State Bank of India (SBI) on Sunday clarified that it is not offering any kind of emergency loans to customers through its YONO platform.
Media reports suggested that the public sector 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 per cent and EMIs will start after a period of six months, the reports said.
“There is a 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,” the bank said in a statement.
— State Bank of India (@TheOfficialSBI) May 10, 2020
SBI, however, said it is in the process of introducing a pre-approved personal loan offering through YONO to provide relief to its salaried customers who are facing cash-flow problems due to the Covid-19 crisis.
YONO, or ‘You Only Need One’, is a digital service platform of SBI which provides its customers all-in-one solutions for banking, shopping, lifestyle and investment needs.