Loans to Salaried Employees

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Loans to Salaried Employees having salary accounts with SBI
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Whether it’s your wedding or a vacation, unplanned emergency or planned purchase, get quick approval and instant disbursal with minimal documentation through SBI’s Xpress Credit Personal Loan for all your needs.

Dial 1800-11-2211 for more information/ applying through Contact Centre
Give a Missed Call on 7208933142 or SMS “PERSONAL” on 7208933145 to get a call back from our Contact Centre

Festive Dhamaka: Zero Processing Fee till 31st January 2025. Avail now!

Features

  • Loan up to 30 lakhs.
  • Low interest rates.
  • Interest on daily reducing balance.
  • Low processing charges.
  • Minimal documentation
  • Zero hidden costs.
  • Provision for second Loan
  • No security, no guarantor.

Eligibility

  • Individuals with Salary Account with SBI.
  • Minimum monthly income Rs. 25000/-
  • EMI/NMI Ratio upto 60%
  • Employees working with
    • Central/ state/ quasi government,
    • Central and State PSUs
    • Educational institutions of national repute,
    • Selected corporates with or without relationship with the bank.
  • Term Loans Amount
    • Minimum Loan Amount – Rs. 1 lakh
    • Maximum Loan Amount – Rs. 30 lakhs / 24 times NMI

 


Terms and Conditions

  • Penal Charges: In the event of default in payment of any instalment or any irregularity in the loan account, penal charges at following rate will be applicable:
    • Irregularity upto 60 Days: 2.40% per annum on the irregular portion for the period of irregularity.
    • Continuous irregular for a period beyond 60 days: 5% per annum on the outstanding for the period of irregularity.
  • Prepayment charges :
    • Any prepayment of EMI in full or in part and closure of account before the end of term will attract the prepayment charges of 3% on the prepaid amount. However, no pre-payment charges to be levied if the Loan Account is closed after the completion of Loan tenure of 3 years;
    • In case of defense customers, 100% waiver of prepayment charges to be applicable if the loan is closed after 6 months from date of sanction;
    • In case of Government/ Corporate sector customers, no prepayment charges if the loan is closed after 6 months from date of sanction from the proceeds of a new loan account opened under the same scheme with the Bank.
    • No prepayment charges under this scheme for Platinum and Rhodium variant of Corporate Salary Package customers if the loan is closed after 6 months from the date of sanction.
    • Pre-payment penalty of 3% on prepaid amount (in case of prepayment) to be levied in case of all takeover cases by other banks, irrespective of the tenure (including defense customers).
  • Repayment period:
    • Minimum : 6 months
    • Maximum : Maximum 84 months.
    • Loan to be closed on or before the Date of Retirement/ Date of End of Contract/ 60 years of age, as applicable.

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Last Updated On : Wednesday, 30-10-2024

Interest Rates

Start From

 

11.45% p.a.*

*T&C Apply.

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