Mumbai: As the country celebrates Azadi Ka Amrit Mahotsav – which is an initiative by the Indian government to commemorate 75 years of India’s independence – the country’s largest bank, the State Bank of India (SBI), is getting ready also to offer a range of offers on its loans to individuals. and deposits to its customers.
After announcing home loan processing fee waivers, the bank announced a 100% processing fee waiver for its auto loan customers across all channels. Customers can further take advantage of the on-road financing facility of up to 90% for their auto loans.
SBI offers a special interest concession of 25 basis points for customers who apply for a car loan through YONO. YONO SBI users who plan to take home a new car can qualify for the loan at an interest rate as low as 7.5% per annum.
For its Gold loan clients, the Bank is offering an interest rate cut of 75 bp. Customers can now benefit from Gold loans across all channels of the bank at 7.5% per annum. The bank further waived the processing fee for all customers requesting a gold loan through YONO.
For its Personal Loans & Provident clients, the Bank has announced a 100% exemption from processing fees on all channels.
The Bank also announced a special interest concession of 50 basis points to covid warriors, that is, “frontline health workers” who apply for personal loans, which will soon be available for use. car and gold loan applications as well.
For retail depositors, the Bank is introducing “platinum term deposits” to mark 75 years of independence. Customers can now earn additional interest of up to 15 basis points on term deposits for 75 days, 75 weeks and 75 months from 08/15.2021 until 09/14/2021.
CS Setty, MD (Retail & Digital Banking), SBI said, “We are pleased to announce several offers for all of our retail customers ahead of the holiday season. We believe these offers will help clients save more on their loans while adding value to their festive celebrations. It is our constant effort at SBI to provide the best financing solutions to all of our valued clients and to help them meet their needs and requirements. “
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country that has so far made the dreams of buying a house of 30 lakh Indian families come true. The bank’s mortgage portfolio has crossed the Rs. 5 lakh crore mark. As of June 30, 2021, the bank had a deposit base of over Rs. 37 lakh crore with a CASA ratio of nearly 46% and advances of over Rs. 27 lakh crore. SBI has a market share of 34.77% and approximately 31.11% respectively in the home loans and auto loans segment.
Never miss a story! Stay connected and informed with Mint. Download our app now !!