India’s largest bank State Bank of India or SBI has clarified that it is currently not offering any emergency loan scheme via its Yono app. But SBI said that it will soon introduce a pre-approved personal loan offering for salaried customers who are facing cash-flow problem due to coronavirus crisis.
“This is regarding the 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. We also urge our customers not to believe on these rumours,” SBI said in a statement.
“However the bank is in the process to introduce soon a pre-approved personal loan offering through YONO to provide relief to the salaried customers of SBI who are facing cash-flow problem due to Covid,” SBI said in a statement.
SBI said the details of the new product will be communicated once it is launched.
SBI had on Thursday slashed its marginal cost of funds based lending rate (MCLR) by 15 basis…