SBI, the country’s largest lender, offers Pre-Approved Personal Loan to its users. You can avail this loan by applying through SBI YONO app.
The SBI YONO App is a one-stop solution for all your SBI banking functions. Users can transfer money, check account balance, make bill payments, buy insurance, invest in Mutual Funds, manage their SBI credit cards, and more through this single app. The app is very easy to use and is available in both English and other regional languages. You can download the app from the Google Play Store or Apple App Store and start banking from your smartphone.
Continuing with their superior customer service, SBI now offers Pre-Approved Personal Loan to their customers. This personal loan is offered completely online through the SBI YONO app. There is no need for any documentation or branch visit. Upon approval, the loan is disbursed instantly into your SBI account.
Here is a detailed guide on how to apply for SBI Pre-Approved Personal Loan using the SBI YONO app.
1. Login to the SBI YONO App
2. You can find the Pre-approved Personal Loan banner on the home page. Click on that.
3. Choose the loan amount and repayment tenure that you desire.
4. Enter the OTP sent to your mobile number to approve
The amount is credit to your bank account instantly.
It is a simple 4-step process to apply for SBI Pre-Approved Personal loan using the SBI YONO app.
Why Is The SBI Pre-Approved Personal Loan So Popular?
SBI Pre-Approved Personal Loan is offered to existing customers with a good financial standing with the bank. Your credit score also plays an important role in loan approval. The loan amount that you can apply for is based on your current bank balance, other loans and liabilities you hold with the bank, and your credit score.
The pre-approved personal loan is an instant approval loan. It can come in handy when you need money urgently. You can apply for the loan within minutes and get the money in your account the same day.
Here are a few other features of this loan –
- Loans of up to Rs.8 lakhs, without any documentation or branch visit
- Loans are pre-approved for both CSP and non-CSP customers.
- It is a fully digitized product that is available 24 hours a day, seven days a week.
- Customers can apply for a loan with four simple clicks.
- There are no application fees, no documentation requirements, and no branch visits.
- Customer-driven process, no reliance on branches, instant disbursement via YONO App
How To Find If I Am Eligible For SBI Pre-Approved Personal Loan?
The pre-approved personal loan is primarily available for existing SBI bank account holders. The loan amount, interest rate, repayment tenure, and other terms are determined on a case-by-case basis.
To find your eligibility, you need to send an SMS from your registered mobile number to 567676. Here is the format -
"PAPL XXXX" - XXXX is the last 4 digits of your SBI Savings Bank Account number
Why Should I Choose SBI Pre-Approved Personal Loan Through The SBI YONO App?
The SBI Pre-Approved Personal Loan is offered using the SBI YONO app. This is a customer-driven, digital product that offers instant disbursement. It is a much easier and convenient way to get a loan compared to traditional methods. You do not have to visit any branch or submit any documents.
There is no need for any paperwork or branch visits. The entire application process can be completed from the comfort of your home with just a few clicks. The entire process takes just a few minutes and is completely digital. The loan is instantly available in your account once you have been approved.
What Are The Factors Affecting SBI Pre-Approved Personal Loan?
The most important factors impacting the approval for SBI pre-approved personal loans are:
The most important factors in determining whether or not your personal loan will be approved are your credit score and credit report. The RBI has authorized four credit rating agencies, also known as credit bureaus, to issue credit reports and ratings. In collaboration with banks, credit card companies, and other structured lenders, they compile and maintain records of all credit-related transactions. The bureaus receive monthly reports on all of your credit transactions from these lenders. This includes details about your EMI and credit card payments (including any late or missed payments), balance due, any changes to your total credit limit, and any other pertinent information.
Employment Type and Employer:
Someone who has a history of frequently changing jobs may be ineligible for a personal loan because he or she may not have a steady or predictable income during the loan term and may be unable to make regular payments. Working for at least a year before applying for a personal loan is probably a good idea.
Another important consideration is the average income. Because there is no collateral, the banks want to know that you have sufficient income (from salary and other sources) to make your monthly payments. The higher your income, the more likely you will be approved for a personal loan.
Repayment History: I
t's also worth looking into your EMI payment history. Lenders will look at your credit report to see if you have a track record of financial stability and on-time EMI payments. If they see that you have made regular payments and fulfilled your debt obligations, they are more likely to consider your loan request favourably.
SBI Pre-Approved Personal Loan is a great credit option. Avail it if you are in a financial crunch.
FAQs of How To Avail SBI Pre-Approved Personal Loan Using SBI YONO App
1:What is the SBI Pre-Approved Personal Loan?
SBI Pre-Approved Personal Loan is a pre-approved personal loan facility offered to existing customers of SBI.
2:Who is eligible to apply for this SBI Pre-Approved Personal Loan?
The SBI Pre-Approved Personal Loan is available for select customers of SBI. The eligibility is based on your account type, your relationship with the bank, your credit score and other loans and credit cards with the bank.
3:How much loan amount can I get under the SBI Pre-Approved Personal Loan?
Personal loans of up to Rs.8 lakhs are available under the scheme.
4:Where do I apply for the SBI Pre-Approved Personal Loan?
One can apply for the SBI Pre-Approved Personal Loan through the SBI YONO App.
5:Do I need to submit any documents for the processing of SBI Pre-Approved Personal Loan?
No, you don’t have to submit any documentation for this pre-approved loan.