India’s largest lender, State Bank of India (SBI), has launched Real-Time Xpress Credit (RTXC) on YONO. SBI announced that eligible clients would now be able to apply for personal loans up to 35 lakh through the YONO app without having to fill out any documentation. With the debut of the Xpress Credit facility via the YONO app, eligibility, credit checks, documentation, and other processes will be done digitally and in real-time.

YONO (You Only Need One) is an automated digital banking platform provided by the State Bank of India (SBI) that enables users to access a range of financial and other services such as flight, rail, bus and taxi tickets, online shopping, or medical bill payments. YONO is available as an Android and iOS mobile app.  India’s finance minister, introduced YONO on  November 24, 2017. YONO provides services from over 100 e-commerce firms including online shopping, travel booking, taxi booking, train tickets, movie tickets, online education and exclusive discount at retail stores.

“Under Real-Time Xpress Credit, Central/State Government and Defence salaried customers of the bank will no longer require to visit the branch to avail a personal loan,” SBI said.

“The credit checks, eligibility, sanction and documentation will now be done digitally in real-time,” SBI added.

Speaking on the matter, Dinesh Khara, chairman of India’s largest public-sector lender, said, “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process. We at SBI constantly endeavour to offer technology-led enhanced digital banking experience to the customers in order to simplify banking.”

Here’s all you need to know about the ‘RTXC’ feature:

(1.) Only those individuals who have a salary account with SBI, and have a monthly income of at least 15,000 per month, will be eligible for it.

(2.) These account holders should be employed only with central/state/quasi-government Public Sector Undertakings (PSUs), central PSUs, profit-making PSUs, educational institutes of national repute, and selected corporates with or without a relationship with the bank.

(3.) Personal loans would be made available at low-interest rates and without any need for security or guarantor.