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State Bank of India (SBI) on Sunday said it is planning to introduce a pre-approved personal loan offering through its digital banking solution YONO.
The proposed loan offering is aimed at providing relief to the salaried customers of SBI who are facing cash-flow problems due to Covid-19, said SBI in a statement.
YONO has four broad offerings — products (personal loans, home loans, car loans, YONO Krishi, and fixed deposits); services (account opening, YONO cash, funds transfer, bill pay, recharge, and tax payment); financial superstore (life and general insurance, cards, mutual funds, and other investments); and online marketplace (book tickets, shop, etc).
In its third quarter presentation, SBI said that 63 per cent of savings accounts are opened through YONO (digital onboarding) and digital loans disbursed (as on December-end 2019) was over ₹10,000 crore.
As at December-end 2019, there were over 1.7 crore registered YONO users and the value of transactions via this app stood at ₹57,051 crore.
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