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SBI announces interest concessions, processing fees waivers on retail loans

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State Bank of India (SBI), the country's largest lender, has announced an array of offerings on its retail loans and deposits to its customers.

SBI announces interest concessions, processing fees waivers on retail loans
State Bank of India (SBI), the country's largest lender, has announced an array of offerings on its retail loans and deposits to its customers.
After announcing processing fee waivers on home loans, the bank has announced a 100 percent waiver on processing fees for its car loan customers across all channels. The customers can further enjoy the facility of up to 90 percent on-road financing for their car loans, the lender said in a statement.
Additionally, SBI is offering an interest concession of 25 bps for customers applying for a car loan via YONO. The 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 percent per annum, the bank said.
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For its gold loan customers, the bank is offering a reduction of 75 bps in interest rates. Customers can now avail of gold loans from across all channels of the bank at 7.5 percent per annum. The bank has further waived off the processing fee for all the customers applying for a gold loan via YONO, it added.
For its personal and pension loan customers, the bank has announced a 100 percent waiver in processing fees across all channels.
The bank has also announced a special interest concession of 50 bps to COVID-19 warriors i.e., ‘frontline healthcare workers’ applying for personal loans, which soon will be available for application under car and gold loans as well.
For retail depositors, the bank is introducing ‘Platinum Term Deposits’ to mark 75 years of independence. Customers can now get additional interest benefits up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors till September 14, 2021.
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