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SBI to offer up to Rs 5 lakh emergency loan in 45 minutes
Amid the lockdown, State Bank of India, country's largest lender is offering up to Rs 5 lakh emergency loan to its customers in just 45 minutes.
Amid the lockdown, State Bank of India, country's largest lender is offering up to Rs 5 lakh emergency loan to its customers in just 45 minutes. SBI on its YONO app stated that the users can get up to Rs 5 lakh loan under Emergency Loan Scheme.
Meanwhile, the rate of interest of the loan is at 10.5 per cent and the EMIs will start after a period of six months, SBI stated. It further stated the user should need some breathing space to pay the EMIs due to the coronavirus lockdown impact.
To borrow the loan, the users can check their eligibility by sending SMS as PAPAL(space) last four digits of SBI account number to 567676. SBI users can apply for the emergency loan online or through YONO app.
How to apply for SBI's emergency loan through YONO app?
- Download YONO SBI app and click on the pre-approved loan
- Select tenure of the loan and amount
- A one-time password (OTP) will be sent to the mobile number
- The loan amount will be approved once the OTP is submitted.
Besides, the SBI also introduced 'SBI Wecare Deposit' for the senior citizens in the retail term deposit segment to safeguard their interests in the current falling rate regime.
