- State Bank of India (SBI) has launched YONO (You Only Need One) app to make digital banking more accessible. Through this app, customers can avail a variety of banking services, including applying for personal loans. Applying for a personal loan through the YONO SBI app is extremely simple and convenient. In this article, we will tell you in detail how you can apply for a personal loan using the YONO SBI app, and will also answer important questions related to it.
Download and Install YONO SBI App:
- Ensure you have the YONO SBI app installed on your smartphone. You can download it from the App Store (for iOS devices) or Google Play Store (for Android devices).
Registration/Login:
- If you're not already a user, you'll need to register on the app. For existing users, log in using your credentials.
Navigate to 'Loans' Section:
- Once logged in, navigate to the 'Loans' section. This may be located in the main menu or on the home screen, depending on the app's layout.
Choose 'Personal Loan':
- Look for the option that specifically mentions "Personal Loan" or similar. Select that option.
Check Eligibility:
- The app will typically prompt you to check your eligibility for a personal loan. This involves entering relevant information such as your income, employment details, and other personal details.
Submit Required Documents:
- After checking your eligibility, you may be required to submit necessary documents. These documents might include proof of identity, address, income, and other relevant information.
Loan Amount and Terms:
- Specify the loan amount you're looking for and the repayment terms. The app may provide you with options based on your eligibility.
Review and Submit:
- Review all the details you've provided and ensure they are accurate. Submit the application.
Approval Process:
- After submitting your application, the bank will review it. This may involve a credit check and an assessment of your financial status.
Loan Disbursement:
- If your application is approved, the loan amount will be disbursed to your linked bank account.
Repayment:
- Ensure you are aware of the repayment schedule and make timely payments.
FAQs:
Can I apply for a personal loan through the YONO app if my account is not with SBI?
- No, to apply for a personal loan through the YONO app, you must have an account with SBI. This feature is available only for SBI account holders.
What is the processing time for a personal loan through the YONO app?
- If you have a pre-approved offer, the loan processing and disbursement time is very short, often within a few hours. In other cases, the process may take 1-2 working days.
How can I check my SBI YONO loan eligibility?
Eligibility Criteria for YONO App Personal Loan
For CSP (Customer Service Point) Customers:
- Must be an active SBI savings bank account holder.
- The account should be linked to YONO App.
For Non-CSP Customers:
- Active SBI savings bank account with good transaction history.
- Account must be linked to the YONO App.
For Savings Bank Account Holders:
- Eligible account holders can check their personal loan eligibility by sending an SMS.
- SMS format: 'PAPL####' (where #### are the last 4 digits of the account number) to 567676.
How do I activate my YONO personal loan?
- How to Avail a Personal Loan via YONO App
- Login to YONO.
- Click on the PAPL banner.
- Input your PAN and Date of Birth.
- Select the loan amount, tenure, and EMI payment date.
- Accept the Terms & Conditions.
- Enter OTP to confirm, and the loan amount will be credited to your Savings Bank Account.
What is the minimum loan amount in YONO?
- Purpose:
- Government and defense personnel with a salary account at State Bank of India can apply for the SBI Real Time Xpress Credit Personal Loan online via the SBI YONO app, offering instant loan disbursal.
- Loan Amount:
- Minimum Loan Amount: Rs. 25,000
What is the tenure for a personal loan through the YONO app?
- You can take a personal loan through the YONO app for a tenure ranging from 12 months to 60 months.
Is a guarantor required for a personal loan through the YONO app?
- In most cases, a guarantor is not required for a personal loan through the YONO app. However, this may vary depending on the bank’s terms and conditions.
Can I track the personal loan applied for through the YONO app online?
- Yes, you can track the status of your personal loan application directly within the YONO app.
If my personal loan application is rejected, can I apply again?
- If your application is rejected, you can analyze the reasons for the rejection, make the necessary improvements, and then apply again.
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