How to Apply for an SBI Emergency Loan - SBI Emergency Loan


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 emergencyloan. 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!

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