State Bank of India (SBI) has launched a pre-approved two-wheeler loan scheme ‘SBI Easy Ride’ through its digital banking platform YONO.
Eligible SBI customers can avail of two-wheeler loans, up to 85 per cent of on-road price subject to eligibility, through the YONO app without visiting the bank branch.
Customers can apply for the Easy Ride loan for an amount up to ₹3 lakh at an interest rate of 10.5 per cent per annum onwards for a maximum tenure of four years, the Bank said in a statement. The minimum loan amount has been fixed at ₹20,000.
The Bank emphasised that the EMI is as low as ₹2,560 per lakh. The loan availed will be disbursed directly into the dealer's account.
SBI Chairman Dinesh Kumar Khara said this digital loan offering will 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.
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