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How to Get Instant Cash of up to Rs 25 Lakh with SBI’s New Scheme |SBI Xpress Flexi Personal Loan

Are you looking for a personal loan that offers you flexibility, convenience, and low interest rates? Do you want to get an overdraft facility that allows you to withdraw money as and when you need it? If yes, then you should consider applying for SBI Xpress Flexi Personal Loan.

SBI Xpress Flexi Personal Loan is a special overdraft facility offered by State Bank of India (SBI) to salaried individuals who have a diamond or platinum category salary account with the bank. Whether it’s a wedding or a vacation, unplanned emergency or planned purchase, you can get an overdraft facility of up to Rs 25 lakh under SBI Xpress Flexi Personal Loan and use it for any purpose.

In this article, we will tell you everything you need to know about SBI Xpress Flexi Personal Loan, including its features, benefits, eligibility criteria, interest rates, processing fee, and how to apply for it online.

Features of SBI Xpress Flexi Personal Loan

SBI Xpress Flexi Personal Loan has the following features:

  • Overdraft facility: You can get an overdraft facility of up to Rs 25 lakh, subject to 24 times your net monthly income and EMI/NMI ratio of up to 65%. You can withdraw money from your overdraft account as and when you need it, and repay it as per your convenience.
  • Reducing drawing power: The drawing power of your overdraft account reduces every month by 1/72nd of the sanctioned limit. This ensures that you repay the loan within the stipulated tenure of 6 years.
  • Deposit surplus funds: You can deposit any surplus funds in your overdraft account to reduce the interest burden. The interest is calculated on the daily outstanding balance in your account, so the more you deposit, the less you pay.
  • Auto liquidation: The overdraft account gets automatically closed at the end of the loan tenure, and any outstanding balance is debited from your salary account.
  • Low interest rates: SBI Xpress Flexi Personal Loan offers low interest rates ranging from 11.30% p.a. to 12.85% p.a., depending on your salary package and credit score. The interest rates are 0.25% higher than the SBI Xpress Credit scheme for diamond and platinum salary package customers.
  • Low processing charges: SBI Xpress Flexi Personal Loan charges a processing fee of up to 1.50% of the loan amount (subject to a minimum of Rs 1000 and a maximum of Rs 15000), plus GST. However, as a special offer, the processing fee is waived up to 31st January 2024.
  • Minimal documentation: SBI Xpress Flexi Personal Loan requires minimal documentation, such as identity proof, address proof, income proof, and bank statement. You can submit these documents online or at your nearest SBI branch.
  • No annual maintenance charges: SBI Xpress Flexi Personal Loan does not charge any annual maintenance charges for maintaining the overdraft account.
  • No hidden costs: SBI Xpress Flexi Personal Loan does not have any hidden costs, such as prepayment penalty, foreclosure charges, or security or guarantor requirement.

Benefits of SBI Xpress Flexi Personal Loan

SBI Xpress Flexi Personal Loan has the following benefits:

  • Flexibility: You can use the overdraft facility for any purpose, and withdraw and repay money as per your convenience. You can also deposit surplus funds in your account to save on interest.
  • Convenience: You can apply for SBI Xpress Flexi Personal Loan online through the SBI website or the YONO app, or offline at your nearest SBI branch. You can also check your loan status, balance, and transactions online or through the app.
  • Affordability: SBI Xpress Flexi Personal Loan offers low interest rates and processing charges, and does not have any annual maintenance charges or hidden costs. You can also avail a festive offer of 0.50% extra concession in interest rate till 31st December 2023.
  • Security: SBI Xpress Flexi Personal Loan does not require any security or guarantor, and is backed by the trust and reputation of SBI, the largest public sector bank in India.

Eligibility Criteria for SBI Xpress Flexi Personal Loan

To be eligible for SBI Xpress Flexi Personal Loan, you need to meet the following criteria:

  • You should be an individual having a diamond or platinum category salary account with SBI.
  • You should be working with central, state, or quasi governments, defense, central armed police, Indian coast guard, central or state PSUs, or corporates (private or public limited).
  • You should have a minimum net monthly income of Rs 50,000.
  • You should have a minimum credit score of 700.

How to Apply for SBI Xpress Flexi Personal Loan Online

You can apply for SBI Xpress Flexi Personal Loan online by following these steps:

  • Visit the SBI website or the YONO app and log in with your credentials.
  • Go to the personal loan section and select SBI Xpress Flexi Personal Loan.
  • Fill in the online application form with your personal, professional, and financial details.
  • Upload the required documents, such as identity proof, address proof, income proof, and bank statement.
  • Submit the application and wait for the approval.
  • Once approved, the overdraft facility will be activated in your salary account, and you can start using it.

FAQs on SBI Xpress Flexi Personal Loan

Q1. What is the maximum loan amount I can get under SBI Xpress Flexi Personal Loan?

The maximum loan amount you can get under SBI Xpress Flexi Personal Loan is Rs 25 lakh, subject to 24 times your net monthly income and EMI/NMI ratio of up to 65%.

Q2. What is the tenure of SBI Xpress Flexi Personal Loan?

The tenure of SBI Xpress Flexi Personal Loan is 6 years or 72 months.

Q3. What are the interest rates for SBI Xpress Flexi Personal Loan?

The interest rates for SBI Xpress Flexi Personal Loan range from 11.30% p.a. to 12.85% p.a., depending on your salary package and credit score. The interest rates are 0.25% higher than the SBI Xpress Credit scheme for diamond and platinum salary package customers.

Q4. What are the processing charges for SBI Xpress Flexi Personal Loan?

The processing charges for SBI Xpress Flexi Personal Loan are up to 1.50% of the loan amount (subject to a minimum of Rs 1000 and a maximum of Rs 15000), plus GST. However, as a special offer, the processing fee is waived up to 31st January 2024.

Q5. How can I check my SBI Xpress Flexi Personal Loan status, balance, and transactions?

You can check your SBI Xpress Flexi Personal Loan status, balance, and transactions online through the SBI website or the YONO app, or offline by visiting your nearest SBI branch or ATM.

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