SBI offers a pre-approved personal loan to its existing customers. Well, it is provided to them as a reward for their good repayment. If you’ve borrowed a loan or purchased the bank’s credit cards and maintained a good repayment record, you can get a pre-approved loan basis the same. In this, the borrower doesn’t have to go through the whole application process as the SBI Personal loan is ready for you to grab. So, you just need to confirm that you’re interested in the loan and the amount will be disbursed to your linked account instantly. Yes, the loan disbursement period is just a minute long. For more details on the SBI Pre Approved Personal Loan, keep reading this page.
Eligibility for SBI Pre Approved Personal Loan
You can get an SBI Pre Approved Personal if you meet the eligibility shown below –
Existing Banking Relationship with SBI
You need to have an existing relationship with the bank. Because if the bank doesn’t have any of your data in its system, it can’t compute your eligibility for SBI Pre Approved Personal Loan. Because someone who has borrowed a loan or purchased a card must have provided his/her data such as income proof, PAN details, etc. Using them, SBI can know their eligibility for a Pre Approved Personal Loan.
Good Repayment Record with the Bank
Well, having a relationship with the bank isn’t enough to get the SBI Pre Approved Personal Loan. The bank provides this loan to those customers only who have repaid their debts on time. One who has even a single case of due or late payment may find it hard to get a pre-approved loan.
So, ensure that there isn’t such a case with you for a hassle-free disbursement of the said loan, helping you meet your financial needs instantly.
Basic Criteria Fulfillment
You also need to meet the basic requirements as set by the lender to borrow an SBI Pre Approved Personal Loan. This will include, age, income, etc. So, if you tick those boxes, the bank will offer this loan.
How Do I Know About SBI Pre Approved Personal Loan?
To know whether you have a pre-approved loan offer or not, SMS “PAPL<space> <last four digits of your SBI Savings Bank Account>” to 567676. You should know that PAPL is an offer to select customers and not the actual sanction of the loan amount. The lump sum will be provided to you only after the fulfilment of the terms & conditions.
Should I Use the SBI EMI Calculator?
Yes, you can use this tool and find your EMI amount easily. To use this tool, visit the official website of SBI and log in to your account using your username and password. Afterward, visit the ‘Personal Loan’ section and check the pre-approved offer. If you’ve got the same, calculate your EMI by using SBI Personal Loan Calculator by entering the tenure, interest rate and loan amount in the calculator.
Upon doing that, the EMI will display on your screen. Now that you know the EMI beforehand, you can plan your repayment easily. Choose a tenure that comes with less interest pay-out and affordable EMIs.
How to Avail of an SBI Pre Approved Personal Loan?
For this, you just need your smartphone and follow the instructions shown below –
- Download the YONO app from play store on your android smartphone
- Log in to your account
- Go to the products section
- Click on the ‘Pre-approved Loan’ button
- If there is an offer for you, click on the ‘confirm’ button
- You’ll receive an OTP on your email or mobile
- Enter the same, so the bank can know your interest for the loan
- Select the loan amount and tenure
- Click on the ‘Submit’ button
Now, the amount will be disbursed to your account and help you meet your financial needs.
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