SBI announces feature to avail personal loan via YONO app: All you need to know

Published on May 26, 2022 04:58 PM IST

Through the newly-announced ‘RTXC’ facility, the bank's customers can avail personal loan of up to ₹35 lakh, digitally, and in paperless mode.

State Bank of India (Image used only for representation)
State Bank of India (Image used only for representation)
By, New Delhi

The State Bank of India (SBI) recently launched a service which will make it easier and more convenient for its customers to avail personal loan, amounting to a maximum of 35 lakh. Called the SBI Real Time Xpress Credit (RTXC), the feature is available on the bank's YONO (You Only Need One) app and is, therefore, 100 percent paperless and digital.

“Say yes to your dreams! Introducing Real Time Xpress Credit (RTXC) for our eligible salaried customers. Easy and instant loan up to 35 lakhs on Yono app,” the SBI said on its official Twitter handle on May 23.

Speaking on the matter, Dinesh Khara, chairman of India's largest public sector lender, said, “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process. We at SBI constantly endeavour to offer technology-led enhanced digital banking experience to the customers in order to simplify banking.”

Here's all you need to know about the ‘RTXC' feature:

(1.) Only those individuals who have a salary account with SBI, and have a monthly income of at least 15,000 per month, will be eligible for it.

(2.) These account holders should be employed only with central/state/quasi government Public Sector Undertakings (PSUs), central PSUs, profit-making PSUs, educational institutes of national repute, and selected corporates with or without relationship with the bank.

(3.) Personal loan would be made available at low interest rates and without any need for a security or guarantor.

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