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Business News – SBI slashes interest rates on retail loans, waives processing fees| Check details

The State Bank of India(SBI) has cut the interest rates on gold, personal and retail loans and has also waived off the processing fee on car and home loans. Here are the full details.

HIGHLIGHTS

  • The State Bank of India (SBI) has announced a slew of new offerings on its retail loans for its customers.
  • The Bank has cut interest rates on gold and auto loans and they will be available at an interest of 7.5% p.a.
  • The big lender has also launched a ‘Platinum Term Deposit’ scheme for its customers for additional interest benefits.
Ahead of the festive season, the country’s largest lender, the State Bank of India (SBI), has unveiled a series of offerings and has slashed the interest rates on retail loans and deposits. The bank also announced a 100 per cent waiver of processing fees on car loans for its customers across its channels, along with increased interest rates on deposits. This means that car loan customers can now avail the facility of up to 90 per cent on-road financing.

The bank has trimmed the interest rates on auto and gold loans by 25 and 75 basis points ( 100bps = 1 percentage point) respectively, and from now on, both the loans will be available at an interest rate of 7.5 per cent per annum.

Shri C S Shetty, the MD of SBI, said that the multiple offerings for all the retail customers will help them save more on their loans. He added that such offers amid the festive season add value to the celebrations and fulfill their needs and requirements.

Processing fee waived on home loans:

The SBI has announced that it has given the provision of a complete processing fee waiver on the home loan for its customers. Female customers can avail a 5 bps interest concession and non-female customers can also apply for the same via SBI YONO.

Car Loan concessions:

As a part of the festive offer, SBI is offering its customers 25 bps if they apply for a car loan via YONO. In terms of the special concession, the customers using the SBI YONO app can buy a new car by availing a loan at an interest rate as low as 7.5 per cent per annum.

SBI Gold, Personal and Pension loan concessions:

SBI customers can now get a gold loan at an interest rate of 7.5 per cent per annum across any channel. Apart from this, the lender has also waived off the processing fees if the customers apply for the gold loan via SBI YONO.

In view of the ongoing pandemic, a special interest concession of 50 bps has been announced for all the Covid-19 warriors and frontline workers if they apply for a personal loan. The same option will soon be available for them under the gold and car loans as well.

Platinum Term Deposits launched:

In view of the 75 years of independence for our country, the bank has launched a new scheme, ‘Platinum Term Deposits’. Under this newly launched scheme, the bank offers additional interest benefits of up to 15 bps on Term Deposits for 75 days, 75 weeks and 75-month tenures. This came into effect from August 15, 2021 and has been extended till September 14, 2021.

In another respite for customers, the big lender stated that the customers now file their Income Tax Returns for free on YONO. Taking to its official Twitter handle, SBI wrote, “SBI marks India’s 75th Independence Day with a special offer for you. File your Income Tax Return with Tax2win on YONO for FREE!”

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