SBI unveils pre-approved personal loan: Here's how to avail it

New Delhi: The State Bank of India has once again introduced a new service for its customers that is expected to be very beneficial. With SBI's pre-approved personal loan (PAPL) function, customers of the country's largest lender would be able to receive personal loans in an instant. The service is offered through SBI's YONO app, which offers a variety of services under one roof.

“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," State Bank of India said in a statement.

Banks give pre-approved personal loans without asking any questions throughout the loan application process. Typically, the service is only provided to a small group of customers. Those who are chosen for pre-approved personal loans are typically responsible debtors with a strong credit history – someone the bank knows it can rely on. With its short processing time feature, this does not require any collateral or security and is dispersed in seconds.

Customers of the State Bank of India can check their eligibility for the bank's pre-approved personal loan by texting "PAPL" to 567676, according to a press release from the institution. According to a note on the bank's website, "currently, this loan is being given to a segment of customers who are pre-selected on specific factors pre-defined by us."

Along with this feature, State Bank of India (SBI) is also offering a seasonal incentive. Borrowers will not have to pay any processing fees until January 31 of the following year if they take advantage of this offer.

Here are the benefits of SBI’s pre-approved personal loan

-Borrowers will receive a 100% processing fee waiver until January 31, 2022 as part of a holiday promotion. According to a note on the bank's website, processing fees will be low after that.

Customers would be able to acquire loan processing and disbursement in just four clicks.

- Borrowers will not be required to present any physical documentation because everything will be completed online through the YONO app.

- Customers are 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 comparable personal loans.

- Customers can apply for this loan at any time because YONO is open 24 hours a day, seven days a week.

Here is how you can avail SBI’s pre-approved personal loan

To do so, go through the steps outlined earlier in the article to see if you are eligible for a pre-approved personal loan. Then, to get the loan, follow these four procedures.

Step 1: Log in to the YONO app on your phone with your MPin or Password.

Step 2: Select the 'Avail Now' option from the drop-down menu.

Step 3: Choose a loan amount and term.

Step 4:  After that, you'll get an OTP. Enter the one-time password (OTP) sent to the registered mobile number. After that, the selected amount will be credited to your account.