SBI Xpress Credit Personal Loan

SBI Xpress Credit Personal Loan

SBI provide Xpress Credit Personal Loan for fulfill the urgent funds requirement. Here is the full details of the scheme :

SBI Advantage:

• Low interest rates. Further, we charge interest on a daily reducing balance!!
• Low processing charges;
• No hidden costs /administrative charges.
• No security required, minimal documentation…something that you had always wanted.
• No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.

Features

Purpose

SBI provide personal loans to the employees of under noted entities maintaining salary account with us at zero margin, and very competitive interest rates with fast and easy processing:

• Central and state Government
• Quasi-Government
• Central PSUs
• Profit making State PSUs
• Educational Institutions of National Repute
• Selected Corporates

Income

• Minimum NMI: Rs.7500/-
• EMI/NMI Ratio should not exceed 50

Loan Amount

(i) Term Loan:

Min: Rs.24,000/-

Maximum: 24 times NMI subject to maximum of Rs 15.00 lacs.

(ii) 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

Note: Maximum loan amount for School Teachers is capped at 12 months Gross Salary both under Term Loan and Overdraft facility

Repayment Period

Min 6 month

Maximum 60 months or residual service period whichever is less

Provision for 2nd Loan

Second Loan can be taken after 1 year of disbursement of the 1st loan provided the 1st loan has been satisfactorily conducted and is regular at the time of sanction of 2nd Loan. There cannot be more than 2 Xpress Credit Loans standing in the name of a borrower. However this is subject to the overall EMI/NMI ratio of 50%

Margin : Nil

Security : Nil

Third Party Guarantee : Nil

Charges/Fees

Processing Fees

1% of the Loan Amount + applicable Service Tax

Penal Interest

Penal interest will not be charged for loans up to Rs.25, 000.

For Loans above Rs.25000/-, if the irregularity exceeds EMI or installment amount, for a period of one month, then penal interest would be charged @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default. If part installment or part EMI remains overdue then penal interest will not be levied.

Prepayment Charges

• Any prepayment of EMIs in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on prepaid amount
• No prepayment/ foreclosure charges will be applicable if the account is closed from the proceeds of a new loan account opened under the same scheme

Interest Rate

2 year MCLR 9.20% w.e.f. 01.08.2016

Personal Loan - Fixed Interest Rate

Scheme Name	Check-off	Rate of Interest
Xpress Credit	Full Check-off (Category I)	330-380 bps above 2 year MCLR i.e., 12.5%-13.00% p.a. currently
	Partial Check-off (Category II)	430-480 bps above 2 year MCLR i.e., 13.5%-14.00% p.a. currently
	No Check-off (Category III)	530-580 bps above 2 year MCLR i.e., 14.5%-15.00% p.a. currently
SBI Pension Loans (Both Variants)		3.80% above 2 year MCLR, currently 13.00% p.a.
Clean Overdraft		7.40% above 2 year MCLR, currently 16.60% p.a.

Click Here to Apply Online

Click here to view the full term & conditions of the Loan scheme or visit the official website.

Source : sbi.co.in