SBI YONO Personal Loan is a personal loan offered by the State Bank of India. It can be availed by those who have an annual income of up to Rs. 60,000 and a monthly income of up to Rs. 5,000/- with no collateral required.
In the current scenario, where the cost of living is increasing and people need more money for their day-to-day expenses, SBI YONO Personal Loan is an excellent option for them because it offers flexible repayment options and low-interest rates with no collateral required.
Through regular YONO check-ins, borrowers can apply for pre-approved personal loans. The SBI gives you a much broader range of options with their customized loan products.
SBI is making it easy to access personal loans by providing a platform through which you can apply for them. These pre-approvals can be accessed through the YONO app, which SBI is using to help people access that service.
Table of Contents
SBI YONO Personal Loan Quick Recap
| Interest rate | Starting from 9.60% |
| Loan Amount | UP to 15 Lakh |
| Loan Tenure | 5 years |
| Eligibility Age | 18 years or above |
| Processing Fees | 1% of the Loan Amount |
| Eligible For | Self-Employed / Salaried Person |
Also Read: SBI e-Mudra instant loan
What is SBI YONO App?
SBI YONO is an integrated financial platform offered by the State Bank of India. It features services such as flight, bus, and train booking, bought items, and medical payments – any service that you would want to do online or over the phone.
Also Read: Best Persona Loan for Salaried Employed
Benefits of SBI YONO Personal Loan
- Get the bank loan at a low-interest rate
- Get a flexible and convenient repayment plan
- Free offer for your personal loan application
- No bank charges for non-SBI bank customers
- Set your own EMI options
- Instant processing of the loan and disbursement
- Low processing fee
- With the use of branchless banking services, physical verification is not needed any longer.
- No. There is no need for physical documentation when you purchase this product.
SBI YONO Personal Loan Fees & Charges
| Processing Fee | 1% of the loan amount |
| Penalty Interest | 2% p.m. charged over and above the applicable interest rate on the overdue amount. |
| Repayment Charges | No Foreclosure Charges |
| Prepayment charges | 3% on loan principal prepaid. |
Also Read: mPokket Personal Loan Apply
Eligibility Criteria
Requirement the basic eligibility criteria for SBI YONO personal loan
- Require source of income
- The minimum salary required is Rs. 5,000
- Age should be minimum of 18 years needed
- It’s important to show that you have worked for at least one year at a company listed below:
- Central and State Government
- Quasi-Government
- Central PSUs
- Profit-making State PSUs
- Educational Institutions of National Repute
- You will be asked to disclose your current savings account or current account number before you’re approved for a loan
Documents Required For SBI YONO Loan
The borrower is required to submit certain documents to the lender in order to complete the application process. The documents include:
- The bank statement for the last three months
- Pan Card required
- A copy of the latest bank passbook and statement
- The copy of the Aadhaar card.
- Recent 3 month’s salary slip
Also Read: HDFC Credit Card Loan
How to Check Eligibility For SBI YONO Personal Loan
You can also check for available pre-approved personal loans by sending an SMS in the format:
“PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676
Also, you can check pre-approved offers through the SBI YONO app.
How to Apply For YONO Loan
Follow the step-by-step process to apply for a personal loan through YONO.
- Login to the YONO app from a smartphone.
- Looking for pre-approved personal loans in your account
- Select the duration of your loan and desired payment extension
- Submit the application with your OTP that is sent to your registered mobile number.
- No need to wait, we’ll get your loan disbursed right away!
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