SBI commands nearly 34 per cent market share in home loans and nearly 33 per cent in the auto loans segment.
The bank has also completely waived processing fees on home loans for homebuyers in approved projects. (Photo: AFP)
Country’s largest lender State Bank of India on Monday announced a slew of offers for its retail borrowers including 100 per cent waiver of processing fee for all customers applying for ‘car, gold, and personal loans’ via lender’s mobile banking app—YONO.
The bank has also completely waived processing fees on home loans for homebuyers in approved projects. It is giving concessions up to 10 basis points (bps) on the interest rate for the customers based on their credit score and home loan amount, a release said. Additionally, homebuyers can avail 5 bps interest concession if they apply through Yono.
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“The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models,” the lending major said.
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SBI commands nearly 34 per cent market share in home loans and nearly 33 per cent in the auto loans segment.
“To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent.”
With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season, the bank’s managing director (retail and digital banking) C S Setty said in the release.
The bank said Yono is offering customers in-principal approval on the car and gold loan applications. Customers can also avail a pre-approved paperless personal loan on Yono at the comfort of their homes.
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