State Bank of India: does not offer emergency loans through the YONO platform: SBI

MUMBAI: State Bank of India (SBI) on Sunday clarified that it does not offer any kind of emergency loan to customers through its Yono platform.

average reports has stated that the public lender is offering emergency loans of up to Rs 5 lakh within ‘45 minutes ’. The loans will be given at an interest rate of 10.5 percent and EMIs start after a six-month period, reports said.

“A news report on ‘SBI Emergency Loan Scheme via YONO’ is widely reported. We would like to clarify that SBI does not offer such a loan at the moment. We also encourage our clients not to believe in these rumors,” the bank said in a statement .

However, SBI said it is in the process of introducing a pre-approved personal loan offer through YONO to provide relief to its employees who have cash flow problems due to the COVID-19 crisis.

YONO, or ‘You Only Need One’, is a digital service platform from SBI that provides its customers with all-in-one solutions for banking, shopping, lifestyle and investment needs.

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