SBI Now Pre-Approves 2-Wheeler Loan on Mobile App

By siliconindia  |  Tuesday, 02 November 2021, 05:22:21 PM IST

SBI Now Pre-Approves 2-Wheeler Loan on Mobile App

India’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. All eligible SBI customers could avail the digital two-wheeler loans through the Yono app without visiting a branch, states the bank said.

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

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

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 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.

ON THE DECK

siliconindia