This is what I was told by the bank officials when I went to the SBI branch close to my home to enquire about the interest rate of SBI Xpress Credit loan. I learned about the SBI Xpress Credit loan from a friend who had taken this loan for a personal emergency. He was all praises for this loan scheme because of the low-interest rate and processing fee.
I was also in need of a personal loan, so I thought of taking this loan from SBI. When the bank officials told me about the interest rate, they also said that the specific Xpress Credit loan SBI interest rates I will be offered will depend on my creditworthiness, loan amount, and repayment tenure.
They shared the rate of interest of different Xpress Credit Loan for different kinds of salaried employees. I will give you a breakdown of the interest rates for SBI Xpress Credit Loan w.e.f. 15.07.2023.
SBI Xpress Credit Personal Loan Interest Rate
Mean ROI for Xpress Credit (Q2 FY24): 12.57%
Applicants of Defence/ Central Armed Police/ Indian Coast Guard
2 year MCLR |
Spread over 2-year MCLR |
Effective Interest Rate with No Reset |
8.65% |
2.40% - 3.90% |
11.05% - 12.55% |
Applicants of Central Govt./ State Govt./ Police / Railway/ Central Public Sector Enterprises (CPSEs) Considered Under ‘RATNA’ Status
2-year MCLR |
Spread over 2-year MCLR |
Effective Interest Rate with No Reset |
8.65% |
2.40% - 4.90% |
11.05% - 13.55% |
Applicants of Other Corporates
2-year MCLR |
Spread over 2-year MCLR |
Effective Interest Rate with No Reset |
8.65% |
3.40% - 5.40% |
12.05% - 14.05% |
I have also checked their website and I got to know that you can avail of a concession of 0.50% on the interest rate if you are a salary account holder with SBI, till 31st December 2023 & Zero Processing Fee till 31st January 2024.
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What is the Interest Rate of SBI Xpress Credit?
Kajal
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2023-11-24T17:05:56+00:00 2023-11-24T17:05:56+00:00Comment
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