SBI Emergency Loan Scheme : 5 lakh loan within 45 min

SBI Emergency Loan Scheme : 5 lakh loan within 45 min

The nation is facing a massive economic crisis due to the Coronavirus pandemic. The lockdown has affected the trade and commerce, and hindered the financial growth of the country. Many companies have shut down as these cannot pay the employees. The situation will continue even after the lockdown. It will reduce the purchasing power of the people. To assist these individuals, the State Bank of India has launched a new credit scheme for its customers. The name of this credit project is Emergency Loan Scheme. If you want to know more about this scheme, then read this article.

Emergency Loan Scheme State Bank of India 45 min

Launch details of the scheme

Name of the schemeEmergency Loan Scheme
Launched inIndia
Launched byState Bank of India
Date of announcement8th May 2020
Date of implementation30th September 2020
Target beneficiariesAccount holders at SBI
Application processPortal-based and App-based application modes

Key features of the scheme

  1. Financial assistance – The launch of this scheme will assist the people in meeting considerably huge financial requirements.
  2. Pre-approved loan – The loan is pre-approved in nature, and thus, not much borrower verification is necessary as the person already is a bank customer.
  3. Loan approval time – The bank will reach the application and approve the loan within 45 minutes.
  4. Loan amount – The maximum sum that one can borrow under this scheme is Rs. 5 lakhs.
  5. Interest rate – An applicant, who opts for the Emergency Loan Scheme will have to pay an interest at 10.5% per annum.
  6. EMI payment starts from – The borrower will have to start paying the loans after a term of six months. The time will be calculated from the date of loan approval.
  7. Deposit schemes – The bank has also introduced new and lucrative deposit schemes, for the citizens, who have attained the age of 60 years.
  8. Slashing basic point benchmark – To help the national economy, the State Bank of India has already reduced the basic point limit by 15 points.

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How to check the eligibility?

If an applicant wants to check his/her eligibility for this scheme, then he/she must send a message to the number 567676. The applicant must send an SMS to this number. The person must type in “PAPL” and then leave a space. Then he must type in the last four numbers of the account code.

Eligibility for applicants

  1. Must be an Indian citizen – If anyone in interested in applying for this loan scheme, then he/she must be a permanent resident of the state.
  2. Must be an SBI customer – The special loan scheme has been launched by the State Bank of India for its existing customers.

Documents necessary for application

  1. Identification documents – It is mandatory for the candidate to upload some ID documents that will be used for customer verification. The Aadhar Card and the Voter Card will be accepted.
  2. Bank account details – It is mandatory for the applicant to have an account in the State Bank of India. The account details will be required for the loan approval.

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How to apply and get the loan?

  1. Registration through app – The State Bank of India has launched several mobile apps for the convenience of the customers. If an individual is interested in applying for this loan, then he/she must use the YONO SBI App.
  2. Download and install the app – The person can type the name of the app and search for it on the Google Play Store. When the app icon appears, the individual must click on it, and start the download process. After downloading the app, he/she must install the app.
  3. Option selection – On the dashboard of the app, the applicant must click on the link that is marked as “Pre-Approved Loan.”
  4. Tenure selection – A new page will open. Here, the applicant needs to type in the loan repayment tenure.
  5. Loan amount section – After this, the applicant needs to type in the loan amount.
  6. Verification process – It will trigger the app to send a verification code to the registered mobile number of the applicant. The code must be types in the correct field.
  7. Application submission – Once the OTP has been entered, the applicant needs to click on the submit button to save the application.
  8. Online application – If the applicant does not want to register through the app, then he/she can log in on the official SBI portal.

The emergency credit project will help such people who need lump sum of money to pay for expensive treatments, or other social events. However, the high rate of interest is a cause of concern. The high-placed officials of the bank are hopeful that by the time the creditors start paying their EMIs, the international and national financial crisis will subside to some extent.

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