SBI YONO Personal Loan Highlights
|Interest Rate||Starting 9.60%|
|Loan Amount||Up to Rs. 15 Lakh|
|Minimum Income for Eligibility||Rs. 5,000|
|Loan Tenure||Up to 5 years|
|Processing Fee||1% of the loan amount|
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Features of SBI Personal Loan through YONO App
Some of the features of the SBI personal loan through YONO app are as follows:
- Instant processing of the loan and disbursement
- Low processing fee
- No physical verification by visiting the branch
- No physical documentation required
- 24×7 availability
- Available for any personal purpose
- No security required
- No guarantor needed
- Second loan after 1 year (subject to certain conditions)
- 0.5% additional concession in interest rate for an amount greater than Rs. 10 Lakh or in case of check-off (undertaking by the employer to deduct and send EMIs directly to the bank)
When applied through the YONO app, pre-approved SBI personal loan applicants get loans at interest rates ranging from 9.60% to 12.60%.
The eligibility criteria for SBI personal loan through YONO are as follows:
- The applicant should be a permanent employee with a minimum 1 year of service with any of the following employers –
- Central and State Government
- Central PSUs
- Profit-making State PSUs
- Educational Institutions of National Repute
- Selected Corporated who have a business relationship with the bank as well as do not have ECR, Subject to certain terms and conditions
- The applicant should comply with SBI’s KYC norms
- Minimum net monthly income should be Rs. 5000
- Existing savings account or current account is mandatory for this loan
- The customer should maintain the required balance in the account as per the account type
- A pre-approved SBI Personal Loan offer must be available when the applicant logs into YONO
You can also check for available pre-approved personal loans by sending an SMS in the format:
“PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676
In case there is a pre-approved personal loan offer available, you will get the details through the SMS.
Following documents are required for SBI personal loan through YONO app:
- PAN Card
- Aadhaar Card/Passport/Driving License/Voter ID Card/NREGA Card
- 3 Months’ Salary Slips
- Check off from employer (optional)
How to Apply
Follow the below-mentioned steps to apply for SBI personal loan through YONO app:
- Login to the YONO app
- Look for available pre-approved personal loan offer in your account
- Select the loan amount and tenure
- Enter the OTP received on the registered mobile number and submit the application
- The loan amount will be disbursed in your account instantly
Fees and Charges
Following are the fees and charges applicable on SBI personal loan disbursed through the YONO app:
|Processing Fee||1% of the loan amount sanctioned|
|Penal Interest||2% p.m. charged over and above the applicable interest rate on overdue amount for the period of default|
|Prepayment charges||3% on loan principal prepaid. No prepayment/ foreclosure charges if account is closed from the proceeds of a new loan obtained under the same scheme|
- I do not have a SBI account. Can I apply for a personal loan?
At present, SBI is offering the personal loan through the app only to existing customers. However, the bank is planning to extend this service to new customers as well in the near future.
- Is pre-approved personal loan available for all SBI YONO customers?
Pre-approved personal loan is provided to select customers of SBI. It may not be available to all SBI account holders.
- How much time does it take for the amount to be disbursed in case of pre-approved loan?
It can take as less as a few minutes to get the amount disbursed in your account when you apply for a personal loan through the YONO app.
- Can I avail the pre-approved personal loan if I don’t have a PAN card?
PAN card is mandatory for this loan whereas you have to provide any other document details for address proof such as Aadhaar card, Driving License, Voter’s ID card, etc.