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SBI Waives Processing Fees on Car Loans, Offers Special Interest Rates During Festival Season

Image for representation. (Reuters)

Image for representation. (Reuters)

SBI customers will enjoy other benefits such as waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates across various categories, the bank said in a news release.

New Delhi: State Bank of India announced special offers for customers on Monday to encourage purchase during the upcoming festive season in the retail banking sector. The Bank's offers include lower interest rates on home loans, car loans and personal loans.

Besides, SBI customers will enjoy other benefits such as waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates across various categories, the bank said in a news release.

Car loans

The bank has waived off processing fees and is offering an interest rate starting from 8.70 percent, with no escalation in interest. Customers who apply for a car loan online through YONO app or the bank's website, will get a 25 bps concession on the interest rate. Meanwhile, salaried SBI customers can avail the car loan upto 90 percent of the car’s on-road price.

Personal loans

Customers can avail personal loans of upto Rs. 20 lakh at the interest rate starting from 10.75 percent with the longest re-payment tenure of six years. Additionally, salary account customers can avail pre-approved digital loans upto Rs 5 lakh through SBI YONO app in four clicks.

Education loans

The bank is offering education loan at an interest rate starting from 8.25 percent for loan upto Rs 50 lakh and upto Rs 1.50 crore for studies in India and abroad, respectively. SBI customers will get the longest re-payment tenure of 15 years.

Home loans

The bank said it has so far reduced MCLR by 15 bps since April, resulting in a 35 bps decrease in the home loan interest rate. SBI claimed that it offers the cheapest home loan with an interest rate of 8.05 percent as repo rate linked home loan and this rate will be applicable to all existing and new loan from September 1.

first published:August 20, 2019, 11:27 IST