SBI will offer personal loans to Salaried employees who are facing cash crunch

State Bank of India has recently made it clear that currently it is not offering any emergency loan scheme via its Yono app. However, SBI said, it is going to introduce a pre-approved personal loan offering through YONO for salaried customers who are facing cash problem due to coronavirus crisis.

“This is regarding the news being widely reported about ‘SBI Emergency Loan scheme via YONO’. We would like to clarify that SBI is not offering any such loan at present. We also urge our customers not to believe on these rumours,” SBI said in a statement.

“However the bank is in the process to introduce soon a pre-approved personal loan offering through YONO to provide relief to the salaried customers of SBI who are facing cash-flow problem due to Covid,” SBI said in a statement.

SBI mentioned that details will be given after the launch of the product.

On Thursday, SBI faced a slash in marginal cost of funds based lending rate (MCLR) by 15 basis points, and introduced special deposit scheme for senior citizens with higher interest rate. SBI’s marginal cost of funds based lending rate (MCLR) went down to 7.25% from 7.40% with effect from today, lowering the home loan EMIs for customers whose loans are linked to the MCLR rates.

Fo senior citizens SBI launched a product ‘SBI Wecare Deposit’ in the retail term deposit segment to protect their interests in the current falling rate regime.