Hello and welcome to our blog! In this post, we will provide you with a detailed guide on how to apply for a loan from SBI Bank using the SBI YONO App. We will also discuss SBI Bank’s loan interest rates and address the question of whether it is safe to take a loan from SBI Bank.
If you are in need of financial assistance, applying for a loan can be a great solution. However, obtaining an instant loan is not always easy. Fortunately, with advancements in digital banking, the loan application process has become much more convenient. Now, you can apply for a loan from the comfort of your home using the SBI YONO App.
To get started, you simply need to follow a few simple steps, which we have outlined for you below. Keep reading to learn more!
What is SBI Yono app?
The SBI YONO App (You Only Need One) is a comprehensive digital banking platform launched by the State Bank of India (SBI). It offers a one-stop solution for banking, payments, shopping, investments, and travel bookings.
Key Features of SBI YONO App:
- Banking Services – Access account details, transfer funds, open fixed deposits, and apply for loans.
- UPI Transactions – Send and receive money securely via UPI.
- Bill Payments & Recharge – Pay utility bills, mobile recharges, and other expenses effortlessly.
- Shopping & Travel – Book IRCTC train tickets, movie tickets, flights, and shop from partner merchants.
- Investment & Insurance – Invest in mutual funds, insurance, and other financial products.
SBI YONO is an advanced and stable digital banking platform that builds upon SBI’s earlier services, such as SBI Anywhere and SBI Net Banking, ensuring a seamless and secure banking experience.
How to Apply for a Loan Using the SBI YONO App
Follow these simple steps to apply for a loan through the SBI YONO App:
- Log in to the SBI YONO App – Open the app and sign in using your 6-digit MPIN or User ID & Password.
- Go to the Loan Section – Tap on the “Loan” option to check your pre-approved loan offer, which is based on your CIBIL score.
- Select Loan Amount & Tenure – Adjust the loan amount and repayment tenure as per your preference, then tap “Next” to continue.
- Choose EMI Payment Details – Your account number will be displayed. Select the EMI due date for automatic deductions.
- Accept Terms & Conditions – Tap “Next” to proceed to the Terms and Conditions page. After reviewing, accept the T&C and tap “Confirm”.
Loan Disbursal – Once confirmed, your loan request will be processed, and the approved loan amount will be credited to your account within minutes.
Enjoy hassle-free and instant loan approval with SBI YONO!
Eligibility Criteria for Applying for a Loan via SBI YONO
To qualify for a loan through the SBI YONO App, you must meet the following criteria:
- For Salaried Individuals – Minimum monthly salary of ₹15,000.
- For Self-Employed Individuals – Minimum annual income of ₹1.2 lakh.
Meeting these eligibility requirements ensures a smoother loan approval process.
Documents Required for Loan Application via SBI YONO
To apply for a loan through the SBI YONO App, you need to submit the following documents:
- Identity & Address Proof – Copy of your Aadhaar Card
- PAN Card – Copy of your Permanent Account Number (PAN) Card
- Banking Details – Bank statements for the last three months
- Cheque Requirement – One post-dated canceled cheque
Ensure all documents are valid and up to date for a smooth loan approval process.
Frequently Asked Questions
Who can apply for a loan through the SBI YONO App?
Anyone who meets the eligibility criteria (salaried individuals with a minimum salary of ₹15,000/month or self-employed individuals with an annual income of ₹1.2 lakh) can apply.
What types of loans are available on SBI YONO?
SBI YONO primarily offers pre-approved personal loans based on your CIBIL score and banking history.
How long does it take for loan approval?
Loan approval is instant, and the amount is credited to your account within minutes upon successful submission.
How can I check my loan eligibility on SBI YONO?
Log in to the SBI YONO App, go to the “Loan” section, and view your pre-approved loan offer based on your CIBIL score.
How will my EMIs be deducted?
You need to select an EMI due date, and the amount will be automatically deducted from your SBI account every month.
Can I apply for a loan without visiting the bank?
Absolutely! The entire loan application process, from eligibility check to disbursal, is 100% online via the SBI YONO App.
What happens if I miss an EMI payment?
Missing an EMI may result in penalty charges and impact your CIBIL score, affecting future loan approvals. Ensure you have sufficient balance in your account before the due date.
Conclusion
Applying for a loan through the SBI YONO App is a quick, convenient, and secure process. With instant approvals, minimal documentation, and flexible repayment options, SBI ensures a hassle-free borrowing experience. Whether you are a salaried professional or a self-employed individual, meeting the eligibility criteria allows you to access funds with ease.
By following the step-by-step guide mentioned above, you can check your pre-approved loan offer, select the loan amount, and receive the funds directly in your account—all from the comfort of your home.