NEW DELHI: State Bank of India (SBI) on Tuesday launched a pre-approved two-wheeler loan ‘SBI Easy Ride’ on its mobile application YONO.
The loan can be availed through an end-to-end paperless process through the YONO app without having to visit the bank branch.
The Easy Ride loan scheme offers up to ₹3 lakh loan amount and up to 85% of the on-road price of the vehicle as loan. It will carry an annual interest rate beginning 10.5% for a maximum of four years. The minimum loan amount has been fixed at ₹20,000, the lender said in its statement.
The loan availed will be disbursed directly into the dealer’s account, the bank said.
“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,” said chairman Dinesh Khara.
SBI said it has partnered with over 110 e-commerce players in more than 20 categories on the YONO platform and other initiatives on YONO platform include YONO Krishi, YONO Cash, and PAPL.
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