Major decisions were taken during the period of lockdown to save people from the financial disaster. “SBI Emergency Loan scheme” is one the best scheme offered to help people out of the financial sinkhole.
SBI Emergency Loan Scheme
State bank of India after the amalgamation is the largest public sector bank in India which offers various loan schemes to people. SBI, now, due to this emergency situation, launched a new loan scheme called “SBI Emergency Loan Scheme”, by which one can get a personal loan up to INR 5 lakhs with just 45 minutes efforts with the help of their mobile phone.
State bank of India fixed the interest rate as 10.5% which can be marked as an affordable rate while comparing other bank’s personal loans. Another good news about the loan is, the person availing the loan has to pay the interest rate only after 6 months of availing.
Steps to avail
Any person with the SBI account can avail this loan. It can be availed through online or YONO SBI mobile app. Initially, to know about the eligibility, SMS can be sent as “PAPL****” to 56767. Those stars indicate the last four digit of your SBI bank account number.
- To start the process, after checking the eligibility, the first step is to download the YONO SBI application.
- Select the “pre-approved loan” option available on the app.
- After that, select the required loan amount and tenure of the loan.
- As all the banks, this app also sends an OTP to the registered mobile number which has to be entered and submit the request.
- If everything works fine, the requested loan amount will be credited to your SBI savings account immediately after the process.
This process will take around 45 minutes to complete and as said earlier, you can get up to INR 5 Lakh as per your eligibility.
However the process is simple, please keep in mind, that you have to repay the amount after 6 months as per your selected tenure.
So, This can definitely help people to avoid a financial crisis in the time of health crisis. Let us hope this can ease the tension of middle-class people.
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