SBI Loan: Are you a State Bank of India (SBI) account holder and want to apply for a personal loan. You can get a Pre-Approved Personal Loan (PAPL) by sitting within the comforts of your home. All of you have to do is to send an SMS from your registered mobile number or use SBI YONO App to apply for the loan. The bank is offering instant loan facility without the need to submit physical documents. The loan can be availed in a few clicks.

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The loan is being offered only to select customers, the bank has said in a tweet. Presently, this loan is being offered to a category of customers who are pre-selected on certain parameters pre-defined by the bank.

The interest rates start at 9.85 per cent per annum.

Features: Some important features of PAPL loans are:

This loan has a low Processing Fee, the bank website says
The SBI  bank is offering PAPL through Instant Loan Processing facility
There is no requirement of physical documentation
The facility is convenient and is available 24X7

Eligibility: To know more about your eligibility, SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676 to check your eligibility

 How to Avail Pre-Approved Personal Loan

Step 1: Login to YONO
Step 2: Click on Avail Now
Step 3: Select Tenure & Amount
Step 4: Enter OTP -> Amount Credited

The bank has also posted the information on its official Twitter handle @TheOfficialSBI.

Among other types of personal loans SBI offers SBI Pension loan – a type of loan for pensioners and SBI Xpress Credit for salaried employees having a salary account with the bank.

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The largest public sector bank in India also lends other types of loans like auto loans, education loans, gold loans, loan against securities, loan against property and consumer durable loans.