Due to the pandemic situation due to coronavirus-COVID19 and nationwide lockdown in India the people are facing a huge financial burden and unavoidable mental stress. Understanding the situation very carefully India’s Largest public sector bank has decided to offer financial aid to its customers.
The State Bank of India is offering an Emergency loan special scheme to the customers. According to the official spokesperson of the bank, the applicant doesn’t need to visit any branch of the bank, they may apply for a loan under this scheme from there home by simply sending an SMS from there mobile number.
The Bank is offering a loan under this emergency loan scheme with a very competitive interest rate. According to the bank, a borrower has to pay interest at the rate of 10.5% appx p.a. The interest rate is very low as compare to the interest rate charging on loans under this category from another bank.
The best part about the personal loan under the emergent scheme by the State bank of India is that you don’t have to pay any EMI on the starting six months
The Bank has told that the applicant may get Rs. 2 lac as a personal loan, Rs. 2.5 lac as a pension loan and a maximum of Rs. 5 lac under the service class category.
According to the bank officials and the information available to the official websites of the bank onlinesbi.com and sbi.co.in if everything goes fine complete procedure will not take more than 45 minutes and the applicant will get the approved loan amount credited in their bank account within 45 minutes.
You can simply check your eligibility by simply sending an SMS from your registered mobile number as “PAPL and four-digit of your SBI Account number to 567676”. After that, you will get a response from the SBI as a reply to your query that will let you know your eligibility status.
Alternatively, you can download the YONO mobile banking app for the banking offered by the State bank of India. Once you successfully install the app in your mobile open it and click on the Pre-approved Loan section. You can then select the tenure of the loan by choosing options available. You will get an OTP at your registered mobile number once you select the tenure you have to submit that OTP. Once you successfully enter the correct OTP the SBI will transfer the loan amount in your bank account within 45 minutes.