(FAQ) XPRESS CREDIT
Q. What are my loan limits?
A. Minimum Loan amount: -
B. Maximum Loan amount: -
₹ 20.00 lacs subject to 24 times Net Monthly Income (NMI) and applicable EMI/ NMI ≤ 50% for all categories [except employees of Govt. Aided Schools where it is 12 times Gross Monthly Income (GMI)]
Q. Can my spouse’s income be included for calculating the loan amount?
A. No, spouse income cannot be added for calculating loan amount. However, if eligible, spouse may apply for another loan separately.
Q. What are the important documents that I need to provide?
A. You will need to furnish only the following documents along-with Loan Application Form:
Q. Do I have to pledge some form of security?
No security is required.
Q. What is the repayment period like?
The maximum repayment period is of 6 years or remaining period of service (whichever is lower).
Q. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator https://bank.sbi/portal/web/home/emi-calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
Q. Can I prepay the loan? Are there any penalties?
Q. What is the processing fee? Are there any other charges?
Q. Do I have the option of choosing a fixed or floating rate for the loan?
No, the loan is provided on fixed rate of interest, linked to 2-Yr MCLR of the Bank. Click here for latest rate of interests https://bank.sbi/portal/web/interest-rates/other-schemes
Q. How does SBI Personal loan compare with those offered by other banks?
Q. How do I benefit if the interest is calculated on a daily/monthly reducing balance?