Thinking of a Personal Loan to pay off your debts?

Take a look at State Bank of India SBI Xpress Credit (Personal Loan)

State Bank of India Xpress Credit (Loans to Salaried Employees Having Salary Accounts with SBI)

This loan helps borrowers to get funds to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. drawing salary through SBI bank account are eligible for this loan.

Features of SBI Xpress Credit

Why this Loan?

  • The SBI Xpress Credit scheme is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet urgent personal needs. The borrowers must have the salary account with SBI to be eligible for this loan
  • This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
  • This is collateral-free loan is offered as a term loan or overdraft

Loan Amount

  • The minimum loan offered under this loan scheme is Rs. 25,000 for term loan and Rs. 5 lakh for overdraft
  • The maximum loan amount offered under this loan scheme is up to twenty-four times the net monthly salary of the salaried employees or Rs. 20 lakh, whichever is less


  • The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor. As of October 2020, the interest rate applicable to this loan is not mentioned on the bank’s website


  • This loan must be repaid within 6 years


  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least two years of service
  • The salary of the employee should be routed through a Savings Bank account in SBI

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • The bank may ask for suitable third-party guarantee to secure this loan

Processing Charges

  • The bank charges 1.50% of the loan amount plus applicable tax for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns

Reference Facts

  • State Bank of India Website: and (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800