SBI Xpress Credit Loan Features | Eligibility Criteria

If you are looking for a loan, SBI Xpress Credit Loan is a good option. It offers a variety of benefits that make it worth your time and requirement.
SBI Xpress Credit Loan offers you an easy way to get the required cash in just one day, which is a great option if you need money urgently.

Though there are many instant loan options available in the market such as Mpokket Loan and Dhani Personal Loan. But these are small finance loans and high-interest chargeable loans. SBI is the most trusted bank in the country and people trust this bank blindlessly. If there is an option available with SBI bank then no one will search for any other option after that.

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What is SBI Xpress Credit Loan?

SBI Xpress Credit Loan is a credit loan issued by the State Bank of India. SBI Bank is in operation since 1955 and is one of the largest banks in India.

SBI Express Credit Loan was launched in 2021 for those customers who are in the job business and who need a loan suddenly whether to build a house, travel abroad, renovate the house, or children’s wedding, or for personal expenses. This scheme is for all the government employees and also for those working in some private and corporate companies. Under this scheme, instant loan is available.

Features of Express Credit Loan

With a full range of banking services, it is evident that SBI is one of the leading banks in India. Express Credit Loan is one of the latest facilities that they offer to their customers.
Some of the features of this loan are:

Low EMI Rates
Low Processing Fees
No collateral is required for this EMI loan
Flexible repayment options and easy documentation process
Lower interest rate
A loan of up to Rs.20 lakh is available.
No security or guarantee is required for this loan
There is no long list of documents required to apply for this loan
SBI is a trusted bank, no hidden charges
There is no limit to applying for another loan after applying for this loan.

Eligibility Criteria of SBI Xpress Credit Loan

The eligibility criteria for SBI Xpress Credit Loan are quite simple and straightforward.
To be eligible for this loan, you must be an Indian citizen and above the age of 18 years.
You must also have a bank account in India and need to maintain a current salary account in your name.
You should not already have any outstanding loan from any lender in the country.
Lastly, you have to send your residence proof details, such as passport or PAN card or Aadhar card or voter ID card, or driving license, and also submit an application form with all required documents/information about yourself.
The minimum monthly salary should be 15000.

Mandatory Employment Eligibility

Here is the list of employees who can apply for this loan
Central government employees can apply for this loan.
State Government employees or Semi-Government employees.
Central PSU’s profit-making state PSUS employees can apply for this loan.
Educational Institutions of employees of national repute.
Selected corporates with or without association with SBI Bank can apply for this loan

SBI Xpress Credit Loan Limit

This loan is available in two different modes.
1) Term Loan
2) Overdraft Loan
Term Loan Amount – If a salaried person wants a credit express loan as a term loan then he can get a loan of a minimum of 25000 to maximum 20 lakhs.

Overdraft Loan– If a salaried person wants to take a Credit Express loan in the form of an overdraft loan, then he can get a minimum of 5 lakhs to a maximum of 20 lakhs.

SBI Xpress Credit Loan Interest Rate

There are different interest rates for different segments.
Express credit card loan interest rate starts from 10.90%/annual
The interest rates for Defense/Para-Military and Indian Coast Guard range from 10.60% to 11.10%

The interest rate for overdraft facilities is 11.10% to 11.60%.
The interest rate for other citizens is 10.60% to 12.60%
The overdraft interest rate for other citizens is 11.10% to 13.10%

Apply SBI Xpress Credit Loan Here

Difference Between SBI Express Credit Loan and SBI Personal Loan

SBI Express Credit Loan is a credit product that provides instant cash to the borrower even if the credit score is not good enough. So it is best suited for those who are interested in getting a loan quickly and don’t want to wait for weeks or even months.

SBI personal loan comes with flexible repayment options and longer tenure. It is perfect for those who want to repay their loans and stay debt-free for a long time without worrying about the hike in interest rates in the future.

SBI personal loan is a great loan which is available in Rs. 20 crores and requires a guarantor along with collateral with an annual interest rate of 10%. It can be used for many purposes like buying a new property, renovating or refinancing your existing property, expanding your business, or for wedding expenses, etc.

Is SBI Credit Loan a Good Option

SBI has been in the banking industry for over two hundred years. The bank is popular due to its low-interest rates and quick loan processing.
If you are looking for a good option to get your personal loan, then you should consider SBI Express Credit Loan.

SBI Express Credit Loan is a type of personal loan that can be processed within 24 hours, which means that the process will take less time as compared to getting an unsecured personal loan these days, which is one of the most well-known reasons why People start liking this type of loan. Loan. SBI also offers better interest rates, so paying off your loan becomes easier.

This loan is available only to selected employees whose monthly minimum salary is 15000. This loan is available in two forms Term Loan and Overdraft Loan.

The interest rate is also low as compared to other lenders. An ordinary citizen can get a loan starting from a 10.60% interest rate per annum.
It is an instant personal loan and can be applied online with minimal documents. So if you are eligible for this category and need a personal loan then this is the best personal loan option for you.

SBI Express Credit Loan Customer Care Number

You can call any of these numbers 1800 1234-1800 11 2211- 1800 425 3800- 1800 2100 – 080-26599990 to inquire about Express Credit Loan. These are all toll-free numbers

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