SBI Emergency Loan: Get Rs 5 Lakh In 45 Minutes, Pay EMI After 6 Months (Check Eligibility)

Update: SBI has denied that any such loan offer is currently available. However, they are working on a loan product, which can be availed via YONO App.

Her is the official statement:

“This is regarding the news being widely reported about ‘SBI Emergency Loan scheme via YONO’. We would like to clarify that SBI is not offering any such loan at present. We also urge our customers not to believe on these rumours. However the bank is in the process to introduce soon a pre-approved personal loan offering through YONO to provide relief to the salaried customers of SBI who are facing cash-flow problem due to Covid. The details of the new product will be communicated to media once it is launched.”

Earlier:

In order to cope with the problems of the finances during the lockdown, SBI has rolled our emergency loans for all their customers.

Loan upto Rs 5 lakh can be availed, and its approval can be received in 45 minutes.

Check Eligibility Of SBI Emergency Loan

In order to check the eligibility for availing this loan, there are two options:

1. Via YONO App

• Download YONO App, and tap on ‘Pre Approved Loans’
• Chose the tenure of the repayment, and the loan amount
• An OTP will be shared, which you need to enter in the app
• Once OTP is shared, instantly the loan amount will be credited to your bank account.

This entire process takes just 45 minutes.

1. Via SMS

• SBI users need to send an SMS to 567676, typing PAPL, and the last 4 digits of their SBI bank account number
• Once the SMS is sent, SBI will respond to the query via SMS, and you will be asked to reply back.
• If the user is eligible, they will get the loan credited to their bank account instantly

Interest To Be Charged For SBI Emergency Loans

SBI will charge 10.5% interest for availing this SBI Emergency Loan. And the EMI starts after 6 months.

Compared to interest for loans (mainly personal loans) provided by other financial institutions, this seems pretty reasonable. 

More details can be received from SBI’s official website: SBI.co.in

We will keep you updated, as more details come in.