It is possible that you may suddenly need more money while the lockdown is running. In view of this situation, State Bank of India (SBI) has introduced a special emergency loan. You don’t even have to set foot outside the house to take out this loan in the midst of a lockdown. The best part is that you can get this loan in just 45 minutes.
* No need to give EMI for 6 months:
State Bank of India (SBI) has introduced the loan to its customers in view of the impact of the downturn and the downturn caused by the lockdown. This emergency loan is for SBI customers only. The bank said that the customers who take this loan do not have to pay any installment or EMI for 6 months. After 6 months they can start paying EMI.
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* Cheapest loan:
SBI has introduced this new type of loan only for its customers. However, customers will have to pay interest at 10.50 per cent on this personal loan. Which is currently cheaper than the personal loan interest rate of any bank in the country.
* How to apply:
The process of getting this emergency loan is also easy. For this the customers have to send PAPL <last 4 digits of account number> from their registered mobile number to 567676. After sending the message you will be notified by the message whether you are eligible for this loan or not. Eligible customers will get the loan by going through the following four processes.
– Click on Avial Now in the app.
– Then select the time period and loan amount
– OTP will be sent to the registered mobile number
– The loan amount will be credited to your bank account as soon as you enter the OTP number.