New Delhi | Jagran Business Desk: The income of major businessmen, traders, and employees have been severely hampered due to the coronavirus pandemic and the lockdown implemented to prevent the spread of the infection. Amid this, many people, organisations, and financial entities are facing losses.

In view of this cash crisis, State Bank of India (SBI) has introduced an emergency loan facility for small traders. This emergency loan is available at an interest rate of 7.25% per annum. This interest rate is much lower than the personal loan interest rate of many other Indian banks.

SBI has also eased rules for personal loans and other retail loans. Now SBI customers can apply for a loan while sitting at home. The country's largest lender is offering pre-approved personal loans to its customers.

In order to avail the facility, the customers will only have to download the SBI Yono app on their smartphone or use the SBI online service. Smartphone users can get retail pre-approved personal loans in just four clicks through the SBI Yono app.

According to the SBI website, pre-approved SBI loans have several features. Loan processing can be done immediately and the fee charged is also less. Also, it does not require any physical documentation. Apart from this, this facility is available 24*7.

If a customer downloads the SBI Yono app on his smartphone, then one can get the loan amount directly in his account only by following these steps.

Step 1. Download the SBI Yono app and log in.

Step 2. Click for pre-approved loan.

Step 3. Select time period and loan amount.

Step 4. Entering your OTP, the amount will be credited to your account.

How to check eligibility

To check whether SBI customers are eligible for a pre-approved personal loan, they need to send a message "5 last 67 digits of PAPL account number" to number 567676. In response, the customer will get to know the eligibility of his pre-approved administrative loan.

Posted By: James Kuanal