SBI YONO is preparing to offer quick loans in two-wheeler and express credit category to customers on its mobile app.
SBI YONA (SBI YONO), integrated digital banking mobile app of State Bank of India (SBI), the country’s largest state-run bank, is offering new services to customers. Preparing to give loan. The country’s largest government bank offers a two-wheeler loan of up to Rs 2.5 lakh and an express credit loan of up to Rs 20 lakh without an app. After the introduction of the new service, customers of SBI will be able to get these loans from the mobile app itself.
According to a report, the personal loan amount given as an express credit loan through the YONO app can be from 5 lakh to 10 lakh rupees. Currently, SBI YONO offers small-sized loans with an average of Rs 2.5 lakhs.
Will get loan while sitting at home
Under this scheme, customers are not required to go to the bank branch and there will be no paperwork in it. However, this loan is currently offered to pre-selected customers by the bank.
It is based on the past credit history, repair track record and spending behavior of the loan customers. According to the report, the pre-approved personal loan, the first credit facility launched by SBI’s mobile app, is very popular. Under this, a loan of 21,000 crore rupees was disbursed in 2020-21.
Two retail loans will be added on YONO app
According to Business Today, SBI YONO is now planning to add two retail loans to its product basket. For processing these loans without any hassle, the bank needs a system for digital processing of the document. SBI is already testing a Digital Documentation Execution (DDE) system, which will include digital signature and other digital infrastructure. For this, the bank will use the e-stamping system already available in 22 states and union territories.
Bank will start account aggregator system
Soon SBI is launching its account aggregator system, which will provide instant access to credit history and other financial information to consumers. The Account Aggregator (AA) framework was approved by the Reserve Bank of India (RBI) in 2016 to facilitate sharing of financial data for individual or enterprise information such as credit history, deposits, investments and others using a single window. To go
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