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Do not offer emergency loans via the YONO platform: SBI
The State Bank of India (SBI) clarified on Sunday that it does not offer any type of emergency loan to customers through its YONO platform.
Media reported that the public sector lender was offering emergency loans of up to Rs 5 lakh in “45 minutes”. The loans will be made at an interest rate of 10.5% and IMEs will begin after a six-month period, according to reports.
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“There is widely reported news about the ‘SBI emergency loan program through YONO.’ We would like to clarify that SBI does not offer any such loans at this time. We also urge our clients not to not believe these rumors, ”the bank said. in a report.
SBI, however, said it was in the process of introducing a pre-approved personal loan offer through YONO to relieve its employee clients facing cash flow issues due to the COVID-19 crisis.
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YONO, or “You Only Need One”, is a digital services platform from SBI that provides its clients with all-in-one solutions for banking, business, lifestyle and investing needs.
