“Customers can apply for an easy ride loan amount up to Rs 3 lakh at a competitive interest rate of 10.5 per cent per annum for a maximum period of 4 years. The minimum loan amount is fixed at Rs 20,000.” Press release issued by the bank.
The loan taken will be disbursed directly into the account of the dealer. SBI’s press release states that loans up to 85% of the on-road price of the vehicle can be availed under this scheme.
SBI Chairman, Dinesh Khara said, “The product will position the bank at an early stage of the customer’s life cycle by offering two wheeler loans and thereafter elevate the relationship with their growth. We are hopeful that the ‘SBI Easy Ride’ loan scheme will provide our customers with a smooth and memorable two wheeler driving experience.”