You can get a loan of Rs. 5 lakhs sitting at home. Do you want to know how? But you have to know about this offer offered by the bank.
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State Bank of India (SBI), the country’s largest bank, has introduced an excellent digital loan facility for its customers for their financial needs. Usually, it becomes very difficult to arrange money in times of emergency like medical expenses, children’s higher education or weddings. The ‘Real Time Express Credit’ (RTXC) scheme introduced by SBI is standing by in such difficult situations without the need to ask anyone. Its main feature is that you can get a loan of lakhs of rupees sitting at home without going to the bank branches.
Through this digital loan facility, customers can avail personal loans ranging from Rs 1 lakh to Rs 35 lakh in one go. This system eliminates the hassle of going to the bank, filling application forms, and standing in queues. The loan process can be completed in just a few minutes through the YONO mobile app. The bank is providing these services in the fastest manner using modern technology.
If we look at the eligibility criteria for this scheme, it is applicable only to those who have a salary account with SBI. Employees working in the central government, state government or defense sector can take this loan. Also, those working in corporate companies and getting salary from SBI are also eligible for this. The system will generate this loan offer for those who are eligible. If there is a loan offer, you will see it in the YONO app. Otherwise, there is no loan offer.
The loan process is completely paperless (Zero Paperwork). Customers only need to complete the OTP verification through their Aadhaar card number. The bank’s software will instantly determine your eligibility based on the CIBIL score. The loan amount will be directly deposited in the bank account as soon as the electronic signature (E-Sign) process is completed. This not only saves time but also increases transparency.
When it comes to interest rates, SBI is offering these loans at very low interest rates. The interest rates are determined based on the two-year MCLR. The interest rate is fixed throughout the loan tenure. The bank has made it clear that there are no hidden charges. This is a great opportunity for those who want to borrow more at a lower interest rate.
CIBIL score plays a key role in loan approval. Those with a score of at least 650 to 700 can get loans very easily. For those with high income and good credit history, the maximum limit is up to 35 lakhs. The bank automatically checks through its digital system whether the repayments of previous loans taken are regular or not.
In case of emergency, there is no need to go to chit funds or moneylenders and borrow money at high interest rates. The assurance provided by the largest government bank in the country is an added attraction of this loan. All you need is a mobile phone and you can apply for a loan at any time.
These changes brought by SBI at a time when technology is growing are very beneficial for the common man. Getting a loan digitally is also safe. The bank is providing these services while keeping the personal details of the customers confidential. SBI salary account holders can take advantage of this opportunity and get out of their financial difficulties.
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