SBI offers instant loan up to Rs 35 lakh through YONO App: Eligibility, key details to know

SBI Real Time Express Credit: India’s largest public sector lender state Bank of India, or SBI, has recently announced the launch of its flagship personal loan product Real Time Express Credit (RTXC) on its YONO app. The move is aimed at providing convenience to the customers and empowering them digitally so that they do not have to go anywhere State Bank Of India Branches to apply for personal loan. SBI Real Time Express Credit (RTXC) personal loan facility is available for salaried individuals whose salary is with the lender.

“With an aim to digitally empower customers and provide added convenience, the country’s largest lender State Bank of India (SBI) has announced the launch of Real Time Express Credit (RTXC) on YONO. The bank’s flagship personal loan product for salaried customers – Express Credit now has a digital avatar,” SBI said in a press release on May 23.

Customers can now avail RTXC from the comfort of their homes through YONO – which is going to be 100% paperless and digital. The lender said that the 8 step end-to-end journey will be easy and quick for the customers.

With the launch of Express Credit facility on SBI’s YONO app, the eligibility, credit enquiry, documentation and other processes will be done completely digital and in real time. “Under Real Time Express Credit, defense salaried customers of Central or State Government and SBI will no longer need to visit a branch to avail personal loan. Credit checks, eligibility, sanctions and documents will now be done digitally in real time,” SBI said in its press release.

SBI Real Time Express Credit Eligibility

SBI Real Time Express Credit facility is available for:

I. Person having salary account in SBI

ii. Minimum monthly income Rs 15,000

iii. Employees working with: Central / State / Semi Government, Central PSUs and Profit making State PSUs, Educational Institutions of National repute, Selected Corporates with or without bank association.

Speaking on the matter Dinesh Khara, Chairman, SBI said, “We are delighted to introduce Real Time Express Credit (RTXC) loan facility on YONO for our eligible salaried customers. The Express Credit product will enable our customers to experience a digital, hassle free and paperless loan process. We at SBI continuously strive to provide technology based advanced digital banking experience to the customers to make banking easy.

The digitization of express credit delivery will help the bank do away with the need to handle and store bulky paperwork. The maximum term loan amount under SBI Express Credit personal loan facility is Rs 35 lakh. The bank claims to charge a low interest rate and no security or guarantor is required to avail this loan.

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