SBI’s launches instant loan via YONO app; here's how you can apply

Now you don't have to stand in long queues at SBI branches for personal loans as the bank has introduced a facility that allows taking loans up to Rs 35 lakh via app!

With an aim to digitally empower customers and offer additional convenience, the country’s largest lender, State Bank of India (SBI) has announced the introduction of Real Time Xpress Credit (RTXC) on YONO.

However, this facility will only be available to salaried individuals and they must have their salary account with SBI. The bank account will be available digitally.

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SBI Real Time Xpress Credit Eligibility

Following people are eligible to get loans from YONO under the new scheme:

i. Individuals with Salary Account with SBI

ii. Minimum monthly income Rs 15,000

iii. Employees working with: Central/ state/quasi-government, Central PSUS and profit-making state PSUs, Educational institutions of national repute, Selected corporates with or without a relationship with the bank.

Digital lending has seen a more than twelvefold increase in India from 2017 to 2020, according to a November 2021 report by the Reserve Bank of India.