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(File photo)
NEW DELHI: The country’s largest lender, the State Bank of India (SBI), is offering emergency loans to its clients amidst the coronavirus blockade under their ‘Emergency loan plan‘. SBI users can get up to Rs 5 lakh as a loan in “45 minutes”, the lender stated in his YONO application.
The interest rate on the loan is 10.5 percent and the EMI (monthly equivalent installments) will begin after a six-month period, SBI said.
“The SBI EMI for this emergency loan will begin after six months when the borrower will have a breather and the impact of the coronavirus blockade on income has been reduced,” he said.
To verify eligibility, you can text “PAPL (space) the last four digits of the SBI account number” to 567676.
How to apply for the SBI emergency loan through the YONO application?
* * Download the YONO SBI application and click on ‘Pre-approved loan’
* * Select loan tenure and amount
* * OTP (one-time password) will be sent to the registered mobile phone number
* * The loan amount will be approved once the OTP is presented
This emergency loan scheme can be applied online or through the YONO application.
Meanwhile, SBI has reduced the benchmark interest rate by 15 basis points (bp) and has also introduced a special deposit scheme for seniors with a higher interest rate.
The country’s largest lender has introduced a new ‘SBI Wecare Deposit’ product for seniors in the retail term deposit segment to safeguard their interests under the current drop rate regime.
Under this new product, an additional 30 bps premium will be paid for retail senior term deposits with an expiration term of ‘5 years and over,’ he said.
The scheme will be in effect until September 30, the lender added.
(With PTI inputs)
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