real Time SBI Xpress Credit Loan.

To salaried individuals whose salary account is managed by the State Bank of India, an Xpress Credit Personal loan is provided without any dilemma through the SBI YONO mobile application, which you can use to pay for home renovation, medical bills, education expenses, etc.

Xpress Credit Loan SBI offers competitive interest rates, adaptable repayment options, and the distinct advantage of not requiring collateral or co-signer.

Here, we will walk through the features, benefits, and charges of the SBI Xpress Credit Loan interest rate.

SBI Xpress Credit Loan Review

Xpress Credit Loan Interest Rate	Competitive Interest Rate starting from 11.05% per annum.
Loan Amount	Rs 25,000 to Rs 20 Lakhs
Tenure	6 to 72 months
Processing Fee	Real-Time Xpress Credit = 15,000 Real Time Xpress Credit-Elite = 1,00,000
Age	21 to 58 Years
Monthly Salary	Real Time Xpress Credit = 15,000 Real Time Xpress Credit-Elite = 1,00,000
Margin & Security	Nil
SBI Xpress Credit Loan Customer Care Number	1800-11-2211

SBI Xpress Credit Loan Interest Rate

SBI Xpress Credit Loan is a personal loan scheme for salaried individuals with a salary account with SBI. According to the SBI YONO mobile application, the SBI Xpress Credit Loan interest rate ranges between 11.05% – 14.05% depending on the monthly income, loan amount, tenure, and credit history of the borrower.

Work Profile	Interest Rates (p.a.)
Xpress Credit (Defence/Central Armed Police/Indian Coast Guard)	11.05% – 12.55%
Central Govt./ State Govt./ Police/Railway/CPSEs Considered Under ‘RATNA’ Status	11.05% – 13.55%
Applicants of Other Corporates	12.05% – 14.05%
Xpress Elite (Salary Account with SBI)	11.05% – 11.55%
Salary Account With another Bank	11.30% – 11.80%
Xpress Credit Insta Top-Up Loans	12.15%

The interest rate is subject to a 0.50% concession for defense, para-military, Indian Coast Guard, and IT employees and a 0.25% concession for borrowers applying for loans more than or equal to Rs 10 lakh.

Festive season: 0.50% additional concession in interest rate till 31st December 2023.

Fee & Charges

Interest Rate	11.05% to 14.05% per annum.
Penal Interest for Overdue Amount	In the event of default, a penal interest rate of 2% per annum will be applied to the overdue amount for the duration of the default.
Prepayment Charge	If you choose to prepay a portion of your loan, a 3% prepayment charge will be levied on the prepaid amount.
No Prepayment/Foreclosure Charges	No prepayment or foreclosure charges will be imposed if you decide to close your account using the proceeds from a new loan account under the same scheme.
Stamp Duty	According to State Law

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Features of SBI Xpress Credit Loan

Loan Amount: The State Bank of India provides loan amounts up to Rs 20 lakh under this scheme. If you have a salary savings account with SBI, then you can avail this amount to meet your personal needs.

Interest Rate: SBI Xpress Credit Loan is given to salaried savings account holders with a credit score, monthly salary, and good relationship with the bank, so banks trust them and offer attractive interest rates ranging from 11.05% to 14.05% on Xpress Credit loans.

Minimum Documents: Since the borrower has a salaried account with SBI, the borrower is not required to provide such documents. He can get a personal loan by filling out his form and completing the KYC process.

Without Guarantee: One advantage of an SBI Personal Loan is that it does not require any security or guarantee from the borrower. You do not need to pledge any asset or property as collateral or give assurance to any third party to avail of the loan.

Purpose: SBI Xpress Credit Loan is a personal loan scheme that can be used for any legitimate purpose other than speculative.

Processing Fee: The processing fee for the Xpress Credit loan SBI is 1.50% of the loan amount plus GST. This fee is deducted from the loan amount at the time of disbursement.

Festive Season: Zero processing fee till 31^st January 2024.

Eligibility Criteria for SBI Xpress Credit Loan

The State Bank of India offers this loan service for salaried individuals, so the eligibility criteria you need to follow here are related to your salary.

1. Central and State Government Semi-Government Defence, Paramilitary, Indian Coast Guard Educational institutions of national repute
2. The employee should be a regular/permanent employee with a minimum 1-year service period.
3. The account should be in a single name and comply with the KYC norms of the bank.
4. None of the existing loan amounts with the bank should be RG-2 and above.
5. Must be primary account holder & salary must be credited to the given salary account.
6. Minimum Net Monthly Income: The minimum Net Monthly Income of the Employee should be Rs 15,000 for Real-Time Xpress Credit & Rs 1,00,000 for RTXC-Elite.

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Documents Required Xpress Credit Loan SBI

1. Copy of the Identity Card issued by the employer
2. Permanent Account Number of the borrower or Form 60
3. At least one copy of officially valid documents, as proof of his identity & current address: Driving License, Proof of possession of Aadhar Nuber, Voter’s identity card,
4. Job Card issued by the NREGA duly signed by an officer of the state government.
5. Letter issued by the National Population Register Containing details of name & address.
6. If the OVD furnished by the customer does not contain the updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address: Two months of any service provider bill (Electricity, Telephone, post-paid mobile phone, piped gas, water bill)

How to apply for an SBI Xpress Credit Loan?

The process of applying for a loan is easy and convenient. You can apply for this loan through the SBI YONO mobile application by following easy steps.

1. First, log in to your account through the SBI YONO application.
2. Click on the three lines on your left and select the Personal Loan section.
3. Now click on the Apply Now button.
4. Enter your PAN number and date of birth, and click on the submit button.
5. Enter the loan amount and enter your employment details.
6. Upload your photo proof.
7. You will now see the eligible loan amount and tenure. Choose the loan amount as per your needs.
8. Read the terms and conditions and click on the Accept button.
9. An OTP will come on your mobile, enter it.
10. Upload your documents or select the branch and submit your application.
11. Visit the bank with the reference number and necessary documents.
12. The loan amount will be transferred to your savings account within no time.

SBI Personal Loan Customer Care Number

If you have any queries related to SBI Personal Loan, you can dial 1800-11-2211 for more information. Give a missed call to 7208933142 or SMS “Personal” to 7208933145 to get a call back from the SBI Contact Centre.

FAQs Related to SBI Xpress Credit Loan