Amidst the COVID-19 induced economic crisis and losses, SBI had rolled out a scheme that offers emergency loans of up to Rs 5 lakh at a low-interest rate with the motive of providing relief to common people.
Read on to know more about this scheme…
SBI Offering Emergency Loans with No EMI for the Next 6 Months!
The special feature of this scheme is that the SBI users can get loans within “45 minutes”, SBI stated on its YONO app.
Under this scheme, the interest rate of 10.5% per annum (lower than the interest rate on other personal loans).
The loan amount offered for personal loans is up to 2 lakh rupees, for pension loans it is up to 2.5 lakh rupees and 5 lakh rupees as the service class.
Additionally, the borrower won’t have to pay any EMI for the next 6 months.
To check the eligibility, SBI users can SMS “PAPL (space) last four digits of SBI account number” to 567676.
How to Apply For SBI Emergency Loan Scheme?
- Fill in the applications online on SBI.com, SBI.com.in, and YONO App.
- On the YONO app, click on ‘Pre-approved Loans’.
- Next, select the loan amount and tenure.
- Next, you will get an OTP on your registered mobile number.
- After the OTP is approved, the loan amount will be transferred to your savings account.
Comments are closed, but trackbacks and pingbacks are open.