The country's largest lender State Bank of India (SBI) has introduced Real-Time Xpress Credit (RTXC) on YONO.
Xpress Credit is the bank's personal loan product for salaried customers, which will be available digitally.
SBI stated that eligible customers will now be able to get personal loans up to Rs 35 lakh via YONO, without any paperwork.
"Under Real-Time Xpress Credit, Central/State Government and Defence salaried customers of the bank will no longer require to visit the branch to avail a personal loan," the bank said.
"The credit checks, eligibility, sanction and documentation will now be done digitally in real-time, it added.
SBI chairman Dinesh Kumar Khara observed that the Xpress Credit product will enable the bank's customers to experience a digital, hassle-free, and paperless loan process.
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