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SBI Pre Approved Loan

A financial emergency can strike anytime without any prior warning. For example, you might have to deal with a medical situation where you could require immediate funds to meet your financial needs. Personal loan is an ideal credit facility during these times. If you need a short-term personal loan upto 5 lakhs urgently, you would not even require an extensive list of documents and strict criteria to be fulfilled. Personal loans are unsecured in nature and can be obtained online  at affordable interest rates to meet all sorts of financial needs in a short time span. 

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PAPL SBI

Below are the key PAPL SBI loan details:

Loan amountUp to Rs. 20 Lakhs
Rate of interest13.30% onwards
Tenure6 months - 6 years
Processing feeNil
Prepayment charges Nil - 3% 
Minimum monthly income Rs. 15000
EMI/NMI Ratio Less than 50%

Features of SBI Personal Loan through YONO App

The key features of SBI pre approved personal loans are mentioned below:

  • Loan amount: You can get minimum Rs. 24,000 and maximum Rs. 20 Lakhs loan amount under SBI YONO loan.
  • Rate of interest: SBI YONO personal loan interest rate starts from as low as 13.30% p.a. And can go up to 15.65% p.a., depending on the loan type and amount.
  • Tenure of repayment: The tenure can vary from 6 months to 6 years. The maximum tenure for pre-approved pension loans can be up to 84 months.
  • Processing fee: Up to 1.50% of the loan amount, minimum Rs. 1,000 + GST and maximum Rs. 15,000 + GST will be charged as processing fee.
  • Prepayment & foreclosure charges: Nil charges if the loan account is closed from the proceeds of a new loan account under the same scheme. 3% of the prepaid amount will be charged otherwise. 
  • Instant disbursal: You can avail PAPL SBI instantly on 24*7 basis from the convenience of your home through YONO app in just 4 clicks.

Also Check: SBI Cibil Score for Personal Loan

Eligibility Criteria

  • SBI PAPL loan is an offer available to only selected customers only after fulfilling the terms & conditions applicable thereof.
  • Applicants should have a Salary Account with SBI or another bank.
  • Applicant’s age should be at least 21 years when applying for the loan and not above 58 years at loan maturity.
  • For Pre-approved Personal Loan for pensioners, the maximum age should be below 76 years and the pension payment order (PPO) must be maintained with SBI.
  • Minimum 1 year work experience is required.
  • The applicant must be earning a minimum monthly income of Rs. 15,000 for SBI pre approved loan.
  • The EMI/NMI Ratio should be below 50%.
  • Employees should be working with central/state/quasi government, central PSUs, profit making state PSUs, educational institutions with national repute, or selected corporates with/without banking relationship with SBI.

For SBI PAPL eligibility check, send SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676. 

Documents Required

  • Duly filled & signed loan application with 2 passport size photographs are required for YONO SBI personal loan.
  • Identity proof (photocopy of any one): PAN Card, passport, driving license, voter’s ID or aadhar card.
  • Residence proof (photocopy of any one): Recent telephone bill or electricity bill, passport, property tax receipt or voter's ID card.
  • Income proof for salaried: Copy of ID card issued by the employer, bank statements of the last 6 months salary account, and Income Tax Return (ITR).
  • Income proof for self-employed: Income Tax Return, last 6 months' salary slips or bank statements, and last 2 years’ ITR & account statements.

Also Check: Cibil score required for personal loan

How to Apply SBI Pre-Approved Personal Loan?

If you have an account with SBI, you can avail Pre-approved Personal Loan (PAPL) instantly on 24*7 basis at your convenience through YONO app with just 4 clicks. At present, SBI YONO personal loan is offered to a pre-select category of customers on certain parameters pre-defined by SBI.

Steps to apply for SBI Pre-approved YONO loan:

  • Step 1: Login to YONO app.
  • Step 2: Click on the Avail Now button.
  • Step 3: Select the desired tenure and amount.
  • Step 4: Enter OTP to get the amount credited to your account instantly.

Navi Personal Loan @9.99% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

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SBI Pre Approved Loan FAQs

✅ How can I check my SBI PAPL eligibility?

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To check your eligibility for PAPL SBI loan SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676.

✅ What is SBI PAPL?

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SBI pre-approved YONO personal loan is an instant personal loan offer for pre-select category of SBI customers. You can avail PAPL instantly on 24*7 basis at your convenience through YONO app with just 4 clicks if you meet the eligibility parameters pre-defined by SBI.

✅ What is the eligibility for PAPL loan in SBI?

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  • PAPL loan is an offer available to only selected customers only after fulfilling the terms & conditions applicable thereof.
  • Applicants should have a Salary Account with SBI or another bank.
  • Applicant’s age should be at least 21 years when applying for the loan and not above 58 years at loan maturity.
  • For Pre-approved Personal Loan for pensioners, the maximum age should be below 76 years and the pension payment order (PPO) must be maintained with SBI.
  • Minimum 1 year work experience is required.
  • The applicant must be earning a minimum monthly income of Rs. 15,000.
  • The EMI/NMI Ratio should be below 50%.
  • Employees should be working with central/state/quasi government, central PSUs, profit making state PSUs, educational institutions with national repute, or selected corporates with/without banking relationship with SBI.

✅ How do I repay my SBI PAPL loan?

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You can repay your YONO SBI instant loan online through netbanking, NEFT or YONO app.

✅ Is pre-approved personal loan available for all SBI YONO customers?

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No. PAPL SBI loan is available to only selected customers only after fulfilling the terms & conditions applicable thereof.