SBI is offering up to 5 lakh rupees in 45 minutes, can apply online

SBI is offering up to 5 lakh rupees in 45 minutes, can apply online

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Lockdown continues across the country due to coronavirus, causing many people to face economic crisis. In view of this, State Bank of India (SBI) has started emergency loan facility. To avail this loan, you can apply online from home. Its special thing is that this loan will come in your account in just 45 minutes. This emergency loan is only for SBI customers. If you also need money, then you can also apply for this loan.

Will have to pay less interest

The bank has said that there is no need to give installments for 6 months to the customers taking the loan. That is, if you take an emergency loan from SBI in the month of May, then you will not need to pay EMI till October. Your EMI will start only after 6 months. Customers will have to pay interest of 10.50 percent for this personal loan. A loan can be applied 24 hours a day, seven days a day. Under this scheme, loans up to Rs 5 lakh will be available.

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How to apply

Send PAPL <last 4 digits of account number> from your registered number to 567676.
Now the bank will tell you through a message whether you are eligible to take a loan or not.
Eligible customers will get loan in four processes.
For this, after this, click on Avail Now in SBI's app.
After this, select the time period and amount of the loan.
After this OTP will come on the registered number. Money will come into your account as soon as you add it.
Indian Overseas Bank is also giving loan on low interest

Indian Overseas Bank (IOB) has launched a special loan scheme, which can be availed by any Self Help Group (SHG). Under this, SHGs will get loan at 9.4% per annum and no additional security will be taken for it. The scheme is valid till 30 June 2020. Under this scheme, a loan of maximum one lakh rupees will be available for any self-help group. Also, each member of the group will be able to take a loan of up to Rs. 5000. To take this loan, one has to apply directly to the bank branch.

Bank of Baroda is also giving special personal loan

Bank of Baroda (BoB) has launched a special personal loan for its customers to deal with coronavirus. Those who need money due to corona epidemic can take advantage of it. Under this, a maximum loan of up to Rs 5 lakh can be taken. For this, customers have to visit their bank branch. The scheme is valid till 30 September 2020. According to the BoB website, customers who have taken home loan, loan against property or auto loan can avail this facility of the bank. With this, their credit score is 650 or more. Apart from this, the customer should have contact with the bank for at least 6 months. The loan interest rate is linked to the repo rate (BRLLR). Currently the BRLLR applicable for retail loans is 7.25 percent which varies. You will have to repay this loan in 5 years. For more information, you can visit the official site of the bank https://www.bankofbaroda.in/baroda-personal-loan-covid-19.htm

SBI also launched Agri Gold Loan Scheme for farmers

SBI has launched Agri Gold Loan Scheme. Under this, farmers can take loans according to their need by giving gold ornaments. 5 lakh farmers have taken advantage of this amid the lockdown. Farmers applying for loans should have agricultural land. A copy of that agricultural land is to be given in the bank. 9.95% interest will be charged annually on the loan. This can be applied by visiting any rural branch. It can also be applied through the YONO app, this will make it easier for farmers to take loans. The scheme also provides that if a farmer does not have agricultural land in his name but has a tractor in his name, then the loan can be taken on the basis of that tractor by depositing it in the jewelry bank. The RC of the tractor should be in the name of the farmer. For more information visit this website https://sbi.co.in/hi/web/agri-rural/agriculture-banking/gold-loan/multi-purpose-gold-loan#show

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