Personal Finance News

SBI launches Xpress Credit Personal Loan Facility

SBI customers can now avail instant disbursal with minimal documentation through launch of SBI’s Xpress Credit Personal Loan facility.

Currently, the interest rate on this SBI loan is at 9.60%.

The eligibility criteria for availing this facility require customers to hold a salary account with SBI with a minimum monthly income of Rs 15,000.

To apply for the Xpress Credit personal loan from SBI, customers can give a missed call on this number- 720893314 from their smartphone.

Customers can also send an SMS by typing “PERSONAL” (without quotes and in caps) on this number -7208933145 to get a call back from the SBI contact centre.

Moreover, in order to be eligible for application, the EMI/NMI Ratio should be less than 50 percent.

The minimum term loan amount is required to be Rs.25,000 with maximum Loan amount not exceeding 20 lakhs / 24 times NMI.

Also, minimum overdraft loan amount should not be less than Rs.5Lakhs with maximum overdraft loan amount not exceeding Rs.20 lakhs / 24 times NMI.

However, second Loan is eligible any time after disbursement of first loan which is subject to the overall EMI/NMI ratio of 50 percent.

It is to be noted that the second Loan is eligible only on regular EMI repayments of the first loan.

Further, it necessitates that employees work with Central/ state/ quasi government, Central PSUS and profit making state PSUS, Educational institutions of national repute.

Some of the features of this loan includes loan up to 20 lakhs, low interest rates, interest on daily reducing balance, zero hidden costs, no security, no guarantor etc.

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