SBI Credit Card Loan

Being a SBI credit card holder, you have various options to avail funds in emergency. However, a credit card account with good repayment history and good credit score is essential to avail the funds on your SBI credit card. If you want to avail funds for a longer period of time, then options like SBI Card Encash, Cash Withdrawal at ATMs and Flexipay are best suitable ones. Otherwise, SBI Easy Money is the best option for short term advances.

Although, you must be careful when finalise your choice depending upon how big of an amount you want to borrow and how much would it cost you in the end, since options such as Cash Withdrawal at ATMs can be a huge burden on your pocket.

SBI Credit Card Loan Options

SBI Card Encash

Applicable Interest Rate

12.7% – 29% per annum

Tenure Options

12 Months / 24 Months / 36 Months

Loan Amount

Min Rs. 10,000 to equal or above credit card limit

Processing Charges

2% of the advanced amount
Min Rs. 499 to Max Rs. 3000

Foreclosure Charges

3% of the principal outstanding amount

Cancellation Charges

NIL
If cancelled within 45 days of booking.
3% on the principal outstanding.
If cancelled after 45 days of booking or the Encash cheque has been cleared.

SBI Card Encash is one of the easy way to avail cash on demand, offered to existing SBI Credit Card holders maintaining a good history with the bank. With Encash, SBI Card offers it card holders a feasibility to borrow a minimum of Rs. 10,000 to equal or above their available credit limit depending upon the factors such as Past transaction / repayment behaviour and the credit risk profile of the card holder. However, the credit limit equivalent of the advanced amount, will be blocked on the card till the repayment is made in full along with applicable interest rate and one-time processing charges.

SBI Card offering three different tenure options for Encash as following – 12 months, 24 months and 36 months. The interest rate being charged for the facility, ranges from 12.7% – 29% per annum on the advance amount against the credit limit, whereas a one-time processing fee is also applicable equal to the 2% of the amount advanced. In any case, you have to pay a minimum of Rs. 499 for processing charges which can go as high as Rs. 3000 depending upon the advanced amount. Whereas the foreclosure of the Encash booking will also lead to a foreclosure fee equal to 3% of the principal outstanding amount.

The advanced amount will be credited into your bank account within 48 to 72 working hours through NEFT Facility. However, you can also request for a cheque which can be delivered to your doorstep within 3 to 5 working days.

The EMI amount will be added to your monthly credit card statement, where you need to make at least minimum amount due equal to the 5% of the existing revolving balance and the monthly amount due for the facility. Non-repayment or under-repayment of the minimum amount due will result in late payment penalty along with additional interest rate of 3.35% on the delayed/unpaid amount.

SBI Easy Money

Applicable Interest Rate

2.45% per month

Tenure

45 Days

Loan Amount

Min Rs. 5,000 to upto 75% of your available cash limit

Processing Charges

1.5% of the advanced amount
Min Rs. 149

With Easy Money option, an existing SBI card holder can borrow funds for a short period of time (45 days to be exactly) against their available cash limit on the SBI Card within just 48 hours into their bank account through NEFT or delivered to your doorstep within 48 working hours in form of cheque.

One can avail a minimum Rs. 5,000 to maximum upto 75% of your available cash limit. An applicable interest rate of 2.45% per month will be applicable along with a one-time processing fee equal to 1.5% or minimum Rs. 199. An SBI card holder can avail the facility only if there’s no outstanding on his/her card account for more than 30 days.

Cash Withdrawal at ATM

Applicable Interest Rate

3.35% per month (40.2% per annum)

Withdrawal Charges

2.5% of withdrawal amount or Min Rs. 300.
At Domestic ATMs
3% of withdrawal amount or Min Rs. 300.
At International ATMs

Loan Amount

Upto 80% of credit limit
Rs. 12,000 to Rs. 15,000 depending upon the card you are carrying.

With Cash Withdrawal feature available on your SBI Credit Card, you can simply with cash at a nearby SBI ATM. One can withdrawal advance equal to the cash withdrawal limit (Upto 80% of the credit limit) available on his/her SBI Card, subject to maximum advance limit of Rs. 15,000 per day on SBI Card ELITE, Doctor’s SBI Card (in association with IMA), Doctor’s SBI Card, SBI Card PRIME, Central SBI Select+ Card, Central SBI Select Card, STYLEUP Contactless Card, Air India SBI Signature Card, Air India SBI Platinum Card and Rs. 12,000 per day on Apollo SBI Card, SimplyCLICK SBI Card, SimplySAVE SBI Card, SBI Card Unnati, BPCL SBI Card, Yatra SBI Card, Chennai Metro SBI Card, Mumbai Metro SBI Card, IRCTC SBI Platinum Card.

