SBI Personal Loan helps you meet your various purposes. Using the loan amount, you can meet the financial requirement and the income will stay uninterrupted. From the next month onwards, the EMI payments will begin. You will need a minimum monthly income of INR 20,000 to get a loan. The bank’s existing customers can get a pre-approved personal loan. Well, it is different from a standard loan as the former is offered to you based on your repayment history. When a bank customer shows great repayment skills, SBI Personal Loan is offered to him/her. Read this article to understand how to get an advantage of this facility.
Features of SBI Pre-approved Personal Loan
The borrower will get the following benefits when he/she gets an SBI Pre-approved Personal Loan –
- Low Processing Fees
You know SBI charges a processing fee of 1.5% of the loan amount. This fee can be a maximum of INR 15,000, which will get debited from your loan amount. Well, the processing fee won’t be high for you when you’re a pre-approved applicant. Because the SBI Personal Loan is offered to you due to high eligibility for a loan. And with such a customer, the bank has the least risk of a payment default. So, to give them an advantage, SBI charges a small amount of processing fee.
You should know that the processing fee is a non-refundable charge. So upon cancellation, you won’t get a refund on this.
- Instant Loan Processing & Disbursement Four Clicks Away
You can get the pre-approved loan amount by following the below steps
- Download the YONO app on your smartphone and log in to your account
- Click on the ‘Avail Now’ button
- Choose tenure and loan amount
- You’ll receive an OTP, enter the same and complete the process
Now, the loan will be disbursed to your account.
- No physical documentation
The bank won’t require any paperwork for an SBI Pre-approved Personal Loan as it already knows the applicant’s income and basic details. And in case of verification, you can upload the documents online. When the documents are received, you’ll get a confirmation email or SMS.
- 24X7 Assistance through YONO
Check your loan application online using the YONO app. You can get answers to all your questions through this app. If you’re having any trouble applying for a loan, with the YONO online chat services, you can find where you went wrong.
- No Branch Visit Required
You don’t need to visit any branch for the loan application. The SBI Pre-approved Personal Loan helps you borrow a lump sum amount at the convenience of your home.
Am I Eligible for SBI Pre-approved Personal Loan?
To check your SBI Pre-approved Personal Loan Eligibility SMS PAPL<space> <last four digits of your SBI Savings Bank Account> to 567676. SBI PAPL is an offer for selected customers only. This is not an actual loan sanction, it will be available when you fulfill the terms & conditions.
What is the SBI Pre-approved Personal Loan Interest Rate?
SBI charges an interest rate of 12.60% per annum on the personal loan if it is pre-approved. The sbi personal loan interest rate will be determined based on the one-year marginal cost of funds-based lending rate (MCLR) which is currently 7.00%. Your rate of interest will be low when the income is high because, in such situations, the EMI/NMI ratio is less than 40%. It means, the applicant can afford the SBI Pre-approved Personal Loan EMI without any hassle.
How to Repay SBI Pre-approved Personal Loan?
You can get 12 to 60 months to repay the loan. To choose your tenure, you can take the help of the online calculator that generates the EMI result within seconds.
So, after knowing every detail of the SBI Pre-approved Personal Loan process, apply for the same and meet your financial needs.