SBI Emergency Loan Scheme for lockdown related monetary woes

SBI Emergency Loan Scheme for the current financial woes

Wednesday, 6th May 2020

The nationwide lockdown due to Coronavirus pandemic has been stretched up to the 17th of May, 2020 and this may cause you to be strapped for cash. To help people out from such unprecedented fund shortage, State Bank of India (SBI); one of the most renowned financial institutions of the country has come up with a very quick emergency loan scheme. Under this scheme you could get a maximum of Rs 5 Lakhs loan in just 45 minutes! To learn in details about this new SBI loan scheme, you could visit the official website of the bank; i.e. https://www.sbi.co.in/.

SBI Emergency Loan: Quick Facts

• This is a personal loan
• It is a pre-approved loan
• One can get the loan in as less as just 45 minutes.
• The loan scheme is referred to as ‘SBI Emergency Loan Scheme’
• This loan is available to customers at an interest rate of 10.5%. This interest rate is significantly lower when compared to any other types of personal loan schemes.
• The EMI payments for the loan amount will begin after a span of 6 months; i.e. after the end of lockdown and its negative impacts on a borrower’s earnings.
• One can apply for the loan online through the official website of SBI and the facility for applying is open 24/7.
• Also, those with Smart Phones could apply for the loan easily through the SBI YONO App right from the comfort of their homes.
• Before applying for the loan one needs to check on the eligibility criteria. To check the loan eligibility criteria you could send a SMS Text to 567676. The format for this enquiry SMS should be as follows:

PAPL <SPACE> Last 4 digits of the SBI Account Number one holds

Once this SMS enquiry is successfully sent, you will get a reply from SBI.

How to apply for this new emergency loan from SBI

Once you have received the confirmation reply to your eligibility enquiry with SBI, you can go ahead and apply for the loan. Here are the steps to follow:

1. Download the SBI YONO App to your device
2. Tap on SBI pre-approved loan
3. Select your preferred loan amount and the loan tenure
4. You’ll get One-Time password to the mobile number registered with SBI
5. Submit the One-Time password.

You’ll receive the loan amount in your savings account with SBI in a couple of minutes.

The entire procedure for obtaining this loan completes in not more than 45 minutes. This is indeed a great way to help people suffering from financial woes due to lockdown.

Source: Zeebiz