Money & Banking

Festive offer: SBI extends special benefits on retail loans

Our Bureau Mumbai | Updated on September 28, 2020 Published on September 28, 2020

State Bank of India (SBI) has waived processing fee on car, gold, personal & home loans in approved projects as part of its festive offer.

India’s largest bank will also offer credit score-based concessions up to 10 basis points (bps) for home loans above ₹30 lakh and up to ₹1 crore in approved projects.

Further, home buyers will get 5 bps interest concession if they apply through the bank’s digital banking platform “YONO”. One basis point is equal to one-hundredth of a percentage point.

The Bank, in a statement, said it is offering the lowest interest rates on car and personal loans, starting at 7.5 per cent and 9.6 per cent respectively. Customers will also get 100 per cent on-road finance on select models, it added.

Gold loans

Gold loan customers will have flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent, the statement said.

“To bring in cheer and spread festive joy amid the pandemic.... SBI presents a slew of special offers for its retail customers.

“...YONO is all set to provide an extra layer of convenience to its customers by offering them in-principle approval on car and gold loan application,” according to the bank.

SBI customers can also avail a pre-approved paperless personal loan on YONO in just four clicks, it added.

CS Setty, MD (Retail & Digital Banking), said with the economy recovering gradually, SBI hopes to see a boost in consumer spends and at the same time ensure the bank’s helping hand to address financial needs.

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Published on September 28, 2020
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