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.

Location: India

Comments

Post a Comment

Popular posts from this blog

How Checking a Free Credit Score Online Helps Approve My Loan?

-
To get a loan there are a number of factors a user needs to take care of. And one of those is your credit score. The 3-digit number makes your loan approval faster. But how to do a credit score check. You don’t need to step out of your houses to find your credit score. With the help of online credit bureaus, you can know your credit score for free. Read the article and find out which credit bureau offers you a free credit score with no extra charges on it. CIBIL v/s Experian which free credit score service is better? You can know your credit score from two of the top credit bureaus Transunion CIBIL and Experian. And to compare their services and features have a look at the below pointers. Free account for credit score check is provided by both Experian and CIBIL. Where the CIBIL process is in 3 steps Experian creates your account in 2 steps.  Using the CIBIL, you can know your credit score only but, with Experian, you can also find someone else's free credit score. For...
Read more

Top investing Franklin Templeton Mutual fund NAV schemes

-
What are franklin Templeton mutual funds? Mutual funds are the investment for the future benefit as we know, but every company or customer have different requirements. To fulfill those requirements franklin temptation offers different types of Mutual funds Scheme. Whenever the customer tries to invest in shares/stocks directly it is kind of risky and needs lots of time and research. But when he invest even a small amount in mutual fund he get the exposure in diverse equity and debt instruments. Franklin Templeton Mutual fund schemes Franklin Asian Equity Fund : This scheme creates a medium and long term capital appreciation through investing in Asian companies/sectors except japan. Investing equity funds in large sectors of Asia such as technology, pharmaceuticals, etc. High returns with low risk, compatible for business companies. The NAV of this franklin mutual fund is 13.45%. The maximum return of this scheme is 8.7%. Franklin India Corporate Debt Fund: It helps t...
Read more

Dhani Instant Personal Loan For Customers!

-
You can download the Dhani app and apply for a personal loan. You can insert your KYC and income details and get a loan in 24 hours from the Dhani app. Indiabulls provides loans to customers from INR 1,000 to 15 lakh for personal financial requirements. With no collateral security, you can apply for the loan online and get the benefit of instant personal loan sanction. Read and know about the details and features of Indiabulls personal loan. Lowest interest rate for fund requirements! Indiabulls gives the lowest interest rate to your loan that is starting from 13.99% per annum. And you can pay the loan and interest rate of your instant personal loan in equated monthly installments. The maximum duration of 3 years if offered to the customers to pay the entire loan in EMI. You aren’t liable for any repayment on your loan, if you borrowed a loan less than or equal to INR 20,000. You can compute the EMI of your personal loan using the online calculator. Just insert your details of t...
Read more