SBI Pre Approved Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

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SBI Pre Approved Personal Loan Documents, Eligibility, Interest Rate, EMI, Apply Online, online application form, details

As the name implies SBI pre-approved personal loan this loan is available within 4 clicks and the sanctioned loan is directly created in your SBI account. This loan scheme is also famous for some other names like SBI pre-approved loan, SBI Yono loan, PAPL loan by SBI, Yono pre-approved loan, SBI Yono PAPL loan, etc. 

This loan is very easy and convenient in terms of any pre/post programs or some urgent needs of our life.

Main Highlights of SBI Pre Approved Personal Loan

  1. After verifying your application through the Yono app this loan is approved and credited instantly to your bank account.
  2. The interest rate in this loan starts from 9.60% per annum to 12.60 % per annum.
  3. Loan tenure to this loan scheme is up to 60 months (5 Years).
  4. Max loan amount can be up to 15 Lakhs Rs.
  5. The applicant should have a minimum income of 5,000 Rs.
  6. This loan is available 24×7
  7. Applicants do not need to visit the branch.
  8. Applicants do not need to submit any physical documents (Hard Copy).
  9. In this loan scheme, no guarantor or security is required.
  10. Low processing fees (1% of the loan amount).
  11. Applicants can also apply for a second loan (Maybe after 1 year of this loan or vice versa).
  12. If the loan amount is more than 10 Lakhs Rs. then a 0.50% concession in interest rate is given by the SBI (If the applicant fulfills some certain conditions).

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What is SBI Pre Approved Personal Loan?

It is a personal loan by the State bank of India which only given to eligible customers of SBI through a pre-approved loan Process on the SBI Yono app. In this loan, any eligible customer can take up to 15 lakhs Rs. loan instantly through SBI’s Yono App in just 4 clicks.

This loan is for those who maintain a good repayment history, and have a good profile, such as a good credit score, balance history. 

How much Amount of Loan is Provided in SBI Pre Approved Personal Loan Scheme?

Maximum – 15 lakhs Rs.

A Customer can take a loan amount of up to 15 lakhs Rs. Which is directly credited (Disburse) to the customer’s bank account, if the customer is found to be eligible for the loan.

Who is eligible for the SBI Pre Approved Personal Loan?

  1. The applicant must have an account with the State Bank Of India (SBI), whether it is a saving account or a current account.
  2. Who fulfills the necessary steps for the bank’s KYC process.
  3. According to the type of accounts with SBI (Savings/Current), the customer needs to maintain the required balance in the bank account.
  4. The required minimum monthly income should not be less than 5,000 Rs.
  5. When the customer login to the SBI Yono app availability of a pre-approved SBI personal loan offer is a must.
  6. By Send an SMS to the bank an applicant can check the availability of a pre-approved personal loan offer by the SBI. For sending an SMS you have to type – “PAPL<space><Last 4 digits of SBI Savings Bank Account No.>” and send it to 567676.
  7. If the applicant is working in these types of services, and having a minimum of 1 year of permanent service time. The services are,
  • State/Central or Quasi-government employees
  • The employees of Central PSUs
  • Employees of profit-making state PSUs
  • Teachers/Staff in nationally recognize Educational institutes 
  • Selected Corporates (having in relation with the bank or do not have Earning Credit Rate (ECR), and fulfill required aspects of the bank.

Note: The PAPL is for offer checks, and only for eligible or selected customers. The loan amount is only sanctioned through the SBI Yono app.

SBI Pre Approved Personal Loan Document Requirements?

You do not need to submit any physical documents (Any hard Copy) or to visit the branch. The applicant only needs to be pre-approved for the SBI personal loan offer on the Yono app.

Note: If you are a new customer then, you need to submit some documents for the purpose of verification of your account KYC, and income proof, etc.

The required documents are,

  1. Identity proof – You have to provide these Id proofs to the bank (Adhar Card, PAN card, Passport, Driving Licence, etc.
  2. Address Verification – Adhar card, Voter identity Card, electricity bills, etc.
  3. Income Proof – Bank account statements, Salary slips (At least last 3 months), ITR form, etc.

