State Bank of India (SBI), the country's largest lender, has established a facility that allows customers to borrow up to Rs 35 lakh. The YONO app can be used to access the Real-Time Xpress Credit (RTXC) feature.
There is no paperwork involved in this process because it is entirely digital. According to a news report, this will digitally empower customers and allow them to obtain loans even if there are no bank branches near their houses.
This option, however, will only be available to salaried employees who hold a salary account with SBI. The bank account will be accessible over the internet. All of the paperwork, as well as other checks and balances, will be done online.
"Under Real-Time Xpress Credit, Central/State Government and Defense salaried customers of the bank would no longer be required to visit the branch to acquire a personal loan," the bank stated in the latest notification. Credit checks, eligibility, sanction, and documentation will now be completed digitally and in real-time.
SBI Real-Time Xpress Credit Eligibility Check:
Under the new plan, the following people are eligible for YONO loans:
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Those who have SBI salary accounts
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Having a monthly income of at least Rs.15,000
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Employees who work for the following organizations: Central/state/quasi-government/ Central PSUs and profit-making state PSUs/ Nationally renowned educational institutions/ Selected corporates with or without a bank relationship
SBI YONO App:
You Only Need One is the acronym for SBI YONO. The State Bank of India (SBI) launched this digital banking software to serve as a one-stop-shop for banking, lifestyle, insurance, investment, and shopping requirements.
This software allows you to accomplish a variety of things, such as applying for loans, starting a savings account right away, and even purchasing online. SBI YONO offers the widest range of mobile products and services. The goal of this app is to provide a uniform and smooth experience.
