Across different loan segments such as car loan, personal loans, home loans or education loans, the bank is providing loans with added benefits to the borrowers.
The State Bank of India (SBI) has announced a bouquet of special offerings for the upcoming festive season. More banks are expected to come out with their offerings in the weeks to come. Across different loan segments such as car loan, personal loan, home loan and education loan, the bank is providing loans with added benefits to the borrowers. Some of these offers include – waiver in processing fees, pre-approved digital loans and loans with no escalation clause in interest rates across different categories of loans.
SBI car loans
In its festival offer, the SBI has waived the processing fees on car loans. The interest rate on SBI car loans starts from 8.7 per cent and will be fixed in nature with no escalation in interest rate. For those applying for a car loan online through SBI’s digital platform like YONO or SBIonline website, the bank is providing 25 bps concession on the interest rate. The effective SBI car loan interest rate will be 8.45 per cent for online borrowers with nil processing fees. As far as the maximum loan amount is concerned, salaried individuals can avail the loan up to 90 per cent of the car’s on-road price.
SBI personal loan
The interest rate on personal loans starts from 10.75 per cent and one may avail a maximum amount of up to Rs 20 lakh. The car loan can be repaid over a tenure of 6 years. Over a longer period, the EMI is less but the interest burden is more. For SBI salary account holders, there an added benefit as one can avail pre-approved digital loans up to Rs. 5 lakh through SBI’s digital platform YONO.
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SBI education loan
Education loan from SBI will be available at a rate of interest starting from 8.25 per cent for a loan up to Rs. 50 lakh and up to Rs.1.50 crore for studies in India and abroad respectively. The education loan repayment tenure is 15 years during which the loan can be fully repaid.
SBI home loan
Recently, SBI has reduced MCLR by 15 bps ( basis points) due to which overall home loan interest rate is now reduced by 35 bps since April 2019. Effective 1st September, the SBI will be offering the cheapest home loan starting at 8.05 per cent in its repo rate linked home loan (RLLR).