SBI launches pre-approved 2-wheeler loan on YONO, EMI as low as Rs 2,560 per lakh

New Delhi:  The country’s largest lender State Bank of India (SBI), has launched pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ through YONO. 

Eligible SBI customers can avail of end-to-end digital two-wheeler loans through the YONO app without visiting the bank branch. Customers can apply for the Easy Ride loan for an amount up to Rs 3 lakhs at interest rate of 10.5% per annum onwards for a maximum tenure of 4 years. The minimum loan amount has been fixed at Rs 20000.

The SBI loan availed will be disbursed directly into the dealer's account. Loans of up to 85% of the on-road price of the vehicle can be availed under this scheme.

Here are some quick points on SBI pre-approved 2-wheeler loan ‘SBI Easy Ride’ on YONO

• Pre-approved customers of SBI can avail of this completely digital ‘SBI Easy Ride’.
  
• Loan of up to Rs 3 lakh at a competitive interest rate.
  
• Loan up to 85% of on-road price subject to eligibility, for a maximum tenure of 48 months.
  
• EMI as low as Rs 2560 per lakh.
  
• Instant disbursal of the loan amount directly to the dealer’s account.
  
• No need for branch visit.

YONO SBI endeavors to offer a gamut of banking and lifestyle services at the customer's doorsteps. Since its launch in November 2017, YONO has gained 89 million downloads and more than 42 million registered users. SBI has partnered with over 110 e-Commerce players in more than 20 plus categories on the YONO platform. Other initiatives on this platform include YONO Krishi, YONO Cash, and PAPL, said SBI.

“We believe this digital loan offering would help customers in buying their chosen two-wheeler. At SBI, it is our consistent effort to offer unique, customized products and services that provide a convenient and hassle-free banking experience to our customers.” While launching the product, Chairman Dinesh Khara stated.

“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. We hope the ‘SBI Easy Ride’ loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers,” he added.