The State Bank of India (SBI), which is India’s largest bank, clarified that it does not offer any type of emergency loan to customers through its YONO platform. SBI clients should note that, as reported in the media, SBI offers emergency loans of up to Rs 5 lakh within “45 minutes”. These loans will be given at an interest rate of 10.5% and IMEs will start after a period of 6 months, according to reports.
SBI Emergency Loan Program:
The State Bank of India said in a statement, âThere is news that is widely reported about the ‘SBI emergency loan program through YONO’. We would like to point out that SBI does not currently offer any such loan. believe these rumors. “
However, SBI said it was in the process of introducing a pre-approved personal loan offer through YONO to provide relief to its salaried clients facing cash flow issues amid the COVID-19 crisis. YONO (You Only Need One) is a digital services platform from SBI that provides its clients with all-in-one solutions for banking, business, lifestyle and investing needs.
SBI also mentioned that information about the new product will be released after its launch.
‘SBI Wecare Deposit’ – SBI program for seniors
The SBI recently introduced a new product called âSBI Wecare Depositâ for its seniors in the retail term deposit segment to protect their interests in the current rate cut regime during the coronavirus.
As part of the âSBI Wecare Depositâ, an additional premium of 30 basis points will be payable for retail term deposits for seniors with a term of âfive years and overâ only.