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State Bank of India offers pre-approved 2-wheeler loan on mobile app

Already, the bank gives a 5 basis points discount on home loans if it is applied online/Yono

sbi | SBI Yono | two wheeler

Press Trust of India  |  Mumbai 

State bank of india, SBI

To further push its digital platfrom Yono, the nation's largest lender State Bank of India has launched a pre-approved two-wheeler loan scheme provided it is applied online and the ticket size is under Rs 3 lakh.

Already, the bank gives a 5 basis points discount on home loans if it is applied online/Yono.

All eligible customers can avail of the digital two-wheeler loans through the Yono app without visiting a branch, the bank said in a statement.

Customers can apply for the 'easy ride' loan for up to Rs 3 lakh and a minimum loan of Rs 20,000, at 10.5 per cent per annum onwards for a maximum tenure of four years, said.

A pre-approved customer can also seek up to 85 per cent of the on-road price provided the tenor is only 48 months and the average EMI will be Rs 2,560 per lakh, it added.

The loan will be disbursed directly into the dealer's account.

It's our consistent effort to offer customised products and services and a hassle-free banking experience to our customers, chairman Dinesh Khara said.

Through Yono, SBI offers a gamut of banking and lifestyle services at the customer's doorsteps. Since its launch in November 2017, the app has seen 89 million downloads and over 42 million registered users. SBI has partnered with over 110 ecommerce players in over 20 plus categories on the platform.

As much as 91 million of its customers are using the Internet banking while the same for mobile banking is 20 million. The Yono app has more than 42 million registered users, and around 11 million of them login every day.

Accelerating the digital agenda, around 1.5 lakh accounts were opened through the app in the June quarter and disbursed Rs 2,430 crore of personal loans through the app in the same quarter.

SBI is not only the largest lender in terms of customers, deposits and advances and branches but also the largest mortgage lender with over 35 lakh home loan customers and the loan book of over Rs 5 lakh crore, which is 34.77 per cent of the home loan market. Its auto loan market share is 31.11 per cent as of June 2021.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, November 02 2021. 16:23 IST