The State Bank of India (SBI,) on the 20th of August, declared its festive offers, which include several offers on retail loans.
The customers can avail home and car loans at cheaper rates, with several advantages like waiver on processing charges, pre approved digital loans and loans without escalation interest rates.
The SBI also announced special offers for people who want to avail a personal loan, home loan and education loan. The announcement of the SBI read, “SBI has waived processing fees on car loans during festival season. The bank is offering the lowest interest rate starting from 8.70 per cent to customers opting for the car loan, with no escalation in interest.”
There are additional offers for those who apply for a SBI car loan using the bank’s platform You Only Need One (YONO.) People applying for car loans through the Bank’s digital platforms can enjoy a concession of 25 basis points (bps) on interest.
Speaking about personal loans, the SBI is providing loans up to Rs. 20 lakhs at 10.75 % interest rate with a six year repayment tenure. Those who have a SBI salary account can get a pre approved digital loan up to Rs. 5 lakhs on the YONO website.
Students willing to go for an education loan will also be benefitted, as during the festive season, SBI will offer education loans up to Rs. 50 lakhs for studying in India and Rs 1.5 crores for studying abroad. The interest rates on the loan will start from 8.25 %, with an extension in the tenure of repayment to 15 years.
The interest rates of the festive season will come into effect for the customers from the 1st of September 2019.
The festive offers could prove to be a boon for those SBI customers who are planning to take personal, car or home loans.
Stay tuned for further updates.
