State Bank of India to offer cheaper home, auto loans during festival season

Customers can avail the cheaper loans with added benefits such as waiver in processing fees, pre-approved digital loan and loans with no escalation in interest rates spread across various categories, a Bank statement said

''SBI has waived processing fees on car loans during festival season. The bank is offering lowest interest rate starting from 8.70 per cent to customers opting for car loan, with no escalation in interest," the statement said.

No escalation will ensure that the customer will not have to face fluctuation in the interest rate.

For customers applying for a car loan online through the bank's digital platform like Yono or website, a 25-basis point (bps ..concession on interest rate can be availed, it said.

Currently, the bank offers cheapest home loan with an interest rate of 8.05 per cent as repo rate-linked home loan and this rate will be applicable to all existing and new loans from September 1, it said.

With regard to personal loan, it claimed Rs 20 lakh will be available at the lowest interest rate starting from 10.75 per centwith the longest repayment tenure of 6 years, reducing equated-monthly instalment (EMI) burden on the customers.
Additionally, salary account customers can avail pre-approved digital loans up to Rs 5 lakh through Yono.

Education loan would be available at an attractive interest rate starting from 8.25 per cent for up to Rs 50 lakh and up o Rs 1.50 crore for studies in India and abroad, respectively.

Customers will be offered the longest repayment tenure of 15 years which effectively will reduce their EMI burden, statement added.