India’s largest lender, State Bank of India (SBI), has introduced various schemes to attract more retail customers. It has offered waivers on processing fees, lower interest rates, and other offers on new loans, across different types of loans.

CS Setty, MD (Retail & Digital Banking), SBI said, “It is SBI’s constant endeavour to work towards benefits of its valuable customers by offering them products and services suiting their needs and requirements and at the same time going easy on their wallets. With the economy recovering gradually, we hope to see a boost in consumer spending. At the same time, ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season.”

SBI is offering 100 per cent waiver in the processing fee for all customers applying for a car, gold and personal loan through YONO.

What are the other new offers:

Home loan

  • It would be a complete waiver on processing fees on home loans for homebuyers in approved projects.

  • It is providing special concessions up to 10bps on the interest rate for the customers based on their credit score and loan amount.

  • Homebuyers can avail 5bps interest concession, if they apply for a home loan via YONO.

  • The bank is providing instant in-principle approval for a home loan and top-up loans through YONO.

Car loan

  • The bank is offering the interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent on-road finance but it is on select models.

  • It is providing the lowest interest rates on car loan starting at 7.5 per cent.

  • Instant in-principle approval of car loan via YONO is available.

Personal loan

  • Looking at the COVID-19 pandemic, the bank is offering personal loans with lending rates as low as 9.6 per cent.

  • There are also paperless pre-approved personal loans through YONO.

Gold loan

  • Now, gold loan customers have flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent.

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