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.

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