There is a probability that you will need money during this period of lockdown. With this in mind, State Bank of India has now launched

New Delhi: There is a probability that you will need money during this period of lockdown. With this in mind, State Bank of India has now launched an Emergency Loan for you. You do not have to leave the house due to lockdown. The best part is that you can get a loan in just 45 minutes.

File PhotoUnder this scheme any self help group will get a loan of maximum Rs 1 lakh. In addition, each member of the group will be able to take a loan of up to Rs 5,000. According to the bank, only those with a good track record will get loans under the scheme.

The State Bank of India (SBI) has introduced this loan for customers in view of the salary cut due to lockdown and the impact on business. This emergency loan is for SBI customers only.

PhotoThe bank has said that borrowers are not required to pay installments for six months. EMI will start after 6 months. SBI has taken out this new loan only for its bank customers at present. For this personal loan, customers will have to pay interest at the rate of 10.50 per cent which is currently much cheaper than the interest of any bank in the country.

You can do this by sending SMS to 567676. The SMS text format is as follows: PAPL(Space)last four digit of your SBI account number. Once you send the SMS, SBI will respond to your eligibility query by replying to your SMS.