SBI Loan Offer: Arranging money for unexpected expenses such as medical emergencies, children’s higher education, or family functions can sometimes be difficult. Keeping these needs in mind, State Bank of India has launched a digital loan facility called Real Time Express Credit. Under this scheme, customers can get a loan directly from their mobile phone without borrowing from anyone or visiting a bank branch.
Through this digital loan facility, customers can avail a personal loan ranging from Rs 1 lakh to Rs 35 lakh in a single transaction. The entire process is completed through SBI’s YONO mobile app. There is no need to fill out long forms or stand in queues. The bank’s system checks eligibility and approves the loan in just a few minutes.
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Who is eligible for the scheme?
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This facility is available only to customers who have a salary account with SBI. Employees working in the central government, state government, defence services, and corporate employees whose salaries are credited to their SBI accounts are considered eligible for this scheme. The bank’s system itself determines whether a loan offer is available for the customer. If an offer is available, it appears directly in the YONO app.
Completely paperless and a fast process
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The loan process is completely digital. The customer only needs to complete OTP verification through their Aadhaar number. After this, eligibility is determined based on the CIBIL score and income. As soon as the e-signature is completed, the loan amount is transferred directly to the customer’s account. This saves time, and the process remains completely transparent.
Information related to interest rates and charges
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SBI is offering this loan at competitive and low-interest rates. The interest rates are linked to the two-year MCLR and remain constant throughout the loan tenure. According to the bank, there are no hidden charges in this scheme, allowing customers to plan their payments.
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CIBIL score is crucial
The CIBIL score plays a crucial role in approving this loan. Generally, customers with a credit score of 650 to 700 or higher can easily get a loan. Those with a good income and a clean credit history can get a loan of up to ₹35 lakh. The bank’s digital system also checks whether previous loan EMIs have been paid on time.
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A safe option for people
Instead of borrowing money from chit funds or moneylenders at high interest rates during emergencies, this digital loan from SBI has emerged as a safe option. The guarantee of a government bank and a transparent process make it trustworthy for common people. Loans can be applied for anytime, simply through a mobile phone.