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State Bank of India to introduce pre-approved personal loans

Monday 11 May 2020 13:44 CET | News

State Bank of India (SBI) has announced it is planning to introduce a pre-approved personal loan offering through its digital banking solution YONO.

According to The Hindu BusinessLine, 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.

YONO has four 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% of savings accounts are opened through YONO (digital onboarding).


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Keywords: SBI, loans, State Bank of India, loans, digital banking, YONO, COVID-19, coronavirus, onboarding, digital onboarding
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: India
This article is part of category

Banking & Fintech