Not offering any emergency loan through YONO platform, clarifies SBI

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 during Covid-19 crisis

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.