A Pre-Approved loan requires minimal or no documentation i.e. paperwork with the least processing time. It is basically offered to existing customers with good credit scores and repayment records to be eligible for a loan. SBI has launched an application i.e. YONO App with the help of which it has become easier to apply for the SBI Pre-Approved Loan.
SBI account holders can apply for SBI Personal Loan Online with the help of the YONO App in just 4 simple clicks. Banks basically offer pre-approved personal loans to their existing customers who have a good credit history and a good repayment track record.
Reasons to Get Selected for Pre-Approved Loan:
Below-mentioned are the reasons to get selected as an eligible customer for a pre-approved loan:
- The bank might have chosen on the basis of a good credit score.
- On the basis of credit history, bank balances, and transaction rates.
- On the basis of previous track record i.e. prompt and regular payment.
- On the basis of income and expenditure rates compared to creditworthiness.
Important Things to Consider While Applying for a Pre-approved Personal Loan
- As SBI Pre-approved loan is an “Invitation to Offer”, their validity remains only for a certain period of time, and hence the customers are required to apply for the loan in the specified time frame only.
- Be aware of the applicable fees and charges like processing fees, pre-payment charges, pre-closure charges, etc.
- Compare other available pre-approved loan options.
Features of SBI Pre-approved Personal Loan
- Minimal or No Paperwork: Zero or minimal documentation is required for loan approval since the initial analysis of your financial standing and credibility is already done before a pre-approved loan is offered to you.
- Least Processing Time: Least processing time is involved since you already meet the eligibility criteria for the loan. Once all the relevant information is verified, your loan can be approved and disbursed within a day.
- No Requirement of Collateral/Security: No collateral or security is required to avail of a pre-approved loan.
- Flexibility in Repayment: Pre-approved loans generally come with a repayment tenure ranging between 12 to 60 months which you can choose at your own convenience.
- Lower Interest Rate: Personal loan is one of the cheapest loan options available. Since these loans are usually offered to individuals with a good credit history and a clean repayment track record, they are offered at competitive rates of interest which are generally lower than the usual personal loan interest rates. And, SBI provides one of the Lowest Personal Loan Interest Rates\ options in India, which makes it available for the majority of the audience in case of any urgent needs.
Some Other Features of SBI Pre-approved Personal Loan
- Get loans of up to Rs.8 lakhs without any documentation or branch visits.
- It is available both for CSP and non-CSP customers.
- It is a fully digitized product that is available 24 hours a day, seven days a week.
- It can be applied in just 4 simple clicks.
- There are no application fees, no documentation requirements, and no branch visits.
- It is basically a customer-driven process, with no reliance on branches, and instant disbursement via YONO App.
How to Apply for SBI Pre-Approved Loan via YONO App
Below-mentioned are the steps to apply for an SBI Pre-Approved Loan via the YONO App:
Step 1: Download the official YONO App from the Google Play Store.
Step 2: Complete the login and registration process once the app is installed.
Step 3: Click on the dropdown menu and choose the option “Avail Now”.
Step 4: Select the amount of loan to be applied for.
Step 5: Enter the amount and then an OTP will be received on the mobile number linked to a bank account.
Step 6: Enter the OTP and then click on “Submit”.
Step 7: The loan amount applied for will then get credited to the SBI bank account.
Eligibility Criteria
Primarily, the SBI Pre-Approved loan is offered to the existing bank account holders, where the loan amount, interest rate, repayment tenure, and other terms are determined on a case-by-case basis. To find out, whether you are eligible or not, send an SMS in the below-mentioned format from the registered mobile number.
SMS “PAPL<space><last 4 digits of SBI Savings Bank Account No.>” to 567676 to check the eligibility for an SBI Pre–approved Loan.
Different Ways to Check SBI Personal Loan Status
1. Check SBI Personal Loan Application Status Online
- Visit the official website of SBI.
- Click on the “Personal Loans” section.
- Now, click on “Apply Online”.
- Select the “Application Tracker” on the top right-hand side of the page.
- Choose “Track” amongst “Track” and “Retail Loan” options.
- The status of the loan application of SBI will appear on the screen.
2. Check SBI Personal Loan Status through Reference Number
- Open the official website of SBI.
- Go to the Personal Loans section.
- Click on “Apply Online”.
- Now click on “Track Application” on the top right-hand side.
- Choose “Track” amongst “Track” and “Retail Loan” options.
- Enter your reference number and click on “Track”.
- The status of the loan application of SBI will appear on the screen.
3. Check SBI Personal Loan Status through the Mobile Application
SBI Yono is one of the best Loan Apps available in 2023. As per a report on The Quint, the number of registered users on the SBI Yono app has surpassed 6 billion users since its launch back in 2017. By using SBI Yono, 78.60 lakh SBI savings accounts were also opened online in FY’23 only.
Now that we know about SBI Yono, let’s look at the steps we need to follow to check SBI personal loan status on SBI Yono:
- Download the SBI Loans Mobile application. Android users can download it from the Play Store app. Applicants using iPhones can download it from the App Store.
- On the app, click on “Personal Loans”.
- Select the personal loan you have applied for.
- Find “Menu” on the top left-hand side of the app. From the drop down select “Track Application”.
- Now enter the required details like reference number and registered mobile number.
- It will then show the status of the personal loan that is applied for.
4. Check SBI Personal Loan Application Status Offline
- Visiting the nearest branch of the bank along with the required documents.
- Call on SBI Customer care numbers mentioned below:
- 1800-112-211 and 1800-425-3800 (Toll-free numbers accessible from all landlines and mobile phones)
- 08026599990 (can be accessed from landline and mobile phone numbers)
