Good News For Loan Seekers As Banks Offer Record Low Rates. Details Here

SBI, Kotak Mahindra Bank PNB, and Bank of Baroda have announced low interest rates, processing fee waivers for loan seekers in the festive season.

Written by: India.com Business Desk Edited by: Debjit Sinha

Updated: September 17, 2021, 9:56 AM IST

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https://www.india.com/business/good-news-major-banks-sbi-kotak-mahindra-pnb-bank-of-baroda-offer-loans-record-low-rates-festival-season-check-details-4962449/ Copy

Bank Loan, Home Loan

New Delhi: State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB), and Kotak Mahindra Bank are offering record low interest rates on loans. This brings cheers for loan seekers ahead of the festive season. While, several credit outreach programmes are set to commence across the country from the month of October, a number of banks have decided to wave loan processing fee and service charges, as per a report by Economic Times.

SBI Home Loan Interest Rate

• Public sector lending major SBI has launched credit score-linked home loans at 6.70 per cent, irrespective of the amount. Prior to the SBI’s festive offer, a borrower availing a loan more than than Rs 75 lakh was required to pay an interest rate of 7.15 per cent.
• The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30 year tenure, SBI was quoted as saying by IANS.
• Apart from this, SBI has removed the distinction between a salaried and a non-salaried home loan borrower. Now, there will be no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers.
• Earlier, the rate of interest applicable for a non-salaried borrower was 15 bps higher than those of salaried ones, IANS reported.

PNB Home Loan Interest Rate

Another public sector bank PNB is offering 6.80 per cent interest rate on home loan. Apart from this, the bank has announced a zero per cent processing or upfront fee and documentation charges for home loan borrowers, the bank tweeted.

Kotak Mahindra Loan Interest Rate

Kotak Mahindra is offering a 6.5 per cent per annum interest rate on home loans. The offer is valid till November 8, 2021.

“We are serious! Kotak Home Loans starting at surprisingly low interest rates of 6.5%* p.a! Now get your dream home in reality. Hurry! Offer valid from 10-Sep to 8-Nov-21,” Kotak Mahindra Bank tweeted.

Bank of Baroda Home Loan, Car Loan Interest Rates

As part of its festive offers, Bank of Baroda has also announced a concession of 0.25 per cent interest rate on home loans, home loan top up, and auto loans. Bank of Baroda’s home loan interest rate starts at 6.75 per cent and car loan at 7 per cent. The offer will remain valid till December 31, 2021, Bank of Baroda tweeted.