Want an emergency loan? Here is how this SBI program can get you a loan of up to Rs 5 lakh in less than an hour

New Delhi: State Bank of India, the country’s largest lender, grants its clients a loan of up to Rs 5 lakh with minimal processing time under its “SBI Emergency Loan Scheme”.

The interest rate for this is 10.5 percent, which is relatively low compared to other personal loans. In addition, the equivalent monthly payment of this loan will begin after six months.

The lender offered this emergency loan program to help clients facing a financial crisis brought on by the nationwide lockdown led by the coronavirus, among others. Initially, the lockdown was supposed to end on May 3, 2020, but with the increase in the number of cases across the country, the lockdown has now been extended until May 17.

This emergency loan program from the lender is a relief for those who have suffered wage cuts and job losses as the country remains closed for business.

How to verify eligibility?
You can verify the eligibility of this loan program by sending an SMS in text format “PAPL and the last four digits of your SBI account number to 567676” after sending it. The bank will respond to your eligibility request by replying to your SMS.

Additionally, keeping mobility restrictions in mind during the ongoing national lockdown, customers can take advantage of the online loan program or access the SBI Yono app.

Here is how you can qualify for the loan in four easy steps

1. Download the SBI Yono application and click on “Pre-approved loan”
2. Select the duration and amount of the loan
3. A one-time password (OTP) will be sent to the registered mobile number and you must submit it
4. The SBI emergency loan amount will be immediately credited to your SBI savings account