The country’s largest lender, State Bank of India (SBI), is offering emergency loans to its customers amid coronavirus lockdown under its ‘Emergency Loan Scheme’. SBI users can get up to Rs 5 lakh as a loan within “45 minutes”, the lender stated on its YONO app.
The interest rate for this is 10.5 percent which is relatively low as compared to other personal loans. Also, the Equated Monthly Instalment of this loan will start after six months. “SBI EMI for this emergency loan will begin after six months when the loan borrower will have some breathing space and coronavirus lockdown impact on one’s income has reduced,” it said.
The lender has come out with this emergency loan scheme to help customers facing a financial crisis brought on by coronavirus led nationwide lockdown among other things. Initially, the lockdown was supposed to end on May 3, 2020, but with the spike in the number of cases across the country, now the lockdown has been extended to May 17.
This emergency loan scheme from the lender comes as a relief for those who have been experiencing salary cuts and job losses as the country remains close for business.
How to check eligibility?
You can check eligibility of this loan scheme by sending SMS text format as ‘PAPL and four last digits of your SBI account number to 567676’ after sending it The bank will respond to your eligibility query by replying to your SMS.
Also, keeping in mind the mobility restrictions during the ongoing national lockdown the customers can avail of the loan scheme online or go to the SBI Yono application.
Here is the step by step guide to apply for this ‘SBI Emergency Loan’ scheme:
– Download the YONO SBI app and click on ‘Pre-approved Loan’.
-Select tenure and loan amount.
– An OTP will be sent to the registered mobile number and you have to submit it.
– SBI emergency loan amount will be credited in your SBI savings account immediately.
If everything goes fine then this process will not go beyond 45 minutes and up to Rs 5 lakh loan will be credited to your account.