On withdrawal at SBI ATM, you’ll be charged a cash withdrawal fee equal to the 2.5% of the withdrawal amount or minimum Rs. 300 at domestic ATMs and 3% of the withdrawal amount or minimum Rs. 300 at international ATMs whereas the withdrawal amount will also attract an interest rate equal to 3.35% per month (40.2% per annum) from the date withdrawal is made. These will be billed into your credit card statement, and can be paid in once or using the revolving credit facility.

SBI Flexipay

Applicable Interest Rate

11% to 22% per annum

Tenure Options

6 Months / 9 Months / 12 Months / 24 Months / 36 Months

Loan Amount

Min Rs. 2500 to upto available credit limit.

Processing Charges

2% of the principal outstanding amount.
Min Rs. 199 to Max Rs. 1,000

Foreclosure Charges

3% of the principal outstanding amount

Cancellation Charges

NIL
If cancelled within 45 days of booking.
3% on the principal outstanding.
If cancelled after 45 days of booking or the Encash cheque has been cleared.

With Flexipay feature available on your SBI credit card, one can simply avail the loan by converting single or multiple retail transactions (except fuel and cash transactions) of Rs. 500 or above into single flexipay plan within 30 days of transaction date and pay into monthly EMIs, whereas the minimum booking should not be less than Rs. 2500. Hence, making it easier to pay the amount of the selected purchase into instalments. Though, this feature is available only for SBI card holders whose credit card account is being maintained in good health for past 6 months.

SBI Card offer the following tenure options for Flexipay facility – 6 months, 9 months, 12 months and 24 months. A tenure option of 36 months is also applicable if the flexipay booking amount is equal to Rs. 30,000 or above.

The default interest rate applicable is equal to 22% per annum on the principal outstanding amount. However, SBI Card also offers dynamic interest rate as low as 11% per annum to 22% per annum to a select SBI card holders depending upon their credit card history and credit risk profile.

Apart from it, a one-time processing charge is also applicable, equal to 2% of the principal outstanding amount subject to minimum Rs. 199 to maximum Rs. 1,000. The card holder can also foreclosure the availed loan by paying a foreclosure fee equal to 3% of the principal outstanding amount. These charges will be billed into your monthly credit card statement.

How to Avail Loan on SBI Credit Card?

Apply for SBI Card Encash

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Encash facility, you’ll see a link named “Encash” in Benefit section.
  • Click on “Encash” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Book by sending an SMS

  • Compose a new message and write “Encash”.
  • Send the text to 56767 from your registered mobile number.

Apply for SBI Easy Money

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Easy Money facility, you’ll see a link named “Easy Money” in Benefit section.
  • Click on “Easy Money” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Withdrawal Cash at nearest SBI ATM

  • Walk into a nearest SBI ATM and swipe your SBI Credit Card into the machine.
  • Choose “Banking” option and select your preferred language.
  • Enter your credit card pin.
  • Now, choose “Cash Withdrawal” option on the screen and enter the amount you wish to withdrawal. Make sure the amount is not more than the allowed credit balance on the card.
  • Click on “Yes” to withdrawal the amount and collect your cash along with transaction receipt.

Apply for SBI Flexipay

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the flexipay facility, you’ll see a link named “Flexipay” in Benefit section.
  • Click on “Flexipay” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for flexipay facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Interest Rates on SBI Credit Cards

Being an SBI credit card holder, one should how much interest rate is levied by the bank against their credit card transactions. This interest rate varies according to the type of the transaction one have made on the credit card, plus an additional interest rate is also charged to the cardholder as a processing fee to access the respective facility. The regular card transactions attracts an interest rate of 2.5% to 3.35% per month depending upon the type of credit card, whereas some other transactions like EMI bounce, foreign currency conversion or exceeding the available credit limits attract an interest rate ranging from 1.5% to as high as 3.5% per month.

Interest Rate Offers on SBI Credit Card Retail Transactions

Interest rates applicable on SBI credit cards varies according to the type of transaction as well as the type of the card you are carrying. It can be varied depending upon if the card has been swiped for a purchase or if the cardholder have withdrawn cash. Apart from it, interest rates can also be distributed based if the credit card is unsecured or secured.

Interest Rates on Retail Transactions on Unsecured Credit Cards

The interest rate levied by SBI on unsecured credit card is equal to upto 3.35% per month or 40.2% annually. However, this interest rate can be increased depending upon if the purchase registered into card account is made in any other foreign currency.

