SBI Pre Approved Loan

Below are the key PAPL SBI loan details:

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

• 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. 

• 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

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.