On Monday, the State Bank of India (SBI) announced the introduction of Real-Time Xpress Credit on its Yono platform, allowing customers to get personal loans of up to Rs 35 lakh.

The customer can apply for a personal loan product from a salaried person. Now, Xpress Credit has a digital avatar, and customers can avail of it from the Yono app, which would be a paperless and digital experience and end-to-end journey.

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Under Real-Time Xpress Credit, central, state government, and defense salaried customers of SBI will no longer be required to visit the branch to avail of a personal loan. According to the bank, credit checks, eligibility, sanction, and documentation will now be done digitally in real-time.

Dinesh Khara, chairman, SBI, said, “We are pleased to introduce Real Time Xpress Credit loan facility for our eligible salaried customers on Yono. The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process. We at SBI constantly endeavor to offer technology-led enhanced digital banking experience to the customers to simplify banking.”