How to Get a Loan from SBI YONO App?
Last Updated : May 6, 2020, 2:47 p.m.
A mobile app Yono is introduced by SBI for the customers to get their loan sanctioned quicker and faster. With no paperwork, you can apply for the loan using Yono whether it be a personal loan or a car loan. Just check your loan eligibility online, and if you are eligible, you can apply for the loan. It’s actually a pre-approved loan based on the account you have with SBI. You just need to download the YONO App and open the account online. Read this post to know the advantages of this app as well as the process by which you can get the loan using the same.
Advantages of YONO
You can get instant loan approval with a 24×7 service available online. Low interest and processing fee is applied to your loan for better convenience. Below is the method to apply for a loan via YONO.
- Open the YONO app
- Select the desired loan
- Request for the loan by providing a few details
- Find the eligible amount
- Fill up an application form & upload the necessary documents
How is it different from a normal loan application?
YONO loan application is different because the whole process is app-based. You can do all those things by just using your smartphone. It is only for the SBI customers who have an account in the bank. You need to log in to your account before proceeding to the loan application. So, if you are not a bank customer, YONO loans are not for you.
Documents involved in SBI YONO Loans
You need to provide the following list of documents to get the loan approval from the bank.
- Aadhar card
- Voter ID card
- PAN card
- Salary Slip/Certificate
- ITR report
- Electricity or Telephone bill
These documents are necessary for the proof of address, identity, or income. Once the documents are verified successfully by the bank, you can get the loan as per your needs. The documents are uploaded online via the Yono app.
Which type of loans can I apply for using YONO?
The user can apply for a home loan, car loan, or personal loan using this mobile app. Not only this but it also makes it easy for you to transfer funds quickly and safely with online payment services. You can manage your accounts, do bill payment and can do a lot more with a single app.
Pay from Yono for your loan
You can set the payment of your borrowed amount through the Yono app, use the NACH or ECS service to pay the EMI. Your savings or current account can be used for the payment of the loan. Through a standing instruction, your EMI would be debited automatically from the account. So, if you have a YONO bank account, you can apply for the loan via an app.
What option is available for Non-SBI customers?
They can visit the bank branch to apply for the loan, there is one method left for them to get the desired loan online and that is via the official website of SBI. You can fill up the online form and submit it with the required details, and if your loan request is approved, you can visit the branch for further procedures.