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This festive season, SBI to waive processing fee on car loans

According to the press release, the bank will offer car loans with interest rates starting from 8.7 per cent.

ET Online|
Aug 20, 2019, 11.46 AM IST
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Kick-starting slew of festive season banking-related products is the State Bank of India (SBI). The bank announced on Tuesday that it will waive processing fees on car loans. Further, customers can avail concession of 25 basis points (100 bps = 1 per cent) on interest rate if they apply for a car loan through the bank's digital platform, YONO, or from the bank's website.

According to the press release, SBI will offer car loans with interest rates starting from 8.7 per cent. Salaried customers can also avail the loan up to 90 percent of the car's on-road price.

It is not just offers on car loans, the according to the bank's press release, it has offers on various other loans. For instance, if you are in the market for a personal loan of up to Rs 20 lakh, then SBI will give to you at an interest rate of 10.75 per cent with the re-payment tenure of 6 years.

Additionally, salary account customers can avail pre-approved digital loans up to Rs 5 lakh through YONO in 4 clicks, said the bank's press release.

Then, for students wanting to take education loans, during the festive season, SBI will offer interest rate starting from 8.25 per cent for loans up to Rs 50 lakh taken to study to India and for up to Rs1.5 crore those looking to study abroad. Customers will be offered a re-payment tenure of 15 years.

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. According to the press release, the bank's home loan interest rate of 8.05 percent which is linked to the repo rate linked is the cheapest. This rate will be applicable to all existing and new borrowers from September 1, 2019.

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