“Not offering any emergency loans through YONO Platforms,” says SBI

State Bank of India has clarified that it is not offering any kind of emergency loans through its YONO platform.

The clarification on the loan offer has come after the media reported that, “The bank is offering emergency loans of up to Rs 5 lakhs through its platform at the interest rate of 10.5 percent and EMI will start after six months.”

However, SBI did clarify that “It is in the process of introducing a pre-approved personal loan offering through YONO to provide relief to its salaried customers who are facing cash-flow problems due to the COVID-19 crisis.”