SBI XPRESS Bandhan Personal Loans - Features and Benefits
Getting a loan approved used to be one of the most time consuming and stressful activities in someone's financial life. However, State Bank of India is trying to change this long-held notion. Recently, SBI has launched 2 loan schemes: SBI XPRESS Credit and SBI XPRESS Bandhan Personal Loan Scheme.
SBI XPRESS Bandhan Loan is targeted at salaried people not maintaining any salary accounts with State Bank of India.
Types of Loans
State Bank of India offers two different kinds of loans. They are as follows:
- Term Loan: A minimum of INR 25,000 and a maximum of 24 times the Net Monthly Income can be availed as a term loan. This is subject to a maximum of INR 15 lakhs.
- Overdraft: A minimum of INR 5 Lakhs and a maximum of 24 times the Net Monthly Income can be availed as a part of the Overdraft. This is also subject to INR 15 Lakhs.
Who can Avail?
Anyone belonging to the categories mentioned below can avail the SBI XPRESS Bandhan Loan.
- Employees working with Central/ State Governments/ Defence Establishments
- Quasi-Government Bodies
- Public Sector Undertakings
- Educational Institutions of National Repute
- Select Rated Corporates
Fees & Charges
- A processing fee of 1% Loan + Service Tax is charged
- No hidden charges
- No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan
- Minimum Gross Monthly Income (NMI) of INR 50,000
- EMI/Net Monthly Income Ratio should not exceed 50%
- No requirement of maintaining Salary account with State Bank of India
The interest rate on Bandhan loans falls in the range of 12.15% to 15.15%. For detailed interest rates, visit this page.
Maximum 60 months or residual service period whichever is less.
- Duly filled loan application
- 3 passport-size photographs
- Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
- Proof of Residence (Current Address Proof)
- Bank Statement for last 6 months