Celebrate 75th year of Independence with concession on loans

On the eve of 75th Independence Day the nation’s largest lender State Bank of India (SBI) has started offering multiple facilities on retail loans. They cover the entire gamut from personal loan to home loan, gold loan to pension loan. SBI is perhaps the only bank to offer such benefits for the occasion. The bank is also offering benefits on deposits as part of the government’s “Azadi ka Mahotsav” drive. Money9 gives you details of what SBI is offering in the loan segment.

Retail loans can drive consumption which is critical at this juncture to boost aggregate demand in the economy. Consumption is one of the critical factors that infuse life in the economy as it tries to emerge from the savage second Covid wave that impacted consumption leading to cut in productions and loss of employment across the country.

Home loan

SBI is the market leader in the home loan segment with the home loan book in excess of Rs 5.5 lakh crore. SBI is now offering complete waiver of processing fees on home loans for any amount. Currently, the processing fee on home loan lies between 0.40% and 0.75% of the total loan amount. This offer is applicable till August 31, 2021.

Besides, women customers can get 5 basis points or 0.05 percentage point waiver in interest rate on home loan.

If anyone applies for home loan via SBI Yono, he or she would also be eligible for a discount for 5 basis points on the interest rate.

Corona warriors are also entitled to get a special discount of 50 basis points or 0.5 percentage points on interest rate of home loans.

“We believe this offer of processing fee waiver of home loan will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation building,” C S Setty, MD (Retail & Digital Banking), SBI said.

Car loan

SBI has announced a 100% waiver on processing fees for its car loan customers across all channels. The customers can further enjoy the facility of up to 90% on-road financing for their car loans.

The bank is offering a special interest concession of 25 basis points for customers applying for a car loan via YONO. Users of YONO SBI planning to bring home a new car can avail of the loan at an interest rate of as low as 7.5% per annum.

Later this week SBI is likely to announce another special offer for car loan applicants. Like home loan, corona warriors too might also get 50 basis points concession on interest rate on auto loans.

Gold loan

For gold loan customers, the bank is offering a reduction of 75 basis points on interest rates. Customers can now avail of gold loans across all channels of the bank at 7.5% per annum. The bank has further waived off the processing fee for all the customers applying for a gold loan via YONO app.

The bank has also announced a special interest concession of 50 basis points to Covid warriors.

Personal loan

For its personal loan customers, the bank has announced a 100% waiver in processing fees across all channels for any loan amount.

SBI has also announced a special interest concession of 50 basis points to Covid warriors (front-line healthcare workers).

Pension loan

SBI is the one of the very few banks to offer this special category of loan to 8.5 crore pension holders.

For its pension loan customers, the bank has announced a 100% waiver in processing fees across the board for all amounts. These offers are currently live and will be available till further notice, said the bank in a statement.