SBI offers a pre-approved 2-wheel loan on the mobile app, Auto News, ET Auto

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Mumbai: To further push its digital platform out from Yono, the country’s largest lender, the State Bank of India, has launched a pre-approved loan program for two-wheelers provided it is applied in line and that the size of the ticket is less than Rs 3 lakh. Already, the bank grants a discount of 5 basis points on mortgage loans if it is applied online / Yono.

All eligible SBI customers can benefit from 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 of up to Rs 3 lakh and a minimum loan of Rs 20,000, at 10.5% per annum and above for a maximum term of four years, SBI said.

A pre-approved customer can also request up to 85% of the road price as long as the duration is only 48 months and the average IME will be Rs 2,560 per lakh, he added.

The loan will be paid directly to the dealer’s account.

It is our constant effort to provide personalized products and services and a hassle-free banking experience to our customers, said SBI President Dinesh Khara.

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

As many as 91 million of its customers use Internet banking services, while another 20 million use mobile banking services. The Yono app has over 42 million registered users, and around 11 million of them log in every day.

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

SBI is not only the largest lender in terms of clients, deposits, advances and branches, but also the largest mortgage lender with over 35 lakh home loan clients and a loan portfolio of over Rs 5 lakh crore, or 34.77% of the mortgage. Marlet. Its auto loan market share was 31.11% in June 2021.

“This merger with Bank of Maharashtra will strengthen our efforts to deliver affordable and accessible personal mobility solutions to a diverse set of valued customers,” said Rajesh Goel, vice president and director (marketing and sales) of Honda Cars India.


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