A Complete Guide to Availing Two-Wheeler Loan via YONO SBI
Article by Drivio | 3rd Oct 23
If you are wondering how to apply for a two-wheeler loan through SBI, check out this guide to availing two-wheeler loan using the YONO SBI app. Getting your bike loan turns out to be fast through this online platform.
As a bike enthusiast, the idea of owning your dream motorcycle is incredibly exciting! However, you may be worried about the cost of purchasing a new bike, as it turns out to be a hurdle for most owners. This is where you can count on the State Bank of India (SBI) and their YONO app.
Here’s a guide to availing two-wheeler loan YONO SBI that will help you understand the step-by-step process of getting a two-wheeler loan through this app. This ensures that you can hit the road with your dream bike without facing financial constraints.
What is the SBI YONO app?
Before explaining the step-by-step process for an SBI two-wheeler loan via the YONO app, let’s take a look into what this app is all about. YONO SBI stands for “You Only Need One - State Bank of India”. It is a powerful banking and lifestyle mobile app developed by the State Bank of India. It is a one-stop solution for all your financial and banking needs. Consumers find it easy to manage finances on the go using this intuitive app.
Key Features of the SBI YONO App
Check out some of the key features that make the SBI YONO app so popular.
- Seamless banking: YONO SBI is a comprehensive app that allows you to access your SBI accounts. You can check transaction history and balance, and transfer funds securely and easily using this app.
- Online shopping: A wide range of products and services can be purchased through the app. This makes it a convenient platform for both shopping and banking.
- Investment opportunities: Through the SBI YONO app, you can access different investment products like insurance and mutual funds.
- Loan services: The YONO app of SBI offers a wide range of loan products. These include personal loans, home loans, and two-wheeler loans. You can apply for all these loans directly through the app.
- Digital payments: One can also pay bills, recharge DTH services, or recharge mobile numbers seamlessly using the SBI YONO app.
Now that you know the convenience and versatility of the app, let’s check out this guide to availing two-wheeler loan YONO SBI.
Why Use YONO SBI for Your Two-Wheeler Loan?
- Let’s take a look into why YONO SBI is an excellent choice to apply for a two-wheeler loan.
Trusted lender: The State Bank of India is one of the most trusted banks in the country. This makes it a reliable source to get loans to purchase your new bike.
- Convenience: It’s easy to apply for loans digitally through the YONO SBI app. You need not visit the branch in person with this secure digital solution.
- Competitive interest rates: SBI offers competitive interest rates on its two-wheeler loans. This ensures that you get an affordable financing solution.
- Flexible repayment options: One of the best reasons to apply for motorcycle loans through the SBI YONO app is the flexibility they offer for repayment. Thus, you can choose a tenure that suits your financial needs.
A step-by-step process for SBI two-wheeler loan via YONO
Step 1: Download and Install the YONO SBI App
In the first place, download the YONO SBI app and install it on your smartphone. You can find it on the Apple App Store and Google Play Store.
Step 2: Register or Log In
After installing the app, register or log into your account. In case you don’t have one, it’s easy to create one by following the instructions presented on the screen.
Step 3: Go to the ‘Loan’ Section
Once you have logged into the app, go to the ‘Loan’ section where you will come across different loan options.
Step 4: Choose Two-Wheeler Loan
Click on the ‘Two-Wheeler Loan’ option to start your application process. The app will provide you with a series of steps where you need to furnish the necessary information.
Step 5: Fill in Personal and Financial Details
In the subsequent steps, you need to provide your personal and financial details, as requested by the app. These include your name, contact information, details of income, and the loan amount you want to apply for. Before proceeding, double-check your inputs for accuracy.
Before starting the loan application process, make sure to have all the necessary documents ready. These include your proof of address, identity, and income, and photographs.
Step 6: Submit the Application
Review your application after submitting it to ensure accuracy and click on the ‘Submit’ option. The application will be sent to the bank authorities for scrutiny.
Step 7: Verification and Approval
The verification process by SBI involves checking your background and reviewing your credit history. Once they approve your application, you will receive a confirmation.
Step 8: Documentation and Disbursement
Once the bank approves your loan, you need to submit the necessary documentation. The bank authorities will complete the KYC formalities and additional paperwork. After verification, the bank will disburse the loan amount directly to the dealer.
Following this step-by-step process for an SBI two-wheeler loan via the YONO app, you can apply for your motorcycle loan without any hassle. With flexible repayment options and competitive rates of interest, SBI continues to be a trusted financial institution in India.
This detailed guide to availing two-wheeler loan from YONO SBI will put you on track with the right application process. So, if you are bracing up to get your new motorcycle financed through a reputed bank, you can proceed with the YONO SBI app.