SBI Announces A Slew Of Festive Offers For Retail Banking Customers

State Bank of India (SBI) on Tuesday announced bouquet of special offerings in this festive season for retail banking customers.

Customers can avail attractive and cheaper loans with added benefits –waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates – spread across various categories.

The move comes amid a general slowdown in consumption growth owing to an overall dip in the macro-economic conditions.

SBI has waived processing fees on car loans during festival season. The bank is offering lowest interest rate starting from 8.70% to customers opting for car loan, with no escalation in interest. For customers applying for a car loan online through Bank’s digital platform like YONO/ Bank’s website, the Bank is providing 25 bps concession on interest rate. The salaried customers can also avail the loan upto 90% of the car’s on-road price.

Recently, SBI has reduced MCLR by 15 bps due to which overall home loan interest rate is now reduced by 35 bps since April 2019. Currently bank offers home loan with interest rate of 8.05% as repo rate linked home loan and this rate will be applicable to all existing and new loan from 1st September. In its latest monetary policy review, the RBI had cut lending rates by 35 basis points.

SBI is offering personal loan upto Rs. 20 lakh at the lowest interest rate starting from 10.75% with the longest re-payment tenure of 6 years, reducing EMI burden on the customers. Additionally, salary account customers can avail pre-approved digital loans upto Rs. 5 lakh through YONO in 4 clicks.

The bank is offering education loan at an attractive rate of interest starting from 8.25% for loan upto Rs. 50 lakh and upto Rs.1.50 crore for studies in India and abroad respectively. Customers will be offered the longest re-payment tenure of 15 years which effectively will reduce their EMI burden.