SBI Real Time Xpress Credit: India’s largest public sector lender State Bank of India, or SBI, has recently announced the launch of its flagship personal loan product Real Time Xpress Credit (RTXC) on its YONO app. The move is aimed at offering convenience to customers and empower them digitally so that they do not have to go to SBI branches to apply for the personal loan. The SBI Real Time Xpress Credit (RTXC) personal loan feature is available for salaried individuals with a salary account with the lender.
“With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO. The bank’s flagship personal loan product for salaried customers – Xpress Credit has a Digital Avatar now,” SBI said in a press release on May 23.
Customers can now avail RTXC from the comfort of their homes through YONO – which is going to be 100 per cent paperless and digital. The end-to-end 8 step journey would be easy and instant for the customers, the lender added.
The eligibility, credit checks, documentation and other processes will be done totally digitally and in real time with the launch of the Xpress Credit facility on the SBI’s YONO app. “Under Real Time Xpress Credit, Central or State Government and Defence salaried customers of SBI will no longer be required to visit the branch for availing a personal loan. The credit checks, eligibility, sanction and documentation will now be done digitally in real-time,” SBI said in its press release.
SBI Real Time Xpress Credit Eligibility
Under Real Time Xpress Credit, Central or State Government and Defence salaried customers of SBI will be able to get loans. The SBI Xpress Credit facility is available to these people:
i. Individuals with Salary Account with SBI
ii. Minimum monthly income Rs 15,000
iii. Employees working with: Central/ state/ quasi government, Central PSUS and profit making state PSUS, Educational institutions of national repute, Selected corporates with or without relationship with the bank.
Dinesh Khara, Chairman, SBI, speaking on the matter, said, “We are pleased to introduce Real Time Xpress Credit (RTXC) Loan facility for our eligible salaried customers on YONO. The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process. We at SBI constantly endeavour to offer technology-led enhanced digital banking experience to the customers in order to simplify banking.”
The digitalization of Xpress Credit delivery will also help the bank to do away with the need to handle and store enormous paperwork. The maximum term loan amount under the SBI Xpress Credit Personal Loan facility is Rs 35 lakh. The bank claims to charge low interest rates and there is no need for a security or guarantor to avail this loan.