SBI Festive Offers: Bank waives processing fee on loans; offers special benefits on home, auto loans
SBI Festive Offers: As festive seasons are around the corner, State Bank of India (SBI) has come out with special offers for its retail customers to spread joy amid the coronavirus pandemic. India's largest bank has announced a 100% waiver in the processing fee for all customers applying for car, gold, and personal loan through YONO. SBI 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.
“There would be a complete waiver on processing fees on home loans for homebuyers 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, homebuyers can avail 5 bps interest concession if they apply for a home loan via YONO,” the bank stated.
Gold loan customers will get flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent. “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%,” the SBI’s press release stated.
The bank has announced concessions for those looking to avail car loans as well. “SBI 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,” the bank announced.
How to apply via YONO app
The bank, in its press release, indicated that it will offer in-principal approvals on car and gold loan applications for those applying through Yono app. Also, pre-existing SBI customers can avail a pre-approved paperless personal loan through the Yono platform.
However, the pre-approved personal loan on Yono can be only availed by existing customers. All customers have to do is check their eligibility by sending an SMS — PAPL (SPACE) (Last four digits of SBI a/c number) — to 567676.
