NEW DELHI: 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 loan within “45 minutes”, the lender stated on its YONO app.
The interest rate of the loan is at 10.5 per cent and EMIs (equated monthly instalments) will start after a period of six months, SBI further mentioned.
“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.
To check the eligibility, one can SMS “PAPL (space) last four digit of SBI account number” to 567676.
How to apply for SBI’s emergency loan via YONO app?
* Download YONO SBI app and click on ‘Pre-approved Loan’
* Select tenure of the loan and amount
* OTP (one-time password) will be sent to the registered mobile number
* The loan amount will be approved once the OTP is submitted
This emergency loan scheme can be applied online or through YONO app.
Meanwhile, SBI has slashed benchmark lending rate by 15 basis points (bps), and also introduced special deposit scheme for senior citizens with higher interest rate.
The country’s largest lender has introduced a new product ‘SBI Wecare Deposit’ for senior citizens in the retail term deposit segment to safeguard their interests in the current falling rate regime.
Under this new product, an additional 30 bps premium will be payable for senior citizens retail term deposits with ‘5 Years and above’ tenor only, it said.
The scheme will be in effect up to September 30, the lender added.
(With PTI inputs)