(FAQ) XPRESS CREDIT
Q. What are my loan limits?
A. Minimum Loan amount: -
B. Maximum Loan amount: -
24 times Net Monthly Income (NMI) except employees of Pvt./Govt. Aided Schools where it is 12 times Gross Monthly Income (GMI)
[Max ceiling of Rs 15 lacs subject to applicable EMI/ NMI ≤ 50% for all categories]
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 loan separately.
Q. What are the important documents that I need to provide?
A. You will need to furnish only the following documents if you are an existing customer of the Bank:
In case customer submits Aadhaar/ Voter ID / Passport / Driving License as proof of residence, the same should serve as Proof of ID also and no separate document needs to be submitted
Q. Do I have to pledge some form of security?
A. No security is required.
Q. What is the repayment schedule like?
A. The minimum amount that you are expected to pay every month is the EMI
Q. What is EMI?
A. EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the 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?
A. No, the loan is provided on fixed rate of interest, linked to 2-Y MCLR of the Bank.
Q. How does SBI Personal loan compare with those offered by other banks?
A. There is total transparency with regard to the rate of interest and the fees charged by us.
Q. How do I benefit if the interest is calculated on a daily/monthly reducing balance?
A. 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/monthly 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.