SBI YONO To Extend Its Product Range To Include Other Retail Loans

The State Bank of India's digital mobile banking app 'YONO,' the country's largest bank, is preparing to deliver fast track two-wheeler loans as well as express credit, and a high-value personal loan. Currently, the YONO provides low value size loans, cardless cash withdrawals at ATMs, open savings bank account, and apply for car and home loans respectively. Existing customers are offered pre-approved personal loans based on their credit history, financial status, and repayment record. In reality, the first credit product provided by YONO was a personal loan. The YONO service will also be extended to include other retail loans. Presently, the bank is developing digital document execution (DDE), which requires a digital signature and other digital infrastructure.

The high-end express credit will be a personal loan in the range of larger loans. According to a report of Business Today, the amount could range between Rs 5 and 10 lakh per borrower. Likewise, the bank is focusing on a two-wheeler loan through the app. However, this service will be provided in states where digital stamp duty infrastructure is available. The bank intends to expand the loan offerings to new customers in the future. The account aggregator system, which will provide quicker access to customer credit records with other banks, is also on the way.