“Customers can apply for the Easy Ride loan for an amount up to Rs 3 lakh at a competitive interest rate of 10.5% per annum onwards for a maximum tenure of 4 years. The minimum loan amount has been fixed at Rs 20,000,” stated a press release issued by the bank.
The loan availed will be disbursed directly into the dealer’s account. Loans of up to 85% of the on-road price of the vehicle can be availed under this scheme, stated the SBI press release.
SBI Chairman, Dinesh Khara said, “The product will position the Bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan and thereafter upgrade the relationship along with their growth. We hope the ‘SBI Easy Ride’ loan scheme will offer a seamless, and memorable two-wheeler owning experience to our customers.”
