Existing SBI customers will be eligible for pre-approved loans. And one will get this offer if he/she has repaid his/her previous loan without any default. SBI offers someone a pre-approved personal loan to reward them for their good credit record. In this SBI Personal Loan, you don’t have to go through any documentation. SBI already has your information saved in its system, so you don’t need to provide any documents. And another benefit is that the loan will be disbursed quickly. You don’t have to wait for days for the loan disbursement. This is because the loan is already approved and the bank won’t need time for document verification. For more information on the SBI Pre Approved Personal Loan, continue reading this page.
How to Check SBI Pre Approved Personal Loan Offers?
You can visit the official website of SBI or download the YONO app to check the pre-approved offers. On the app, go to the notification/offer section and check whether there is a ‘Pre Approved Personal Loan’ showing. If it is, click on it and fill in a few details to get the loan disbursed to your account.
If you visit the bank’s website, first log in to your account using your username and password. Go to profile and check the ‘pre-approved personal loan’. If there is no trace of a pre-approved offer, it means you’re not eligible for the same. But still, you can apply for a personal loan if you want.
Check your SBI Pre Approved Personal Loan Eligibility by sending an SMS ‘PAPL<space> <last four digits of SBI Savings Bank Account.>’ to 567676.
Does the Repayment Differ in SBI Pre Approved Personal Loan?
No, the repayment options will remain the same as you have in a normal personal loan. You need to choose a tenure from 6 months to 6 years for your repayment. For deciding the tenure, use the SBI EMI Calculator by visiting its website. Check out the example below to see how this tool works.
In Sunil’s family, there has been a medical emergency and he needs a lump sum amount. Most of his savings have already been exhausted. So, he logs in to the SBI website and sees whether he is eligible for a pre-approved loan. Fortunately, he is pre-approved for a loan up to INR 5 Lakh.
Now, he calculates the EMI amount by choosing the tenure of 48 months. SBI charges an interest rate of 15.00% per annum on the pre-approved loan. According to the calculator, his EMI will be 13,915.
This amount Sunil can afford, so he completes the application and gets the money disbursed to his account.
Can You Get the SBI Pre Approved Personal Loan Online?
Yes, you don’t need to visit any bank branch for a pre-approved SBI Personal Loan. If you don’t have a YONO app on your smartphone, download the same. Afterward, log in to your account and check the loan offer. If you’re eligible for the pre-approved loan, select your account and enter your mobile number.
Now, the loan amount and interest will be displayed on your screen. Click on the ‘Apply Now’ button to get the money in your account. Once the loan is disbursed, the repayments will begin from next month or any date as scheduled by SBI. For repayments, choose the standing instruction service. Because if you do, the EMI will be deducted from your account automatically. This way, you don’t need to keep track of the next due date. Just ensure the minimum balance required for the successful deduction of EMIs. In its absence, the EMI will bounce and you need to pay a penalty.
So, if you’re tackling a financial problem and don’t know where to apply to get a lump sum amount, open the YONO app and check your EMIs from SBI Personal Loan EMI Calculator and SBI Pre Approved Personal Loan offer.