SBI Scheme: According to the website of SBI, for this customized personal loan of the bank, the customer should have a salary account in any bank. His minimum net monthly salary should not be less than Rs.15,000.
SBI Scheme: If you have a salary account in State Bank of India (SBI), then you get special facilities from the bank. SBI offers a customized personal loan product (SBI’s Xpress Credit Personal Loan) for salaried account holders. In this, instant personal loan approval is done according to the eligibility for wedding, holidays, emergency, planned expenses. Customers get loans at concessional interest rates with minimum documents without any guarantee.
Who can get benefit
According to the website of SBI, for this customized personal loan of the bank, the customer should have a salary account in any bank. His minimum net monthly salary should not be less than Rs.15,000. The bank says that the person applying for the loan should be an employee of Central, State or Semi-Government, Central or State PSU, Corporate or National level Educational Institutions. In this the EMI/NMI ratio will be less than 50 per cent. According to SBI, no security or guarantee will be required for these personal loan products designed for salaried customers.
Loan Amount
Under the express credit personal loan scheme of SBI, a minimum term loan of Rs 25,000 and a maximum loan of Rs 20 lakh can be availed. In this, the maximum loan cannot exceed 24 times the net monthly income of the customer or Rs 20 lakh. On the other hand, the overdraft loan amount can have a minimum of 5 lakhs and a maximum of 20 lakhs/24 times NMI. In this, the second loan will be available only when you have repaid the first loan. Also, only those who make regular EMI payments in the first loan will be eligible for the second loan.
SBI loan scheme interest rates
Interest rates under the Xpress Credit Personal Loan scheme for SBI salaried customers will start from 10.90%-12.40% per annum. The bank says that the customer does not have to pay any hidden charges in this. The processing fee will also be very less. The repayment tenure of this special SBI personal loan will be a minimum of 6 months and a maximum of 6 years or the remaining period of service, whichever is less.
(Note: An information about this scheme of SBI has been given. Before applying for the loan under the scheme, please check the interest rate, penalty, processing fee and other KYC related information from the bank.)
