SBI Online: Get emergency loan during Coronavirus lockdown! Here is how you can apply through net banking

SBI Online: State Bank of India (SBI) is offering various loans and offers to its account holders during Coronavirus lockdown, which can work as a healing touch for many who are facing a money crisis. To help customers counter COVID-19 virus impact on their daily budget, SBI is offering pre-approved personal loan or SBI emergency loan at interest rate of 7.25 per cent, which is much lower than the rate at which personal loans are available. In fact, personal loan interest rate starts at around 10.5 per cent and goes up to 22 per cent — depending upon the kind of lender you choose. Most importantly, to avail of this SBI emergency loan, you need not to go outside, you can do it online by using SBI YONO App.

However, before applying for the SBI Emergency Loan during lockdown, you need to check your eligibility for this SBI pre-approved personal loan as well. You can do this by sending SMS to 567676. The SMS text format is as follows: PAPL(Space)last four digit of your SBI account number. Once you send the SMS, SBI will respond to your eligibility query by replying to your SMS.

See Zee Business Live TV streaming below:

How to apply for SBI emergency loan

Once you receive the confirmation from the SBI that you are eligible for SBI emergency loan, you can apply for this pre-approved SBI personal loan. Here is the step by step guide to apply for this SBI emergency loan:

1] Download YONO SBI app on your Smartphone, Android or iOS device;

2] Click mat 'Pre-approved Loan',

3] Select tenure and loan amount; and

4] SBI will send OTP on your registered mobile number;

5] Submit OTP; and

6] SBI emergency loan amount will be credited in your SBI savings account immediately.