SBI Yono Offers Two-Wheeler Loans, High-Value Personal Loans, Know how to Apply

 SBI Yono Offers Two-Wheeler Loans, High-Value Personal Loans, Know how to Apply

Here we come with a new Important IMP news In our blog site knowing steps360. SBI Yono an integrated digital banking mobile app by State Bank of India is preparing to offer quick loans in two-wheeler and express credit categories. The largest Indian bank offers two-wheeler loans up to Rs 2.5 lac and expresses credit loans up to Rs 20 lakh outside of the app. After the launch of the upcoming service, SBI consumers will be able to get these loans from the mobile app itself. However, the personal loan amount offered as express credit loans through the Yono app could range from Rs 5-10 lakh.

         Currently, SBI Yono offers small-sized loans with an average of 2.5 lakh. Under this scheme, the customers do not need to visit the bank’s branch and there is zero physical paperwork. However, these loans are offered only to a category of customers pre-selected by the bank at the moment. 

        These loans are based on customers’ past credit history, repayment track record, and spending behavior. Pre-approved personal loans, the first credit feature launched by SBI’s mobile app, are very popular as loans worth more than Rs 21,000 crore were disbursed in 2020-21.

Instant Loans Via SBI YONO

Small ticket size loans with an average size of Rs 2.5 lakh, cardless cash withdrawals at ATMs, opening of savings banks in addition to generating leads in the car as well as home loans is provided by the country’s largest bank YONO service.

Pre-approved personal loans are very popular with repayments of Rs 21,000 crore and in 2020-21. These loans are given to an existing customer based on past credit history, spending, and track record.

In fact, the personal loan was the first credit product offered by YONO.

SBI Two Wheelers Loan Scheme

Purpose: Purchase of new two-wheelers viz. Scooter, Motorcycle, Moped, Battery operated two-wheelers of reputed make

Margin required: 25% of “On Road Price” of the vehicle

Age Criteria: The age of the applicant should be between 21-65 years.

Minimum Income Criteria: Min. NMI Rs. 12,500/- and Min. NAI Rs. 1,50,000/-

SBI Two Wheelers Loan Features

Maximum loan amount :

Min Rs.30,000/-, Max : < Rs.2.50 lacs (For Loan Amount > 2.50 lacs Super Bike Scheme)

For salaried: The maximum loan amount that can be granted would be restricted to 6 times the net monthly income of salaried persons (i.e., net of all deductions including actual monthly tax deductions at source).

For others: The maximum loan amount that can be granted would be restricted to 50% of the net annual income as per ITR after netting off depreciation and repayment of all existing loans

Repayment period: Maximum up to 3 years.

Eligibility Of SBI Yono Two-wheelers Loan

Existing SBI customers under the following categories :

1. Permanent employees of State/ Central Govt, PSUs, Corporations, and Listed Pvt Sector companies maintaining salary accounts.

2. Professionals/ self-employed & other IT assesses maintaining SB/CA/Time Deposit with satisfactory conduct for minimum 1 year.

3. Persons engaged in Agriculture with SB/CA/Time Deposit maintaining satisfactory conduct for minimum 1 year.

4. Existing borrower customers with satisfactory repayment history may be considered selectively.

5. Loans will be sanctioned at home branches only.

Can Apply Through SBI Yono Application

The plans are now going to expand the YONO product basket to other sales loans. The bank is currently evaluating digital documentation (DDE), including digital signature and other digital infrastructure. A credit that produces high endings will be a personal loan in a large category of ticket size. The amount may be between Rs 5-10 lakh per borrower.

Similarly, the bank operates on a two-wheeled loan through the app. However, the facility will be provided in areas where digital stamp infrastructure is available. You can also apply for this loan via the official website of SBI Online Banking https://www.sbi.co.in/web/personal-banking/loans/auto-loans/sbi-two-wheeler-loan-scheme

The plans are now going to expand the YONO product basket to other sales loans. The bank is currently evaluating digital documentation (DDE), including digital signature and other digital infrastructure.

Check Also: How to Transfer SBI Account from home online.

Check Also: SBI 2021 KYC done without visiting Branch.

Check Also:  Post office new saving scheme 2021, know more.