State Bank of India or SBI, country’s largest lender is offering emergency loans to its customers amid coronavirus lockdown. Under this facility, customers can get up to Rs 5 lakh as loan and that can be availed within 45 minutes, the lender mentioned on its YONO app.
To check the eligibility, one can SMS “PAPL (Space) last four digit of SBI account number” to 567676.
No EMI For 6 Months
As SBI has introduced the loan to help the people during the coronavirus pandemic, it has decided to give an opportunity for the people not to pay their Equated Monthly Installment (EMI) for the first six months, which means if you are taking the emergency loan in May, you no need to pay the EMI till October. Your EMI payment will begin after six months.
Rate Of Interest
You can take the personal emergency loan at any time. This emergency loan is available at an interest rate of 7.25% per annum.
How Much Loan You Can Take
Personal Loan: Till Rs 2 lakhs
Pension Loan: Till 2.5 lakhs
Service Class: Till 5 lakhs
How to apply for SBI’s emergency loan?
- Download YONO SBI Android App OR YONO SBI iOS App and click on ‘Pre-approved Loan’.
- Select tenure and loan amount.
- An OTP will be sent to the registered mobile number. Submit it.
- The loan amount will be credited.
This entire process won’t go beyond 45-minutes. So, if you any kind of financial crisis during the Lockdown, you can think of availing this SBI Personal Loan Scheme.
