India’s largest lender, State Bank of India has announced a new service for its customers yet again. The new service is expected to be very beneficial to customers. Now, Indians can get personal loans in an instant with SBI’s pre-approved personal loan (PAPL) function. The SBI customers will be able to receive the pre-approved personal loan through SBI’s YONO app.
Customers can find a variety of services in YONO app.
SBI introducing the new service on Twitter and released a statement that says, “SBI customers needing urgent funds can avail Pre-approved Personal loans (PAPL) conveniently and instantly on 24×7 basis through YONO SBI in just four clicks.”
Like its name suggests Pre-approved personal loans are loans that are provided by the bank without asking any questions throughout the loan application process. This service is usually offered to a select group of customers.
These customers are typically good and responsible debt payers who have a strong credit history and someone the bank knows it can rely on. The Pre-approved personal loans have a short processing time feature that means it does not need any collateral or security and is dispersed in seconds.
According to a press release from the institution, interested SBI customers can check if they are eligible for the Pre-approved personal loans by texting “PAPL” to 567676.
“Currently, this loan is being given to a segment of customers who are pre-selected on specific factors pre-defined by us,” said a note on the bank’s website.
Along with this feature, State Bank of India is also offering a festive offer. With this offer, borrowers will not have to pay any processing fees until January 31 of the following year if they take advantage of this offer.
Benefits of SBI’s pre-approved personal loan
- As part of a holiday offer, borrowers will receive a 100% processing fee waiver until January 31, 2022. According to note on bank website, processing fees will be low after that.
- Interested customers can acquire loan processing and disbursement in just four clicks.
- No need to present any physical documentation as everything will be completed via online through the YONO app.
- Customers does not need to visit the location in order to take use of the service.
- The loans have an interest rate as low as 9.60 percent, which is cheaper than other personal loans.
- Customers can apply for this loan at any time because YONO provides services 24 hours a day, seven days a week.
Here is how you can avail SBI’s pre-approved personal loan
If you are eligible to get an pre-approved personal loan then you can acquire it easily by following the below steps.
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 ‘Avail Now’ option.
Step 3: Choose a loan amount and term.
Step 4: After that, you’ll get an one-time password (OTP).
Step-5: Enter the OTP sent to your registered mobile number. After that, the selected amount will be credited to your account.
Also Read: LIC Personal Loan Is Available At Very Low-Interest Rate, Know How To Apply
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