SBI to waive processing fee on YONO loans, offers 10 bps off on home loans

In order to boost credit demand in the upcoming festive season, the State Bank of India will waive off processing fee for customers applying for car, personal and gold loans through digital banking platform YONO. It will also give a concession of upto 10 basis points (bps) on home loans.

The country’s largest lender is offering the lowest interest rate starting from 7.5 per cent to customers opting for car loans. They will also get 100 per cent on-road finance on select models, SBI said in a statement.

The lender's retail advances grew by 12.85 per cent (year-on-year) in the June quarter (Q1Fy21). Home loans, which constitute 22 per cent of the bank’s domestic advances, have grown by 10.72 per cent.

 

There would be a complete waiver on processing fees on home loans for homebuyers in approved projects. The bank is also providing special concessions of up to 10bps on the interest rate for the customers based on credit score and loan amount. Additionally, homebuyers can avail a 5 bps interest concession if they apply for a home loan via YONO.

As for gold loans, borrowers now have flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent.

The personal loans would be available at lending rates as low as 9.6 per cent to enhance the availability and affordability of credit to individuals in the times of the current crisis, SBI added.