A pre-approved personal loan has its own benefits. Yes, you can borrow a lump sum amount from the bank. But, the amount is already decided for you. The loan limit for a pre-approved SBI Personal Loan is based on your credit history built basis loan or credit card payments you may have made. And you should know that only existing customers of SBI will be eligible for this loan. Take a look at the SBI Pre Approved Personal Loan benefits below.
SBI Pre Approved Personal Loan Benefits for the Borrowers
Are you in urgent need of a lump sum amount? Check your SBI Pre Approved Personal Loan offer. Because this loan is different from a standard one as it provides you the following benefits –
Instant Loan Amount Disbursal
One of the popular advantages of an SBI Pre Approved Personal Loan is that the amount will be transferred to your account immediately. Unlike a standard loan which takes two to three working days. So, if you’re in an emergency and need a lump sum amount instantly, this loan will help you!
Low Processing Fee
SBI Personal Loan comes with a 1.50% processing fee on the applied amount. But in a pre-approved loan, the bank may charge slightly less from you. This amount will be reduced from your disbursed loan amount. So, you don’t need to pay the charge upfront.
Note – This is a non-refundable charge and won’t be returned in case of loan cancellation.
No Need to Submit Physical Documents
SBI doesn’t need any documents for the loan processing. Why? Because it already has your information stored in its system. Using such information only can an SBI Pre Approved Loan be disbursed instantly.
What is SBI Pre Approved Personal Loan Interest Rate?
The rate of interest will be based on the applicant’s eligibility. If your good repayment record has helped you get a pre-approved offer from SBI, the interest rate won’t be much. You should know a pre-approved loan is a type of reward that SBI offers to its customers for default-free repayment of the credits. In this type of loan, the rate won’t be high. And don’t forget to use the EMI calculator before confirming the loan. As it helps you maintain a spotless record of loan repayment.
How to Check SBI Pre Approved Personal Loan?
You can check your SBI Pre Approved Loan offer by following these steps –
- Visit the official website of SBI
- Log in to your account
- Go to profile
- Click on the ‘notification/offer’ button
- If there is a loan pre-approved, the same will be displayed there
You can also check your SBI Pre Approved Loan by sending an SMS ‘PAPL’ <space> ‘last four digits of your SBI Account’ to 567676
SBI Pre Approved Personal Loan via YONO App
Using the SBI mobile application YONO, you can easily get a pre-approved loan. Just follow these instructions –
- Log in to the YONO app
- Select your loan details if there is a pre-approved offer
- Click on the ‘Next’ button
- Select an EMI date and click on the ‘Ok’ button
- Read and accept the terms and conditions of the bank
- Click on the ‘confirm’ button
- Now, you’ll receive an OTP on your mobile
- Enter the same and click on the ‘Submit’ button
- Your loan will be processed and disbursed to your account if the verification goes fine
So, download the app on your android or IOS smartphone today and get an instant personal loan from SBI. Also you can check for the EMI Calculator online by visiting the SBI Personal loan emi calculator. You can use the loan amount for any purpose such as education, travel, wedding, medical emergency, debt payment, etc. So, if you’re an existing customer of SBI and have borrowed a loan earlier, check your SBI Pre Approved Loan offer now.