SBI XPRESS Credit Personal Loans - Features and Benefits

The SBI XPRESS Credit Personal Loan caters to all your personal needs and makes funds readily available to you for your personal use. It has no hidden costs/charges. Additionally, you can avail this loan with minimal documentation. Lastly, it comes with low interest rates and processing fees.

Types of SBI 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?

The SBI XPRESS Credit Personal Loan offers loan to the people falling under the following categories:

  • Central and State Government
  • Quasi-Government  
  • Central PSUs
  • Profit making State PSUs
  • Educational Institutions of National Repute
  • Selected Corporates who have a business relationship with the Bank
  • Corporates who do not have a business relationship with the Bank as well as do not have ECR, subject to certain terms and conditions.               

Fees & Charges

  • Processing Fee: A processing fee of 1% Loan + Service Tax is charged.
  • Penal Interest: A penal interest of 2%  p.a. would be charged over and above the applicable interest rate on the overdue amount for the period of default. If part instalment or part EMI remains overdue then penal interest should not be levied.
  • Prepayment Charges: A 3% charge on the prepaid amount will be levied on any prepayment of EMIs in full or in part and closure of account before the end of a term. However, 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.
  • Margin: Nil
  • Security: Nil
  • Third Party Guarantee: Nil

Eligibility Criteria

  • Minimum Net Monthly Income(NMI) of INR 5,000
  • EMI/NMI Ratio should not exceed 50%

Interest Rate

The interest rate for XPRESS Credit loans falls in the range of 11.15%  to 15.15%. For detailed interest rates, visit this page.

Repayment Period

 Maximum 60 months or residual service period whichever is less.

Provision for 2nd Loan


You can apply for Second Loan 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.    

Documents Required

  • 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