State Bank of India’s super app ‘YONO’ is all set to offer fast track two-wheeler loans as well as express credit, a high value personal loan.
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.
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.
The Way Forward
Going forward, the bank plans to extend loan products to new customers. An account consolidation program is also coming that will provide quick access to customer credit history with other banks.
Leads for car loans as well as home loans are already being generated by YONO App. In the year 2020-21, leads for Rs 6,000 crore home loans as well as Rs 4,000 crore leads for car loans have been sourced by the app. A total of Rs 10,000 crore have been sanctioned by the bank’s physical channel.
In order to sell retail loan productions in a cost-effective app rather than the high-cost branch model is the advantage that the App offers. Out of total Rs 8.31 lakh crore of retail personal loans, home loans share is Rs 4.84 lakh followed by Rs 1.77 lakh of express credit and Rs 75,937 crore of auto loans.
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