The State Bank of India (SBI), country’s largest commercial bank, announced a festive bonanza for its retail customers today. The bank has announced waiver of up to 100% processing fee on car loans, gold loans and personal loans. This is in addition to the existing waiver on processing fee on takeover of home loans.
The bank said in a press release that to bring more smiles to customers and their dear ones, it has waived 100% processing fee on car loans till December 31, 2017. Separately, SBI has also waived 50% of the processing fee on personal gold loans till October 31, 2017. Till September 30, 2017, customers can avail 50% waiver on processing fee on Xpress Credit – a personal loan offering by the bank.
The move comes close on the heels of Axis Bank offering a waiver of 12 EMIs on home loans up to Rs 30 lakh. It may be recalled that in a bid to fortify its footprint in the affordable housing segment, Axis Bank had just a few days back announced the launch of a new home loan scheme. Under this scheme, called Shubh Aarambh Home Loans, borrowers applying for loans up to Rs 30 lakh will be able to avail the benefit of 12 EMIs’ waiver.
The bank said in a press release that under this scheme, customers with regular repayment will get 12 EMIs waived – 4 EMIs each after 4th, 8th and 12th year from the date of first disbursement. The effect of EMI waiver will be given in the form of reduction in the tenure of home loan.
Speaking at the launch, Rajiv Anand, Executive Director – Retail Banking, Axis Bank, said, “The government’s efforts in boosting the affordable housing segment has been relentless and Axis Bank feels privileged to be a constant partner in this initiative. Through these products we aim to provide further value addition to our customers in a highly-competitive environment and at no incremental cost. This would also encourage regular repayments by the customer.”
The loans can be used to purchase an under construction/ ready/ resale house, apart from self-construction and plot plus construction. Customers also have the option to transfer any existing home loans to Axis Bank without any additional cost.