SBI YONO Insta Home Top-Up Loan
Looking to tap into the equity of your home for some extra cash? The SBI YONO Insta Top-Up Loan might be the perfect solution. This loan, offered by SBI through their YONO mobile app, allows existing home loan customers to borrow an additional amount on top of their mortgage. Here's a detailed breakdown of everything you need to know about this loan:
- Personalized Home Loan solutions
- Expert guidance
- Application assistance
- Credit score discussion
- Home Loan Interest rate comparison
Table of Content
1. SBI YONO Insta Home Top-Up Loan: Highlights |
2. Features and Benefits |
3. SBI YONO Insta Home Top-Up Loan Interest Rates |
4. Fees and Charges |
5. Eligibility Criteria |
6. Documents Required |
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The SBI YONO Insta Top-Up Loan is convenient and gives quick access to additional funds. Here’s a quick glimpse into its key features:
| Feature | Highlight |
| Loan Amount | Up to Rs. 5 lakh or 8% of existing home loan limit (whichever is lower) |
| Interest Rates | Competitive, starting at 6.75% p.a. (pre-selected customers) |
| Processing Fee | Rs. 2,000 + applicable taxes |
| Disbursement | Instantaneous |
| Availability | 24/7 through the YONO app |
| Repayment | Flexible repayment options |
| Purpose | For any purpose other than speculative activities |
Features and Benefits
The SBI YONO Insta Top-Up Loan offers a plethora of advantages:
- Fully Digital: The entire process, from application to disbursal, is handled online through the YONO app. No need for branch visits or paperwork.
- Instant Approval and Disbursement: Get quick approvals and receive the loan amount instantly in your account.
- Competitive Interest Rates: Enjoy interest rates lower than personal loans, making it a cost-effective option.
- Overdraft Facility: The loan can be availed as an overdraft, allowing you to use the funds as needed.
- Minimal Documentation: No need for extensive documentation.
SBI YONO Insta Home Top-Up Loan Interest Rates
Interest rates for the SBI YONO Insta Top-Up Loan depend on various factors, including your existing home loan interest rate and creditworthiness. However, SBI offers competitive rates, starting at 6.75% p.a. for pre-selected customers.
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Fees and Charges
The loan comes with a processing fee of Rs. 2,000, subject to applicable service tax.
Eligibility Criteria
Not everyone can avail of the SBI YONO Insta Top-Up Loan. Here’s who qualifies:
- Existing SBI Home Loan Customer: You must be an existing SBI home loan customer.
- Pre-selected Customer: SBI selects customers based on their creditworthiness and existing home loan repayment records.
- Minimum Loan Amount: The minimum loan amount you can avail of is Rs. 50,000.
- Minimum Home Loan Value: Your existing home loan value should be Rs. 10 lakh or above.
- Minimum Remaining Tenure: There should be a minimum of 3 years remaining on your existing home loan tenure.
- No Active Top-Up Loan: You cannot have an active top-up loan on your existing home loan.
- Equitable Mortgage: An equitable mortgage should have been created for your primary home loan.
Documents Required
As the process is completely digital, minimal documentation is required. However, based on your profile, additional documents might be requested.
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Frequently Asked Questions (FAQs)
What is the validity period of the SBI Insta top-up loan?
The validity period aligns with the residual tenure of the underlying home loan, which must be over three years.
What is the limit of the SBI YONO Insta home top-up loan?
The maximum limit is 8% of the home loan limit or ₹8 lakhs, whichever is lower, with a minimum of ₹50,000 to be availed as a top-up.