Interest Rate for SBI Pre Approved Personal Loan?

Min Interest Rate – 9.60% Per Annum

Max Interest Rate – 12.60% Per Annum (May vary from customer to customer, totally depends on bank). The interest rates depend on multiple factors.

A concession of 0.50% in the interest rate will be also given to the applicant if the loan amount is more than 10 Lakhs Rs. But, if and only if the applicant fulfills the required terms & conditions. 

Note: The interest rates can change with the passage of time.

Read Also SBI Pension Loan Documents, Eligibility, Interest Rate, EMI, Apply Online

Loan Tenure/Time for SBI Pre Approved Personal Loan?

Min Loan Tenure of SBI pre-approved personal loan – 6 Months (half Year)

Max Loan Tenure of SBI pre-approved personal loan – 60 Months (5 Years)

Examples of EMI Calculations for SBI Pre Approved Personal Loan

With An Interest rate of = 10% Per Annum.

SBI Pre Approved Personal Loan’s EMI = Per Month Amount to be paid by the customer to the bank.

Loan Amount EMI for 1 Year EMI for 2 Years EMI for 3 Years EMI for 4 Years
25,000 Rs. 2,198 Rs. 1,154Rs. 807 Rs.  634 Rs.
1 Lakh Rs. 8,792 Rs. 4,614 Rs. 3,227 Rs. 2,536 Rs.
15 lakhs Rs. 1,31,874 Rs. 69,217 Rs. 48,401 Rs. 38,044 Rs.

With An Interest rate of = 11% Per Annum.

SBI Pre Approved Personal Loan’s EMI = Per Month Amount to be paid by the customer to the bank.

Loan Amount EMI for 1 Year EMI for 2 Years EMI for 3 Years EMI for 4 Years
25,000 Rs. 2,210 Rs. 1,165Rs. 818 Rs.  646 Rs.
1 Lakh Rs. 8,838 Rs. 4,661 Rs. 3,274 Rs. 2,585 Rs.
15 lakhs Rs. 1,32,572 Rs. 69,912 Rs. 49,108 Rs. 38,768 Rs.

Charges & Fees in SBI Pre Approved Personal Loan Scheme?

  1. Processing Fees – 1% of the loan amount OR it depends on the bank.
  2. Pre-Payment Penalty – 3% on prepaid amount. But, if the account is closed from the Proceeds of a new Loan obtained under the same scheme then, Nil Pre-Payment penalty and Foreclosure Charges. 
  3. Penal Interest – @2% p.m would be charged over and above (the applicable interest rate,) on an overdue amount for the default period-time. OR, it depends on the bank. 

How Can you Apply For SBI Pre Approved Personal Loan?

To get an SBI pre-approved personal loan follow these simple steps.

  1. The applicant needs to log in to SBI Yono App.
  2. Check whether a pre-approved personal loan offer is available for you or not.
  3. If the loan offer is available for you then, Select loan amount and loan tenure.
  4. After this wait for an OTP (The OTP will come on your registered mobile number with the bank).
  5. Please, enter the OTP and submit the application.
  6. That’s it, within few minutes the loan amount will be credited directly to your bank account.

FAQ – SBI Pre Approved Personal Loan

1. Can other bank account holders apply for SBI pre-approved personal loan?

No, you can not. This loan is only available through the SBI Yono app, and if you have not account in SBI then, how can you log in to the SBIYono app. 

2. Is there is 100% chance of getting an SBI pre-approved loan if a pre-approved personal loan offer is available on my SBI Yono app?

No, this offer does not give you a 100% guarantee of a loan. Because after submitting the application if your documents/information are found to be wrong or unverified your loan will be rejected by the bank. This offer only ensures you that you have successfully cleared the initial steps of qualification.

3. SBI Pre Approved Personal Loan Customer Care/Contact information?

  1. Visit the nearest SBI Branch to solve your all doubts.
  2. Toll-free Numbers – 1800112211, 18004253800, 08026599990
  3. Email – customercare@sbi.co.in, contactcentre@sbi.co.in

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