SBI unveils preapproved personal loan Here’s how to avail it
If you’re wondering how to apply for a preapproved personal loan, you’ve come to the right place. First of all, you must be an SBI customer. Usually, SBI customers are responsible debt payers with a good credit history. SBI also offers this type of loan with a very short processing time, no collateral required and disbursed within seconds. Interested SBI customers can check their eligibility by sending a text message “PAPL” to 567676.
YONO
SBI has recently unveiled a new preapproved personal loan scheme. The YONO app makes it easy for borrowers to apply for this type of loan without going anywhere. YONO provides online availability and 24/7 market updates, while the Economic Times News App provides live business news and daily market updates. It offers a low-interest rate of 9.60%. You can check whether you are eligible for the preapproved personal loan scheme by entering your registered mobile number.
The SBI has waived the processing fee for retail borrowers on personal loans and home loans. The bank offers concessions of up to 10 basis points in the interest rate depending on the amount of the loan, credit score, and loan tenure. The interest rate starts at 9.60 percent and customers can apply for the loan at any time. YONO offers online services twenty-four hours a day and seven days a week.
Xpress Credit
SBI has unveiled a preapproved personal loan – the Xpress Power Loan. This loan is available to people who already have a salary account with the bank. It also has a few other attractive features. Applicants with a high credit score are eligible for this loan as it comes with a lower interest rate than its competitor, the Xpress Power Loan. However, the SBI personal loan does have certain conditions. In addition to these, you need to have a salary account with the bank.
For applying for the SBI Xpress Credit Loan, an applicant must earn at least Rs 24,000 per month. The loan amount can range from Rs 10,000 to Rs 15 lakh and you can repay it over a period of up to six years. You can also use the money to purchase a car or equipment. The Xpress Credit Loan is easy to apply for and offers instant approval, with minimal documentation. It is available to employees of selected corporates and organisations.
Pensioner’s loan
SBI unveiled a preapproved personal loan for pensioners. This loan is available for pensioners from Central or State Governments, as well as from the Defence. If you are a defence pensioner, you can apply for this loan if you are retired from the army. The loan is also available for spouses of pensioners who have been authorized to receive the pension in the event of the pensioner’s death.
To apply for a preapproved personal loan from SBI, you must have a good credit score. A credit score of 750 and above is considered good. If you don’t have a credit score of 750, you will face a high chance of being rejected. As SBI personal loans are unsecured, you should know that they come with higher interest rates. For this reason, you need to negotiate for a lower rate if you can. If you have a high income and a high loan amount, you might get a lower interest rate.
Non-salaried customers
Preapproved personal loan is an exciting new feature launched by SBI. The new pre-approved loan option is available through YONO, the bank’s mobile app. Customers can apply for the loan by SMSing the word “PAPL” to 567676, and the bank will pre-approve them based on the parameters mentioned in the application. Additionally, the bank has introduced a festive offer that waives off the processing fees for personal loans.
For non-salaried customers, SBI offers a preapproved personal loan with a minimum interest rate of 9.85 per cent. This loan is available as either a term loan or an overdraft facility. Eligibility for each product varies, with the minimum repayment term being six months and the maximum repayment period as the remaining time period of service. The bank is also willing to offer a co-applicant for borrowers who may be eligible for the product.
Pensioners
Moreover, latest news for pensioners is that SBI has unveiled a new preapproved personal loan for pensioners. This loan is available for pensioners from the Central or State Government and from the defence. Pensioners from these sectors are eligible for the loan, provided they have a valid SBI pension account. To qualify for this loan, you need to be a pensioner from the Defence or a government employee.
The loan is available to pensioners of all government sectors, irrespective of their age, gender, and income. It is available to state, central, and defence pensioners. This can even be taken by a spouse who is authorized to receive a pension in the case of the pensioner’s death. It is important to note that pensioners are allowed to borrow up to 18 times their net monthly pension, or Rs 15,000 per month. A pensioner in this category should not borrow more than Rs 5.4 lacs at 10% p.a.
Customers with strong credit history
SBI has unveiled a new pre-approved personal loan facility to help its customers avail cash in a matter of seconds. So this facility is available on YONO, SBI’s flagship banking and lifestyle app. Customers who need cash in a hurry can now apply for a pre-approved loan through the app 24×7. The loan rates are lower than other personal loans and the processing charges are waived off till January 31 next year.
SBI’s pre-approved personal loan offers instant money without requiring security or collateral. This loan is available to borrowers with excellent credit histories and is disbursed within seconds. Interested customers can check if they are eligible by sending a text message to ‘PAPL’ to 567676. Because these loans do not require collateral or security, these loans are quick and easy to obtain. In addition to a fast and easy application process, the SBI Pre-approved personal loan has a flexible repayment scheme, allowing customers to select their own tenure and amount.
Check More latest articles on Articlefit.com
