SBI launches pre-approved two-wheeler loan of up to Rs 3 lakh on YONO app

State Bank of India, on Tuesday, announced the launch of a pre-approved two-wheeler loan scheme through its YONO app. Eligible applicants can avail the loan through the app and without visiting the bank branch, the country’s largest lender said in a statement.

Customers can apply for the ‘SBI Easy Ride’ loan for an amount of up to Rs 3 lakh. Interest rate of 10.5 per cent per annum onwards will be applicable for a maximum tenure of four years. The minimum amount fixed for the loan is Rs 20,000.

As the norm, the loan once approved will be disbursed into the dealer’s account. Eligible applicants can avail up to 85 per cent of the on-road price of the vehicle through this loan. The lender stated that EMI of Rs 2,560 per lakh can be availed under this scheme.

SBI Chairman Dinesh Khara said, “The product will also position the bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan and thereafter upgrade the relationship along with their growth.”

This two-wheeler loan is one of the latest measures by SBI YONO to offer a range of banking services at the customer’s doorstep. Launched in November 2017, YONO has been downloaded 89 million times and has more than 42 million registered users. SBI has partnered with over 110 e-commerce players in more than 20 plus categories on the platform.

Meanwhile, SBI has a robust loan portfolio. The home loan portfolio of the bank has crossed Rs 5 lakh crore. As on June 30, the bank has a deposit base of over Rs 37 lakh crore with CASA ratio of nearly 46 per cent and advances of more than Rs 27 lakh crore. The lender has a market share of 34.77 per cent and about 31.11 per cent in the home loans and auto loans segment respectively.

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