The country’s largest lender State Bank of India (SBI) has started a special facility for its customers. The bank on Monday announced Real Time Express Credit Card on its YONO platform. Talking about its benefits, under this, eligible customers will be able to take advantage of personal loan up to 35 lakhs in just 8 easy steps.
Giving information, the bank said that personal loan for customers is one of its special facilities and to take advantage of this, Express Credit has been launched. Using this, salaried customers will be able to apply for a personal loan digitally. Customers can avail this through YONO. The bank said that it will be a 100% paperless process.
Personal loan will be available in 8 steps
Digitally, personal loan customers up to Rs 35 lakh can be availed by completing the process in 8 steps. Under Real Time Express Credit, SBI’s central, state government and defense salaried customers will no longer need to visit a branch to avail a personal loan. It added that credit checks, eligibility, sanctions and documents would be done digitally.
Digital facility being given to users
SBI Chairman Dinesh Khara said that YONO is pleased to introduce Real Time Express Credit Loan facility for its eligible salaried customers. The Express Credit product will enable customers to experience a digital hassle free and paperless loan process. He said that to make banking easier in SBI, efforts are being made to provide fully digital banking facility to the customers.
Banks have increased the interest rate of loans
Significantly, after the increase in the repo rate by the RBI, many banks including SBI have increased the loan rates. At the same time, it is expected that the RBI may increase the rates further in the coming days.