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SBI announces special benefits on home, auto, gold, personal loans

The State Bank of India (SBI) has given a 100 per cent waiver in the processing fee of personal, car and gold loans if applied for through its YONO platform

twitter-logoBusinessToday.In | September 28, 2020 | Updated 14:39 IST
SBI announces special benefits on home, auto, gold, personal loans
Country's largest lender State Bank of India (SBI) is offering special festive benefits on its home, car, gold and personal loans

The State Bank of India (SBI) has announced a slew of special festive offers to its retail customers. The country's largest lender has given a 100 per cent waiver in the processing fee of personal, car and gold loans if applied for through its YONO platform.

"There would be a complete waiver on processing fees on home loans for homebuyers in approved projects. The bank is also providing special concessions of up to 10 bps on the interest rate for customers based on their credit score and loan amount. In addition, homebuyers can also avail 5 bps interest concession if they apply for a home loan via YONO," SBI said in a press release.

SBI's special festive offer on home loans - The state lender has said it will waive processing fee on home loans (for home buyers) in approved projects. The bank is also offering special concessions of up to 10 basis points (bps) on the interest rate for its customers basis their loan amount and credit score. Furthermore, the SBI said that homebuyers can avail 5 bps interest concession if they apply for a home loan through its YONO app.

Also Read: RBI, govt should work together for economic recovery: SBI research

SBI's special festive offer on gold loans - The state lender is offering its gold loan customers flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent.

SBI's special festive offer on personal loans - The bank is offering personal loans with lending rates as low as 9.6 per cent in order to boost the accessibility and affordability of credit to borrowers amid the coronavirus pandemic.

SBI's special festive offer on car loans - The state lender is offering car loan borrowers the lowest interest rate starting from 7.5 per cent. Customers, additionally, will also get 100 per cent on-road finance on select models.

Also Read: No free lunches in SBI's loan restructuring; borrowers to pay extra interest

How to apply for pre-approved loans via YONO app?

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

"It is SBI's constant endeavour 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," said CS Setty, MD (Retail & Digital Banking), SBI.

"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," he added.

Also Read: Relief for homebuyers! SBI Capital agrees to invest Rs 625 cr in six stalled Amrapali projects

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