SBI Will Offer Pre-Approved Loans For All Salaried People Via YONO App; This Is What We Know So Far

India’s largest bank: State Bank of India (SBI) has announced that soon they will roll out pre-approved personal loans for all salaried employees in India.

These pre-approved personal loans has been planned to assist their customers, who are salaried and working with either private or public enterprises.

These special loans will pre-approved, and available via YONO App, which is the official app from SBI.

Who Will Get These Loans? Interest Charged Will Be How Much?

Salaried employees, who are facing cash flow issues due to the impact of lockdown can get these pre-approved loans from SBI.

In a statement, SBI said, “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.”

Since SBI has mentioned ‘pre-approved loans’, then it clearly means that SBI will check the credit history and payment capabilities of the salaries employees and then based on the information, a pre-approved loan will be offered.

Hence, it is clear that not everyone will be eligible for the loan.

How To Apply For This Loan From SBI?

SBI has clearly mentioned that the loan will be only available via YONO App.

Since its pre-approved loan, the eligible customers will be able to view this information via their YONO App.

SBI said,  “The details of the new product will be communicated to media once it is launched.”

More details are awaited. 

No ‘Emergency Loan’ As Now Now

Since the last few days, there were media reports that SBI is now offering emergency loans for all customers. As per the reports, this emergency loan up to Rs 10 lakh can be availed via YONO App or mobile banking, and it will take just 45 minutes to get approved.

The reports also mentioned that EMI can be paid after 6 months.

SBI has denied any such development, and have termed this as a rumor.

In a statement, SBI said, “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.”

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