FAQ Personal Loan - Faq's

A.Minimum Loan amount:-

Rs 25,000

B.Maximum Loan amount:-

Rs 30.00 lacs under Xpress Credit and Rs 35.00 lacs under Xpress Elite subject to 24 times Net Monthly Income (NMI) and applicable EMI/ NMI ratio (50%/ 55%/ 60% /65%) for all categories.

No, spouse income cannot be added for calculating loan amount. However, if eligible, spouse may apply for another loan separately.

• Latest passport size photographs – 2
• Copy of identity card issued by the employer
• Bank account statement if the salary account is not maintained with SBI.
• Last 6 months' salary slip or latest Form 16 (in case of Income Tax Payee)
• Permanent Account Number (PAN).
• At least one copy of the Officially Valid Documents (OVDs) mentioned below, as proof of identity and current address:
  • i. Passport
  • ii. driving license
  • iii. Proof of possession of Aadhaar Number
  • iv. Voter's Identity Card issued by Election Commission of India
  • v. Job card issued by NREGA duly signed by an officer of the State Government.
  • v. Letter issued by the National Population Register containing details of name and address

A. No security is required.

A. The maximum repayment period is of 6 years or remaining period of service (whichever is lower).

EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Use the EMI calculator click here 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.

• Any prepayment of EMIs in full or in part and closure of account before 3 years will attract the prepayment charges of 3% on prepaid amount.
• 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.
• In case of Defense customers, 100% waiver of prepayment/ foreclosure charges to be applicable irrespective of the loan tenure.

• Processing fee is 1.50% of the Loan Amount + applicable GST (Min. Rs 1000 plus GST, Max. Rs 15000) [waived/ discounted for certain category of customers]
• Applicant will also be liable to bear the actual expenses pertaining to Stamp duty as per State Stamp Act. There are no other hidden charges.

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

• There is total transparency with regard to the rate of interest and the fees charged by us.
• We offer personal loans at the competitive rates of interest, with no security or collateral
• We provide finance for any personal need or requirement, amount being determined on the basis of repaying capacity and not for any speculative purpose.
• We levy interest based on daily reducing balance, unlike the annual reducing balance method used by several other banks.

• On an annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year.
• In the case of the daily reducing balance, which is the methodology we employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly.