What is YONO SBI Two Wheeler Loan?
YONO SBI Two Wheeler Loan is a digital loan service offered by the State Bank of India for purchasing bikes or scooters, easily accessible through the YONO app. With just a smartphone and a few minutes, aspiring riders can apply online and get up to ₹3 lakh, covering up to 85% of their new vehicle’s cost.
Why Choose YONO SBI Two Wheeler Loan?
Choosing the YONO SBI Two Wheeler Loan isn’t just about buying a mode of transport—it’s a step toward freedom, independence, and relief from long commutes. Imagine moving from crowded buses to gliding down open roads—YONO makes this dream reachable for young professionals, students, and families alike. The fully digital process means no standing in queues or dealing with complicated paperwork.
Who Can Apply? (Eligibility Criteria)
Eligibility for YONO SBI Two Wheeler Loan:
- Age: 18-65 years for basic loans; 21-57 for super bikes
- Nationality: Indian citizen
- Employment: Salaried, self-employed, professionals, pensioners, or government employees
- Income: Minimum net monthly income of ₹10,000 (some variants: ₹20,000 or ₹75,000 annual, based on vehicle type)
- Credit Background: Must pass SBI’s standard credit checks
Step-by-Step: How to Apply Using YONO SBI
- Download YONO SBI App: Available on Apple and Google Play stores.
- Register or Log In: Set up your account if you’re a new user.
- Go to ‘Loan’ Section: Find auto loans and choose ‘Two Wheeler Loan.’
- Fill Out Details: Submit personal info, income details, and desired loan amount.
- Upload Documents: Proof of ID, address, income, and recent photos.
- Submit Application: Review and send your request.
- Verification & Approval: SBI validates your profile and, after approval, sends funds directly to the bike dealer.
Getting through the app is quick—several users have reported approval in less than 48 hours!
Key Benefits & Features of YONO SBI Two Wheeler Loan
- Loan Amount: ₹20,000 to ₹3 lakh
- Interest Rates: Starting from 10.5% p.a. for basic bikes, competitive across the segment
- Tenure: Up to 4 years repayment (some super bike plans: up to 5 years)
- Down Payment: Up to 85% of the vehicle’s price covered by SBI
- Quick Disbursal: Funds are transferred to the dealer, ensuring buyers don’t face delays
- Processing Fee: Around 1.22–2% plus taxes on loan amount
- Exclusive Discounts: Extra 0.50% rate deduction on electric bikes
Real-Life Stories: How YONO SBI Two Wheeler Loan Changed Lives
Picture Anisha, a college student in Jaipur. She needed a reliable scooter for her internship. Using the YONO SBI app, she got her loan approved in a day—and rode to her first job interview without her father’s financial burden.
Ajay, a young IT engineer in Pune, commuted two hours daily by public transport. He used his bank salary slips and the YONO app to get a new bike, slashing his commute to just 25 minutes, and giving him evening time to pursue hobbies (and save money!).
Documents Required for Approval
- Loan application form
- 2 passport-size photos
- ID proof (Voter ID, Passport, Driving licence, PAN card)
- Address proof (Same as ID options, plus utility bill)
- Latest bank statements (12 months)
- Salary slip/form 16 (salaried)
- Income tax returns (self-employed)
EMI Calculation: Plan Smart, Ride Easy
Before finalizing a loan, always check how much you’ll pay per month. SBI offers a two-wheeler loan EMI calculator online, helping riders plan their budget in advance. For example, with a ₹1 lakh loan, the EMI can be as low as ₹2,560 (at 10.5% interest rate across 4 years).
Tips & Tricks for Savvy Applicants
- Prepare Documents in Advance: It speeds up the approval.
- Consider Electric Options: Lower interest rates apply.
- Maintain a Good CIBIL Score: It helps assure a better deal.
- Use the EMI Calculator: Avoid future financial surprises.
- Check Offers: Some dealers and the YONO app give festive discounts.
FAQs
Q: Is it necessary to visit a branch?
No, everything happens via the app—pure convenience.
Q: How much loan can I get?
Up to ₹3 lakh depending on your income and bike type.
Q: How long does approval take?
Usually less than two days, provided documents are ready.
Q: Are electric bikes included?
Yes, with extra interest rate discounts.
Final Thoughts
The YONO SBI Two Wheeler Loan is about more than just purchasing a bike—it’s an empowering experience for every aspirant rider in India. By removing the stress of money, paperwork, and branch visits, SBI helps every individual feel the wind in their hair sooner than they think.
Ready to begin your own journey? Whether for college, daily work, or freedom, YONO SBI empowers dreams, one ride at a time.
External Resources
- SBI Official Two Wheeler Loan Page (Do Follow)
- Step-By-Step Guide: Drivio (Do Follow)
- BankBazaar SBI Two Wheeler Loan Overview (Do Follow)
