Managing money during sudden emergencies can be stressful, especially when bank procedures take time.
To solve this problem, State Bank of India (SBI) has introduced a digital personal loan facility for quick financial help.
The scheme is designed to provide fast access to funds without visiting a bank branch, making it useful during urgent situations.
What Is SBI’s Real Time Express Credit Scheme?
The new facility is called Real Time Express Credit.
It is a fully digital loan that allows customers to apply and get approval online within minutes.
The entire process is completed through the YONO mobile app.
There is no paperwork, no physical documents, and no branch visit required.
This loan can be used for medical emergencies, education expenses, weddings, or other urgent financial needs.
Loan Amount, Approval, and Disbursal
Under this scheme, customers can apply for loans ranging from ₹1 lakh to ₹35 lakh.
The application process is simple and paperless.
Once the system generates a loan offer, customers can accept it instantly through the app.
After approval and digital signature, the loan amount is credited directly to the bank account, often within minutes.
Who Can Apply for This Loan?
This loan is mainly available to SBI salary account holders. Eligible users include:
Central and State Government employees
Defence personnel
Corporate sector salaried professionals receiving salary through SBI
The bank’s system checks eligibility automatically.
If eligible, the loan offer appears directly in the YONO app without any manual verification.
Credit Score, Interest Rate, and Security
Approval depends largely on the CIBIL score.
Customers with scores between 650 and 700 or above have better chances of approval.
The interest rate is linked to SBI’s two-year MCLR and remains fixed throughout the loan tenure, helping borrowers plan repayments easily.
There are no hidden charges, and identity verification is done using Aadhaar-based OTP authentication.
Secure digital systems protect customer data during the entire process.
Why This Scheme Is Useful
This digital loan option reduces dependence on moneylenders and informal borrowing, which often charge high interest.
With just a smartphone and internet connection, SBI customers can apply anytime and from anywhere.
For those needing quick financial support without delays or paperwork, SBI’s Real Time Express Credit scheme offers a safe, fast, and hassle-free solution.
