SBI unveils pre-approved personal loan: Here's how to avail it

Banks give pre-approved personal loans without asking any questions throughout the loan application process. 

New Delhi: The State Bank of India has once again introduced a new service for its customers that is expected to be very beneficial. With SBI's pre-approved personal loan (PAPL) function, customers of the country's largest lender would be able to receive personal loans in an instant. The service is offered through SBI's YONO app, which offers a variety of services under one roof.

“SBI customers needing urgent funds can avail Pre-approved Personal loans (PAPL) conveniently and instantly on 24×7 basis through YONO SBI in just four clicks," State Bank of India said in a statement.

Banks give pre-approved personal loans without asking any questions throughout the loan application process. Typically, the service is only provided to a small group of customers. Those who are chosen for pre-approved personal loans are typically responsible debtors with a strong credit history – someone the bank knows it can rely on. With its short processing time feature, this does not require any collateral or security and is dispersed in seconds.