SBI launches 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 lacs 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 lac.

• Instant disbursal of the loan amount directly to the dealer’s account

• No need for branch visit

by Suman Gupta

Mumbai, November 02, 2021: The country’s largest lender State Bank of India (SBI), has announced the launch of a 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 a competitive 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 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.

“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 Shri Dinesh Khara stated that “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.”

In this digital transformation journey amid the new normal, YONO SBI endeavors to offer a gamut of banking and lifestyle services at the customer’s doorsteps. Since its launch in Nov 2017, YONO has gained wide acceptance among customers with 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, and more features lined up for the future.

About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on June 30, 2021, the bank has a deposit base of over Rs. 37 lakh crore with CASA ratio of nearly 46% and advances of more than Rs. 27 lakh crore. SBI commands a market share of 34.77% and about 31.11% in home loans and auto loans segment respectively. SBI has the largest network of 22,224 branches and 63,906 ATM / CDM in India with 71,705 BC outlets. The number of customers using internet banking and mobile banking stand roughly at 91 million and 20 million respectively. The integrated digital and lifestyle platform by SBI – YONO has more than 42 million registered users, which witnesses approximately 11 million logins per day. Accelerating the digital agenda, around 1.5 lakh accounts have been opened through YONO in the quarter ended June 2021. In terms of digital lending, the bank disbursed personal loans of around Rs. 2430 crore through the YONO mobile app in the same quarter. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.