Are you facing financial issues? Worry not SBI Xpress Credit Personal Loan helps you borrow a lump sum amount. And this is very easy, you just need to fill in an application form and submit a few documents. Once your application is approved, the same will be notified to you and the money will be disbursed to your account. For this loan, what you need is a regular source of income and valid KYC and income proof. If you meet this basic requirement, there won’t be many problems for you when a financial emergency arises. This product is designed for salaried individuals only. Let’s check out this post to know more about it.
No Security No Guarantor for SBI Xpress Credit Personal Loan
Personal loans are unsecured in nature which means the lender won’t require any assets. So if the borrower doesn’t pay the loan, instead of ceasing his/her property or other valuables, the lender will summon him to the court. So there is a consequence to non-payment of personal loan, but your valuables won’t be compromised in this.
At the time of the loan application, the bank will require your income proof to see whether you are eligible for the loan. Because for SBI Xpress Credit Personal Loan you need a minimum salary of INR 15,000. If you meet this requirement, your application will be approved without any hassle. But the one thing you should know is that the income requirement of the bank may increase with your loan limit. This is because there is no asset that the bank can use to compensate for the loan. So your income is the sole source for the bank to get the money back.
Maintenance of EMI and NMI Ratio
The EMI and NMI ratio required for the SBI Xpress Credit Personal Loan is < 50%. To understand in simple words, it is the ratio of the amount you save each month from your salary. So if the ratio is below 50%, it means you are capable of borrowing the loan amount. To calculate the EMI and NMI ratio, divide the total EMI amount by your monthly income and multiply it by 100. Do you meet the SBI’s criteria? If yes, proceed with the loan application.
What is the SBI Xpress Credit Personal Loan Rate of Interest?
The personal loan interest rate SBI is based on the two-year MCLR (Marginal Cost of Funds Based Lending Rate) which is 7.40%. Your rate of interest may vary based on your job type, such as for –
Defense, Central Armed Police and Indian Coast Guard
The rate of interest ranges from 9.80% – 11.30% taking the spread of 2.40% – 3.90% over the two-year MCLR.
Central and State Govt. Employee, Police, Railway, Central Public Sector Enterprises (CPSEs Under ‘RATNA’ Status)
The rate of interest goes from 9.80% – 12.30% with a spread of 2.40% – 4.40% over the two-year MCLR.
For Other Corporate Employees
The rate is 10.80% – 12.30% wherein the spread is 2.40% – 5.40% over the two-year MCLR.
If you compare the SBI Personal Loan Interest Rate with the other lender’s personal loan offers, you will see that the SBI offers you a good deal. And a lower interest rate means less burden on the repayment. It is the interest rate that makes the repayment difficult or easy. A higher interest rate makes the interest payout more which will impact your EMI as well. So the EMI will be hard to pay when the interest is more. In situations where the interest payment is more, what you can do is transfer your loan to SBI. The bank has a balance transfer facility. In this, your loan balance moved to SBI and a new rate will apply. This will reduce your interest payment and make the EMI affordable.