Should You Apply for SBI Xpress Credit Personal Loan?

State Bank of India (SBI) Personal Loan is a tool by which you can get funds for wedding, travel, besides emergency cash to tackle the financial mess you are up against. Offered without a collateral, SBI provides personal loans under the brand name of Xpress Credit. The loan comes with a low processing fee and at varied interest rates to suit your budget. You can apply for the loan easily taking the online route or the branch. Let’s take a close look at SBI Xpress Credit Personal Loan in this article.

What is SBI Xpress Credit Loan Interest Rate?

The Xpress Credit Personal Loan is offered to defence personnel, IT employees, SBI salary account holders, non-permanent employees, etc, at varied interest rates for a period of as long as 5 years. Defence personnel can get an interest rate of 12.05%-12.55% per annum to service the personal loan. Other applicants are offered 12.05%-15.05% interest rate to pay the personal loan EMI, which stands for Equated Monthly Installment. The bank offers loans to IT employees at interest rates of 13.45%-15.45% p.a. SBI salary account holders can apply at 11.05%-12.55% per annum. Those not having the salary account of the largest lender would need to pay the loan at 11.30%-12.80%. The interest rate of 12.95%-15.05% would be offered to non-permanent employees (NPEs).

How to Use SBI Personal Loan Calculator?

The loan carries math with itself, and if not looked into, can make one pay more than otherwise. Not having an idea of the estimated monthly installment in advance can disturb your finance to a degree. To ensure the repayment estimates are clear to you in every sense of the word, it’s important you use the SBI Personal Loan EMI Calculator, which you can find online.

By simply entering the loan amount, interest rate and tenure, you can figure out the repayment estimates pertaining to SBI Personal Loan. The EMI, which is an addition of both interest and principal towards a loan, would be shown on the screen. At the same time, you can see the total interest payable to the bank.

The calculator gives you an opportunity to experiment with different figures to choose the right loan payment schedule. Find different repayment estimates choosing different loan and tenures keeping the interest rates constant. You can exude joy by cutting down the EMI by choosing a long tenure. However, as you finish the loan and give a look at the repayment schedule, you would realize the mistake of paying more interest. But, by then, it will be too late. Look whether choosing a shorter tenure is curtailing the interest outflow by how much. And whether you can accommodate the increase in the monthly installment amount, in the wake of a reduced tenure. You can test all that and more using the calculator.

SBI Personal Loan Apply Online

You can apply for the loan online easily. The process is elaborated below. Take a look.

• Visit the official SBI website
• Go to ‘Xpress Credit Personal Loan’ page
• Click on ‘Apply Now Online’ right at the top
• Fill the required details such as the purpose for which you want to obtain this loan, name, mobile number and notify whether you have an existing relationship with the bank
• Tick on the checkbox authorizing SBI or its representatives to call or text you regarding the application
• Click on the ‘Submit’ button

Your application for SBI Xpress Credit Personal Loan gets processed with the steps described above. The bank would go through the details thoroughly, call you and then send an executive to pick the following documents to process the application further.

Identity Proof - PAN Card/Voter ID/Aadhaar Card/Driving License/Passport

Residence Proof - Voter ID/Aadhaar Card/Driving License/Passport/Utility Bill

Income Proof - Latest salary slips

Bank statement for the last 3-6 months

Passport size photographs

Now, the online details submitted would be matched from your documents. Only when the details tally does the bank approve the loan.