How to Apply for an SBI Emergency Loan

Unless you have been living under a rock or in a cave, you already know that the world is gripped by a pandemic. India is affected by it as well, though thankfully not like the USA and some European countries. Yet its effect on India cannot be discounted. The economy is in shambles, and it is no secret that the economy will only continue to get worse as the situation continues. And that’s the problem, we do not know when the Covid-19 pandemic will end.

All this has affected jobs around the country. Many companies are forced to downsize, reduce and cut salaries of their employees. The ones who are unemployed so suddenly are certainly in a dire strait. Right now, the lockdown around the country is being extended, with no sign of stopping. All this is putting a lot of problems on not just employees, but on employers as well. Traders and merchants are affected as well.

The good news is that some banks are providing emergency loans. This includes SBI.

So that demands the question…

What really is the pre-approved personal loan from SBI?

SBI or State Bank of India is giving this emergency loan to those who are affected by the Coronavirus pandemic, and are in need of emergency funds. Because of such a need around the country from publics like traders, merchants, employers and employees, SBI has introduced this loan facility.

What is the interest rate for this emergency loan?

This emergency loan from SBI bank has an interest rate of 7.25% per year. Here’s another good news. This interest rate is much lower than what it charges usually for personal loans: 10.50% per annum.

What are the prime features of this emergency loan facility from the SBI?

1. Customers can apply for the loan anytime and anywhere because the loan can be availed on the World Wide Web.

2. One does not need to give physical documentation to apply for the loan. Soft copies are enough.

3. The loan processing is instant, and the processing fee for emergency loans is very low.

Who is eligible for this loan?

This loan scheme is created not for everyone. As such, everyone is not eligible. This emergency loan is only for those who are already pre-approved by SBI. The pre-approval is based on their income and spending.

So how can one check their eligibility?

It is easy to check if you are eligible for the SBI emergency loan. All you need to do is to send an SMS to 567676. Here’s what the SMS should contain: PAPL <space> <last 4 digits of your bank account>.

That’s all!

How to apply for an emergency loan from SBI?

Glad you asked, and this is easy too. Here’s what you need to do:

1. Download the YONO SBI banking app.

2. Click on the “Pre-approved loan”.

3. Select the loan amount and the tenure

4. You’ll get an OTP. Enter that and wait for instant fund credit to your bank account!