Eligibility & Requirements of SBI PAPL Loan : How to apply for Pre-Approved Personal Loan SBI

Elligibility of SBI PAPL Loan: How to apply for Pre-Approved Personal Loan SBI
Eligibility of SBI PAPL Loan: How to apply for Pre-Approved Personal Loan SBI

Note: India's largest bank State Bank of India or SBI has clarified that it is currently not offering any emergency loan scheme via its Yono app. SBI introduces a pre-approved personal loan offering through YONO for salaried customers who are facing cash-flow problems due to the coronavirus crisis.

What is the SBI PAPL loan?

PAPL stands for Pre-Approve Personal Loan. Those are the instant loan scheme launched by the State bank of India. Generally, if you wish to get a load from any bank, then you need to go through a lot of documentation and you also need to provide security to the bank. So the main aim of this loan is to provide financial support to the customer at minimum documentation. And it is very Quick. Here you do not need to provide any security element.

Eligibility Required for this loan

  • You should have an SBI bank Account

  • SBI Yono Android App should be installed.

  • Good Credit Score is Needed

  • You should have Good bank balance and transaction Rate

  • Your Earlier loan Instalment History should  be good

This is a Quick loan scheme for SBI customers. With minimum documentation. But the customer has to fulfil some minimum requirement to apply for this loan. SBI will check how is your credit score. Are you a good customer or not, all your previous history will be checked by the SBI official and on the basis of that, they will provide you with the loan.

The official will also check your transaction rate and how wealthy are you. The bank official will also check your income and expenditure based on the wealthiness of your bank credit. if all your credential is proper and meets their need then they will process your request further otherwise not.

if you have taken a loan earlier and unable to give back the loan on time then it may create a problem to avail of this offer. For that, you have to be very sincere. All you pending should be cleared on time.

How to check eligibility for SBI PAPL Loan?

Type "PAPL Last four digit of your savings account no" Send to a text message at 567676. If you are eligible, then you can check YONO SBI to apply for this loan instantly.

How to Apply for a PAPL loan?

  • Step 1: Log in to YONO

  • Step 2: Click on Avail Now

  • Step 3: Select Tenure & Amount

  • Step 4: Enter OTP (will be sent at registered mobile no)

  • Step 5: And The Amount will be credited to your bank account Instantly.

You can avail of this loan only through the SBI Yono App. This is the official app of SBI. you can download this app from the play store. So you can't apply on the website. SBI will avail of this loan strictly via app only.

For availing this loan first log in to your Yono app. if you are the first time in Yono then you have to set up your Yono app properly. For this, you can check youtube there lot of tutorials are available. Or you could ask help from an existing Yono user. Then you have to select the tenure and amount. This means for what duration you want this loan. And how much money you want. Note that your loan will be limited depending on your previous history. If you are a good customer then you will get a greater amount of loan otherwise not. After that, you have to enter the opt. The OTP will be sent to your registered mobile no. So while applying for this loan keep you register mobile no close and should be working properly or else you may lose your loan. And if you want to change your Register mobile number you can do it by visiting your home branch. And there you provide the necessary documentation to get the job done. After you entered the OTP successfully the money will be credited to your bank account instantly. But here SBI is giving this loan to the trusted people only. So that they get the loan back. For that, you should have a good credit score and good transaction rate and income sources.

How to use SBI Yono App

Here Yono stands for You Only Need One. this is the official app from SBI(Stae Bank of India) This app basically aims at simplifying all your digital Activity. In today's world, everyone is depending on digitization. You can shop online, You can pay the bill online, You can connect with the rest of the world that's also via internet from anywhere. So to fulfil all the need you can use the YONO SBI application.

For getting started you have to download the YONO SBI app from the play store. And get logged in via your internet banking credential. And if your internet banking is not enabled then you can create a temporary internet banking account using your debit card. And you can do it in-app.

Benefits of this loan

  • Low Processing Fees

  • Instant Loan Processing

  • No physical documentation

  • 24X7 convenience

  • No premium for the next six month

This loan has a lot of benefits it comes with very less processing fees. And not so lengthy process. No need to go through various documentation processes. The only thing needed is the Yono app and a good credit score. I guess you will fulfil those needs. you have to show that your previous records are good and you are the right person for this loan and that's enough. Your loan will be processed in no time. And for that, if you are facing any kind of problem then the SBI staffs are always available to help you out. You can contact them via Phone you will also wite them in email. their customer service is very good it is available 24X7. Even in the night also you can clear all your dought about this loan scheme.

Cons of this Loan

  • Only provided to Employed people with good credit score

The cons of this loan are you need to fulfil a lot of requirements. And if your credit score is not good and you are not available for this loan. SBI providing this loan to the trusted people only. And some sources also said that it is strictly for the govt employee only. So all that SBI customers can avail of this loan. SBI officials also check your income sources. If it isn't good then you are not eligible for this scheme.

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