NEW DELHI: State Bank of India (SBI) on Tuesday launched pre-approved two-wheeler loan ‘SBI Easy Ride‘on its YONO mobile application.
The loan can be used through an end-to-end paperless process through the YONO app without having to go to the bank branch.
The Easy walk loan program offers up to ??Loan amount of 3 lakh and up to 85% of the road price of the vehicle as a loan. It will carry an annual interest rate starting at 10.5% for a maximum of four years. The minimum loan amount has been set at ??20,000, said the lender in its press release.
The loan used will be paid directly to the dealer’s account, the bank said.
“At SBI, we constantly strive to offer unique and personalized products and services that provide a convenient and hassle-free banking experience for our clients,” said President Dinesh Khara.
SBI said it has partnered with more than 110 e-commerce players in more than 20 categories on the YONO platform and other initiatives on the YONO platform include YONO Krishi, YONO Cash and PAPL.
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