How to Apply for Personal Loan through SBI YONO App?

Applying for a personal loan through the SBI YONO app is a quick and convenient process, especially for customers who are eligible for a pre-approved personal loan. The YONO platform allows users to complete the application digitally without visiting a bank branch, reducing paperwork and speeding up loan disbursal. Here is how to apply for personal loan through YONO app:

1. To begin, download the YONO SBI app and log in using your internet banking credentials or MPIN. Once logged in, navigate to the “Loans” section and select the personal loan option available to you.

2. If you are eligible for a pre-approved personal loan, the offer will typically appear automatically within the app. SBI determines eligibility based on factors such as your banking relationship, account activity, income profile, credit history, and repayment behavior.

3. After selecting the loan offer, you can review important details such as the sanctioned amount, interest rate, processing charges, repayment tenure, and estimated monthly EMI. Carefully evaluate these terms before proceeding with the application.

4. Next, enter or verify the required personal and employment information. Since SBI already has access to much of your banking data, the documentation requirements for eligible customers are often minimal.

5. You may be asked to confirm your contact details, employment information, and income details. In some cases, additional verification may be required depending on the loan amount and customer profile.

6. After reviewing the loan agreement, accept the terms and conditions and complete the authentication process using an OTP sent to your registered mobile number. 

7. Once the application is successfully submitted, SBI processes the request and performs final verification checks.

This is all about how I can apply for a personal loan through the YONO app.

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Here’s how to apply for personal loan through YONO app,

• Install the YONO SBI app from Google Play Store or Apple App Store if you haven’t already. Log in using your SBI net banking/YONO credentials.

• Once logged in, look for the personal loan or Pre-Approved Personal Loan (PAPL) banner on the home screen. This offer is displayed only if you’re eligible based on SBI’s internal criteria. You can also check eligibility by sending an SMS with “PAPL <last 4 digits of your SBI account>” to 567676.

• Tap the PAPL or Personal Loan offer. You’ll be prompted to enter your PAN, Date of Birth, and name as per PAN for validation. After verification, choose the loan amount, tenure, and preferred EMI date.

• Review the loan details including the interest rate, EMIs, processing fee (if any), and repayment terms. Accept the Terms & Conditions. Confirm your decision via OTP sent to your registered mobile number.

• Once you confirm, the approved loan amount is typically credited instantly to your SBI savings account. 

This entire journey is digital, no paperwork or branch visit required.