Interest Rates on Retail Transactions on Secured Credit Cards

In case, the cardholder is carrying a secured credit card offered by sbi credit card, then the applicable interest rate is comparatively lower than the unsecured credit card. The interest rate applicable on eligible purchases made on a sbi secured card is 2.5% per month (30% per annum).

Interest Rates on Cash Advance Transactions

The interest rate applicable on cash advance transactions is equal to 3.35% per monthly or 40.2% annually on unsecured sbi credit cards and 2.5% per month or 30% per annum on secured sbi credit cards.

There is no difference in applicable interest rates between retail purchases made on an sbi credit card and a cash withdrawal transaction. Whereas, most of the other competing banks/FIs offers 1% to 1.5% lower interest rate on retail purchases as compared to cash withdrawal transactions.

In addition to the interest rate applicable on the cash withdrawal amount, an additional interest for accessing the cash at the ATMs, is also charged to the cardholder who have withdrawn the cash at the ATM. This additional interest rate ranges from 2.5% to 3% of the withdrawal amount, depending if the cash is being withdrawn at a domestic ATM or an international ATM.

Interest Rate Offers on Other Type of Credit Card Transactions

Interest Rates on Foreign Currency Conversion

An additional interest rate of 1.99% to 3.5% is being charged to each and every foreign transaction made on a sbi credit card weather is an unsecured card or secured credit card.

If the cardholder has made a purchase into US Dollar, then an additional interest rate of 3.5% will be levied on the purchase amount in Indian rupees. Whereas, if the purchase was made in any other international currency than US Dollar, then an additional interest rate of 3.5% is levied on the purchase amount converted into US Dollar and additionally another 3.5% interest rate is applicable on the purchase amount is converted into Indian rupees from US Dollar. Hence, you end-up paying double the interest rate on foreign currency conversion if the purchase was made into any other currency than US Dollar.

Only the SBI Elite credit cardholders are the exception of this high additional interest rate of 3.5% on foreign currency transactions. The sbi elite card owners are given a concession in this interest rate and has to pay only 1.99% interest rate as compared to 3.5% on other sbi credit cards.

Interest Rates on SBI Credit Card Balance Transfer

The interest rates levied by sbi on cardholders for credit card balance transfer is equal to 3.35% per month on the balance transfer amount, where the minimum eligible amount for balance transfer should be at least Rs. 5,000.

Interest Rates on SBI Credit Card Balance Transfer on EMI

The interest rate applicable on sbi credit card for balance transfer of EMI service, ranges from 0.75% to 1.27% per month. An interest rate of 0.75% per month is levied where balance transfer on EMI is availed for 3 months period, and 1.27% per month where balance transfer on EMI is availed for 6 months period. However, the minimum amount for balance transfer on EMI should not be less than Rs. 5,000.

Interest Rates on SBI Credit Card Flexipay Facility

The flexipay facility on sbi credit cards attracts a default interest rate equal to 22% per annum. However, sbi do offer an interest rate as low as 11% or above to some of the select sbi credit card owners, depending upon their repayment history and credit risk profile. The cardholder also has to pay a processing fee interest equal to 2% of the flexipay amount, ranging minimum Rs. 199 to maximum Rs. 1000.

Interest Rates on SBI Credit Card Encash Facility

SBI charges its credit cardholder an annual interest rate ranging from 12.7% to 29% on Encash transactions. The cardholder is also levied with an additional interest for processing fee for availing the service, equal to 2% on the amount availed under Encash facility, ranging from minimum Rs. 499 to maximum Rs. 3000.

Interest Rates on SBI Credit Card Easy Money Facility

In case you wants to avail Easy Money benefit on your SBI credit card, you must know that sbi charges a monthly interest rate equal to 2.45% on the card loan amount along with processing fee equal to 1.5% of the advanced amount.

Additional Interest Rate on SBI Credit Cards

Additional Interest on Over-limit

Whenever an sbi credit card holder excess his/her credit card limit, then sbi levies an additional interest rate of 2.5 % of the over-limit amount, subject to be minimum Rs. 500 as a penalty to overdrawn as per the assigned credit limit. Although, you won’t be receiving any notification from the bank until the transaction is made and the interest is charged to your credit card account. Hence, it is important to know what is your available credit limit whenever you are shopping on your card or withdrawing cash on credit card.

Additional Interest on EMI Bounce

In case you paid your credit card bill through the cheque or if you have availed auto-debit facility to deduct the amount from your saving account to pay your credit card bills, and the transaction got bounced due to insufficient amount in your account, then sbi do charges an additional interest rate of 2% on the amount as a penalty. The cardholder is levied a minimum charge of Rs. 450 against this.

