SBI cuts processing fee on home, auto loans for festive season

Halves fee for both categories for loans availed between Oct 17 and Dec 31

State Bank of  India has reduced the processing fee on home and auto loans by 50 per cent for loans availed from October 17 to December 31.

For home loans of up to Rs 25 lakh, the processing fee is 0.12 per cent per cent of the loan amount, subject to a minimum of Rs 1000, from 0.25 per cent earlier. For loans between Rs 25 and Rs 75 lakh, the revised processing fee is Rs 3,250, against Rs 6,500 earlier and for loans of above Rs 75 lakh, the processing fee is Rs 5,000, against Rs 10,000 earlier.

For auto loans the processing has been reduced to 0.25 per cent of the loan amount from 0.51 per cent earlier, subject to a minimum of Rs 510 and a maximum of Rs 5,100. Earlier, the minimum was Rs 1,020 and the maximum was Rs 10,200.

For take over home loans, the bank is charging a flat processing fee of Rs 1000, said a press release from the bank.