If you have a salary account in the State Bank of India (SBI), then you get special facilities from the bank. SBI offers a customized personal loan product (SBI's Xpress Credit Personal Loan) for salaried account holders. In this, instant personal loan approval is done according to the eligibility for weddings, holidays, emergencies, and planned expenses. Customers get loans at concessional interest rates with minimum documents without any guarantee.

SBI Personal Loan: Who can get the benefit
According to the website of SBI, for this customized personal loan of the bank, the customer should have a salary account in any bank. His minimum net monthly salary should not be less than Rs.15,000. The bank says that the person applying for the loan should be an employee of Central, State or Semi-Government, Central or State PSU, Corporate or National level Educational Institutions. In this, the EMI/NMI ratio will be less than 50 per cent. According to SBI, no security or guarantee will be required for these personal loan products designed for salaried customers.

SBI Personal Loan: Loan Amount
Under the express credit personal loan scheme of SBI, a minimum term loan of Rs 25,000 and a maximum loan of Rs 20 lakh can be availed. In this, the maximum loan cannot exceed 24 times the net monthly income of the customer or Rs 20 lakh. On the other hand, the overdraft loan amount can have a minimum of 5 lakhs and a maximum of 20 lakhs/24 times NMI. In this, the second loan will be available only when you have repaid the first loan. Also, only those who make regular EMI payments on the first loan will be eligible for the second loan.

SBI loan scheme interest rates
Interest rates under the Xpress Credit Personal Loan scheme for SBI salaried customers will start from 10.90%-12.40% per annum. The bank says that the customer does not have to pay any hidden charges for this. The processing fee will also be very less. The repayment tenure of this special SBI personal loan will be a minimum of 6 months and a maximum of 6 years or the remaining period of service, whichever is less.