Policies, Codes & Other Documents
If you're hesitating to plan that long-awaited family holiday, renovate your house or are stressing about how you will meet your medical expenditure, it’s time to take a sigh of relief. Because there is a way, you can do all that without dipping into your savings.
State Bank of India (SBI) offers the Xpress credit loan scheme. This scheme allows you to take out a loan for any big-ticket purchase and keep your savings away for a rainy day. Whatever your need, this personal loan can help you with it.
And so, here we’ll discuss everything you need to know about this govt. personal loan scheme. Let’s begin!
This govt personal loan scheme offers individuals instant loans to meet their financial needs. Individuals can get a loan of up to 20 Lakh under the scheme. The interest charged ranges from 10.65% to 14.15% p.a. The loan tenure is for a minimum of six months and a maximum of six years. The express credit loan’s meaning is instant credit with ease. Its key features include no collateral, minimal documentation, low processing fees and attractive interest rates. Now, let’s look at the eligibility criteria.
The Xpress credit loan can be applied for by individuals meeting the following eligibility criteria.
If you meet the eligibility criteria, the next step is filling up the application form. You can download this from SBI’s official website or collect it from your nearest SBI bank branch. The application form requires details like name, age, address, income, work profile and the like. Ensure all details are correct and legibly written to get your loan application approved quickly.
To benefit from this govt. personal loan scheme, you will need to accompany your application form with the required documents.
When applying for an Xpress credit loan, certain additional fees are also levied by SBI. These are as follows.
SBI charges 1% of the loan amount and the applicable service tax as a processing fee under the instant credit scheme.
There is no penal interest for loans amounting to Rs 25,000 and below. However, for loan amounts more than Rs 25,000, individuals will be charged a penal interest where the discrepancy exceeds the EMI amount and for more than a month.
The penal interest will be 2% p.a., in addition to the interest rate charged for the loan. However, the penal interest will not be levied where a portion of the instalment or EMI remains overdue.
In case the borrower wants to close the account before the term ends, they will have to pay 3% as repayment charges. It will be charged on the prepaid, irrespective of whether the borrower repays the EMI in part or complete before the end of the term.
However, this charge can be avoided if the borrower uses the proceeds of a new loan granted under this scheme.
The Xpress credit loan’s meaning is an instant loan to meet your financial needs immediately. By following the application procedure and submitting the required documents, you can receive your personal loans within days.
Personal loans are a great way to finance large purchases, emergency expenses, debt consolidation, etc. And we at Tata Capital can also help you with that. By offering personal loans at attractive interest rates, we help you live today without sacrificing tomorrow.
To learn more, visit our website and apply for a loan today!
Policies, Codes & Other Documents