The entire nation is going through a harrowing time due to the ongoing nationwide lockdown in the wake of coronavirus outbreak. Most of the shops and business establishments have been shut even. The middle-class people are the one who have been badly affected due to COVID19. It has adversely impacted the economic condition of the country. Some people even have lost their livelihood.

However, if you are in need of money for any reason, do not worry as the State Bank of India (SBI) has reportedly introduced an emergency loan to help you. The most amusing thing is that you need not to visit any SBI bank. You can get the loan within 45 minutes by being at your house.

No EMI For 6 Months

As SBI has introduced the loan to help the people during the coronavirus pandemic, it has decided to give an opportunity for the people not to pay their Equated Monthly Instalment (EMI) for the first six months, which means if you are taking the emergency loan in May, you no need to pay the EMI till October. Your EMI payment will begin after six months.

Rate Of Interest 

You can take the personal emergency loan at any time. This emergency loan is available at an interest rate of 7.25% per annum.

How Much Loan You Can Take

Personal Loan: Till Rs 2 lakhs

Pension Loan: Till 2.5 lakhs

Service Class: Till 5 lakhs

How To Apply For The Personal Emergency Loan

You are required to write PAPL in your registered number and give space then write the last four digit of your account number and then sent it to 567676

Then Bank will intimate you whether you are eligible for the loan or not

The eligible candidate will get the loan in four processes.

You have to click on the Avail Now option in the SBI app-  YONO SBI app

Then you have to select the loan tenure and amount

Later you will get an OTP in your registered number and once you put the OTP in the option money will be credited to your account automatically