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SBI Launches Pre-Approved Personal Loan: Step-By-Step Guide to Avail Instant Loan

SBI Pre-Approved Personal Loan: The State Bank of India has launched a new service for its customers yet again, which is likely to benefit them greatly. Customers of the country’s largest lender will be able to get personal loans in an instant using SBI’s pre-approved personal loan (PAPL) feature. The service is available in the SBI’s YONO app, which provides a host of facilities under one umbrella.

“SBI customers needing urgent funds can avail Pre-approved Personal loans (PAPL) conveniently and instantly on 24×7 basis through YONO SBI in just four clicks,” State Bank of India said in a press statement.

Pre-approved personal loans are loans provided by banks without asking any questions at the time of loan application. The service is usually available for a select category of customers. Those who are selected for pre-approved personal loans are usually good debt payers with an excellent credit history — someone the bank knows that it can trust. This does not require any collateral or security and gets disbursed in seconds with its quick processing time feature.

Customers of the State Bank of India can SMS “PAPL” to 567676 and check their eligibility for the bank’s pre approved personal loan, said the lender in the press statement. “Presently, this loan is being offered to a category of customers who are pre-selected on certain parameters pre-defined by us,” reads a note on the bank’s website.

State Bank of India (SBI) is also giving out a festive offer along with this feature. As per this offer, borrowers will not have to pay any processing charges while getting the loan till January 31 next year.

Here are the benefits of SBI’s pre-approved personal loan

– As part of festive offer, borrowers will get 100 per cent waiver in processing charges until January 31, 2022. The processing fees after this will be low as well, the bank has said in a note on its website

– Customers will get instant processing of loans and disbursement in just four clicks

– Borrowers need not submit any physical documents since everything will be done online via the YONO app

– Customers do not require to visit the branch to avail the service

– Interest rate for the loans start at as low as 9.60 per cent, which is lower than that of other personal loans

– Customers can avail this loan any time since YONO provides services for 24 hours, seven days a week

Here is how you can avail SBI’s pre-approved personal loan

For this, first check if you are eligible for the pre approved personal loan though the process mentioned earlier in the article. Then follow these four steps to avail the loan.

Step 1: Open YONO app on your mobile phone and log in using your MPin or Password

Step 2: From the drop down menu, select the ‘Avail Now’ option

Step 3: Select loan amount and tenure

Step 4:  You will then receive an OTP. Enter the OTP received on the registered mobile number. Your account will be credited with the specified amount after this.

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