Home >Money >Personal Finance >SBI announces special benefits on home, auto loans
SBI is also providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount. (Mint)
SBI is also providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount. (Mint)

SBI announces special benefits on home, auto loans

  • SBI is offering the lowest interest rate starting from 7.5% to customers opting for the car loan
  • SBI has announced special festive offers on home loans for home buyers

State Bank of India (SBI) has come up with a slew of special offers for its retail customers to spread festive joy amid the coronavirus pandemic. The nation’s largest lender has announced a 100% waiver in the processing fee for all customers applying for car, gold, and personal loan through YONO. The bank is offering the lowest interest rate starting from 7.5% to customers opting for the car loan. They will also get 100% on-road finance on select models.

SBI announces special festive offers on home loans

SBI has also announced special festive offers on home loans for home buyers. There would be a complete waiver on processing fees on home loans for home-buyers in approved projects. The bank is also providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount. Additionally, home-buyers can avail 5 bps interest concession if they apply for a home loan via YONO

SBI announces special offer for gold loan customers

There’s good news for gold loan customers as well, as they now have flexible repayment options for up to 36 months at the lowest interest of 7.5%. 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%.

SBI customers can also avail a pre-approved paperless personal loan on YONO

With digital banking increasingly gaining momentum especially in the current scenario, SBI’s flagship banking and lifestyle platform YONO is all set to provide an extra layer of convenience to its customers by offering them in-principal approval on the car and gold loan application.

How to check eligibility for a pre-approved personal loan?

SBI customers can also avail a pre-approved paperless personal loan on YONO at the comfort of their homes in just 4 clicks. They can simply check their eligibility via SMS by typing PAPL <space> <last 4 digits of SBI a/c no.> to 567676.

“It is SBI’s constant endeavor to work towards benefits of its valuable customers by offering them products and services suiting their needs and requirements and at the same time going easy on their wallets. 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," CS Setty, MD (Retail & Digital Banking), SBI said.

As of 30 June 2020, SBI has a deposit base of over 34 lakh crore with a CASA ratio of more than 45% and advances of nearly 24 lakh crore. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment.

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