Kredit - Loans & Credit Card

Fund Transfer from SBI Credit Card

An SBI credit card holder can easily transfer funds from his/her SBI card using the various cash advance options offered by SBI. This amount is borrowed against the available credit limit on the SBI credit card and card holder has to pay an interest rate on the transferred amount along with a one-time processing fee.

The interest rate ranges from 1.05% per month to 3.35% per month depending upon the cash advance options card holder has chosen at the time of fund transfer.

Transfer funds Online from SBI Credit Card

SBI Card Encash

Encash is cash advance facility offered by SBI Cards to its credit card holders. By using Encash cash advance method, an existing SBI credit card holder can transfer a minimum of Rs. 10,000 to maximum amount equal to the available credit limit or sometimes above the credit limit. The amount transferred borrowed using this facility will be blocked against the available credit limit on your SBI Credit Card. However, an interest rate has to be paid on the borrowed amount by the card holder, depending upon the tenure the amount is being advanced.

Currently, SBI Card charges an annual interest rate ranging from 12.7% to 29% along with a one-time processing fee equal to the 2% of the advanced amount, paid by the card holder. The card holder can choose a repayment period of 12 months, 24 months or 36 months.

Applicable Interest Rate

1.05% – 2.41% per month

Tenure Options

Minimum 12 Months to Maximum 36 Months

Loan Amount

Minimum Rs. 10,000

Processing Charges

2% of the advanced amount
Minimum Rs. 499 to Maximum Rs. 3000

How to transfer funds from SBI Credit Card using SBI Card Encash facility?

Card holder can just simply transfer the funds online using the SBI credit card online facility or request for the service by calling the SBI credit card customer support or by sending an SMS.

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Encash facility, you’ll see a link named “Encash” in Benefit section.
  • Click on “Encash” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Book by sending an SMS

  • Compose a new message and write “Encash”.
  • Send the text to 56767 from your registered mobile number.

SBI Easy Money

The Easy Money option is for those SBI card holders who wants to borrow the funds for a short period of time. The card holder can borrow the funds for a maximum of 45 days only and has to pay an interest rate of 2.45% per month. Using the Easy Money cash advance option, the card holder can transfer a minimum of Rs. 5000 to maximum amount equal to upto 75% of the credit limit available on the SBI card. Along with the applicable interest rate, the card holder has to pay a one-time processing fee as well, equal to the 1.5% of the availed amount.

Applicable Interest Rate

2.45% per month

Tenure

45 Days

Loan Amount

Minimum Rs. 5,000

Processing Charges

1.5% of the advanced amount
Minimum Rs. 149

How to transfer funds from SBI Credit Card using Easy Money facility?

Similar to the SBI Card Encash facility, the card holder can also apply for the Easy Money facility either by simply logging into SBI Card online service or by calling the customer care of SBI credit card. Although, the options to apply for the facility by sending an SMS is not available.

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Easy Money facility, you’ll see a link named “Easy Money” in Benefit section.
  • Click on “Easy Money” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Transfer funds Offline from SBI Credit Card

Cash Advance at ATMs

Cash Advance at ATMs is an another method using which an SBI card holder can transfer funds from their SBI credit card account to another account. However, the card holder has to do the entire process manually since it’s an offline method. The card holder can withdrawal an amount as high as upto 80% of his/her SBI card’s credit limit.

Depending upon the credit card, the card holder can withdrawal Rs. 12,000 to Rs. 15,000. Additionally, a one-time cash withdrawal fee ranging from 2.5% to 3% of the withdrawal amount will be levied to the card holder’s account, subject to minimum Rs. 300.

Applicable Interest Rate

3.35% per month

Loan Amount

Upto 80% of credit limit
Rs. 12,000 to Rs. 15,000 depending upon the card.

Withdrawal Charges

2.5% of withdrawal amount or Min Rs. 300.
At Domestic ATMs
3% of withdrawal amount or Min Rs. 300.
At Domestic ATMs

How to transfer funds from SBI Credit Card using Cash Advance at ATMs?

  • Walk into a nearest SBI ATM and swipe your SBI credit Card into the machine.
  • Choose “Banking” option and select your preferred language.
  • Enter your credit card pin.
  • Now, choose “Cash Withdrawal” option on the screen and enter the amount you wish to withdrawal. Make sure the amount is not more than the allowed credit balance on the card.
  • Click on “Yes” to withdrawal the amount and collect your cash along with transaction receipt.