State Bank of India (SBI), which is India’s largest bank has clarified that it is not offering any kind of emergency loans to customers by its YONO platform. SBI customers must note that as media reports have stated that SBI is offering emergency loans of up to Rs 5 lakh within ’45 minutes’. These loans will be provided at an interest rate of 10.5% and EMIs will start after a period of 6 months, as per reports.
SBI Emergency Loan Scheme:
State Bank of India said in a statement “There is a news which is being widely reported about ‘SBI Emergency Loan scheme via YONO’. We would like to clarify that SBI is not offering any such loan currently. We also urge our customers not to believe on these rumours.”
However, SBI said it is in the process of introducing a pre-approved personal loan offering via YONO to give relief to its salaried customers facing cash-flow problems amid the COVID-19 crisis. YONO (You Only Need One) is a digital service platform of SBI which gives its customers all-in-one solutions to bank, shop, lifestyle and investment needs.
SBI also mentioned that the information of the new product will be communicated after it is launched.
‘SBI Wecare Deposit’- SBI Senior Citizen Scheme
The SBI has recently introduced a new product called ‘SBI Wecare Deposit’ for its senior citizens in the retail term deposit segment for safeguarding their interests in the current falling rate regime during coronavirus.
Under ‘SBI Wecare Deposit’, an additional 30 basis points premium will be payable for senior citizens retail term deposits with ‘Five Years and above’ tenor only.