New Delhi: At this time of corona crisis when the economy and demand are going through a rough phase, a number of financial institutions, including banks, are offering various kinds of benefits on loans to customers to revive demand in the market in the upcoming festive season.Also Read - Good News For Home Buyers: With SBI’s Monsoon Dhamaka Offer, You Can Get Home Loan at 0% Processing Fee Till August 31

The State Bank of India (SBI) on Monday has floated one such initiative with massive benefits. As per updates, the SBI has announced a 100 per cent waiver in the processing fee for all customers applying for auto, gold and personal loans through its Yono application platform. Also Read - Bank Holiday Alert: Banks to Remain Closed For Next 6 Consecutive Days From Today | Complete List Here

In a notification, the SBI stated that there will be a complete waiver of processing fees on home loans for homebuyers in approved projects. Moreover, the bank is also ready to provide concessions in interest rates up to 10 bps for select customers – however, this will be based on credit scores. Also Read - RBI Restricts Mastercard from Onboarding New Domestic Customers In India From July 22 | Deets Inside

Along with the concession in interest rate, homebuyers can also avail up to 5 bps interest concession if they apply for the home loan through SBI’s Yono platform.

Talking about the gold loans, the bank said that customers who want to apply for gold loans will get flexible repayment options for up to 36 months at interest rates as low as 7.5 per cent.

On the other hand, the bank said that the lending rates for personal loans will start as low as 9.6 per cent.

Apart from hold loan, the bank will also offer in-principal approvals on car loan applications for those applying through Yono app. Moreover, the SBI customers can avail a pre-approved paperless personal loan through the Yono platform.

To avail personal loan on Yono, customers have to check their eligibility by sending an SMS — PAPL (SPACE) (Last four digits of SBI a/c number) — to 567676.