SBI announces processing fees waiver on car loans, lower housing EMIs during festive season

Mumbai: State Bank of India (SBI) on Tuesday announced bouquet of special offerings for the festive season for retail banking customers.

Customers can avail attractive and cheaper loans with added benefits –waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates – spread across various categories.     

SBI has waived processing fees on car loans during festival season. The bank said that it is offering lowest interest rate starting from 8.70 percent to customers opting for car loan, with no escalation in interest.

For customers applying for a car loan online through Bank’s digital platform like YONO/ Bank’s website, SBI is providing 25 bps concession on interest rate. The salaried customers can also avail the loan upto 90 percent of the car’s on-road price.

SBI further added that to bring more smiles and spread festive joy among customers, it is offering personal loan upto Rs 20 lakh at the lowest interest rate starting from 10.75 percent with the longest re-payment tenure of 6 years, reducing EMI burden on the customers.

Additionally, salary account customers can avail pre-approved digital loans upto Rs 5 lakh through YONO in 4 clicks.

The bank is offering education loan at an attractive rate of interest starting from 8.25 percent for loan upto Rs 50 lakh and upto Rs 1.50 crore for studies in India and abroad respectively.

Customers will be offered the longest re-payment tenure of 15 years which effectively will reduce their EMI burden.

Recently, SBI has reduced MCLR by 15 bps due to which overall home loan interest rate is now reduced by 35 bps since April 2019. Currently bank offers cheapest home loan with 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.