New Delhi: The State Bank of India has special offers for retail banking customers during the upcoming festive season. Customers can look out for cheaper loans with additional benefits such as waiver in processing fees, pre-approved digital loans, and loans with no escalation in interest rates across categories.
To bring more smiles on customers’ face, SBI provides attractive offers with lower interest rates on loans availed for this festive season. Read to know more:
In view of the festivity, SBI has waived the processing fees charged on car loans. Car loans are now available at an interest rate starting from as low as 8.70 per cent, with no further escalation. Those applying for a car loan online through the exclusive digital platform of SBI including the YONO/ Bank’s website will receive a 25 bps concession on the interest rate. Notably, salaried customers can avail a loan up to 90 per cent of the car’s on-road price.
The SBI also offers a personal loan of upto Rs. 20 lakh at an interest rate starting from 10.75 per cent. Customers can re-pay the same for a maximum period of 6 years. This lessens the burden of paying Equated Monthly Installment (EMI) on customers. In the case of salaried customers who have a bank account with the SBI, a pre-approved digital loan up to Rs. 5 lakh through YONO can be availed in just four clicks.
Customers can avail an education loan at an interest rate starting from 8.25 per cent for a loan up to Rs. 50 lakh for studies in India and a loan upto Rs.1.50 crore for pursuing education abroad. In an attempt to reduce the burden of paying EMI, SBI offers a re-payment tenure of 15 years.
Recently, SBI has also reduced the Marginal Cost of fund-based Lending Rate (MCLR) by 15 bps. The bank has also reduced the overall home loan interest rate by 35 bps since April 2019. Currently, SBI’s home loan comes with an interest rate of 8.05 per cent. The repo rate linked home loan and the rate charged by SBI will be applicable to both the existing and new loan from September 1, 2019.
About State Bank of India:
The State Bank of India is the largest commercial bank in India in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on June 30, 2019, the deposit base of SBI was over Rs. 28 lakh crore with CASA ratio of 45.1 per cent and advances of over Rs. 19 lakh crore.