The EMI of the loan under this scheme will start after six months.
India's largest public sector bank State Bank of India under its 'SBI Emergency Loan Scheme' is giving its customers up to Rs 5 lakh loan in just 45 minutes at the interest rate of 10.5 percent and the EMI of this loan will start after six months.
The interest for this loan has been kept at 10.5 percent which is fairly reasonable when compared to other personal loans.
Moreover, as per the scheme details the Equated Monthly Instalment for this loan starts after six months from the time the loan is approved. This is to help customers facing financial difficulties brought on by COVID-19-led nationwide lockdown among other things.
You can avail this emergency loan scheme by applying online or through SBI's YONO App.
You can check eligibility of this loan scheme by sending SMS text format as 'PAPL and four last digits of your SBI account number to 567676' after sending it SBI will respond to your eligibility query by replying to your SMS.
Here is the step by step guide to apply for this 'SBI Emergency Loan' scheme:
- Download YONO SBI app and click on 'Pre-approved Loan'.
-Select tenure and loan amount.
- An OTP will be sent to the registered mobile number and you have to submit it.
- SBI emergency loan amount will be credited in your SBI savings account immediately.
If everything goes fine then this process will not go beyond 45 minutes and up to Rs 5 lakh loan will be credited to your account.
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