India’s largest lender, State Bank of India, has once again announced a new service for its clients. The new service should be of great benefit to customers. Now Indians can get personal loans in an instant through SBI’s Pre-Approved Personal Loan (PAPL) feature. SBI clients will be able to receive the pre-approved personal loan through SBI’s YONO app.
Customers can find a variety of services in the YONO app.
SBI introduced the new service on Twitter and released a statement that “SBI clients in need of urgent funds can avail of pre-approved personal loans (PAPL) conveniently and instantly 24/7 through YONO SBI in just four clicks. “
As the name suggests, pre-approved personal loans are loans that are provided by the bank with no questions asked throughout the loan application process. This service is generally offered to a small group of customers.
These customers are typically good, responsible debt payers with strong credit histories and who the bank knows it can count on. Pre-approved personal loans have a short processing time which means they don’t need any collateral or collateral and are dispersed within seconds.
According to a press release from the institution, interested SBI clients can check if they are eligible for pre-approved personal loans by sending an SMS “PAPL” to 567676.
“Currently, this loan is granted to a segment of customers who are pre-selected on specific factors predefined by us,” said a note on the bank’s website.
Along with this feature, the State Bank of India also has a festive offer. With this offer, borrowers will not have to pay any application fees before January 31 of the following year if they take advantage of this offer.
Benefits of SBI pre-approved personal loan
- As part of a vacation offer, borrowers will be granted a 100% waiver of processing fees until January 31, 2022. According to the note on the bank’s website, the processing fee will be low by the bank. following.
- Interested clients can acquire loan processing and disbursement in just four clicks.
- No need to present physical documentation because everything will be completed online via the YONO application.
- Customers do not need to visit the location to use the service.
- The loans have an interest rate as low as 9.60% which is cheaper than other personal loans.
- Customers can apply for this loan anytime as YONO provides 24/7 service.
Here is how you can benefit from the pre-approved personal loan from SBI
If you are eligible to get a pre-approved personal loan, you can easily acquire it by following the steps below.
Step 1: Log in to the YONO app on your smartphone with your MPin or password.
Step 2: Then click on the drop-down menu and select the option “Available now”.
Step 3: Choose a loan amount and duration.
Step 4: After that, you will get One Time Password (OTP).
Step 5: Enter the OTP sent to your registered cell phone number. After that, the selected amount will be credited to your account.
Also read: LIC personal loan is available at a very low interest rate, know how to apply