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SBI offers concession on home loans during festive season

It may be noted that an additional five per cent will be given if the home loan application is processed digitally on its YONO application platform.

Published: 22nd October 2020 03:24 AM  |   Last Updated: 22nd October 2020 10:17 AM   |  A+A-

State Bank of India, SBI

Representational picture of a State Bank of India branch (File Photo | PTI)

By Express News Service

NEW DELHI:  The country’s largest public lender State Bank of India has announced an interest rate concession of up to 25 bps on home loans during the festive season.

For loans above 75 lakh, the lender will offer up to 20 bps interest concession, based on the customer’s credit score.

It may be noted that an additional five per cent will be given if the home loan application is processed digitally on its YONO application platform.

This is in addition to the lowered interest rates starting at 6.90 per cent for a home loan of up Rs 30 lakh and 7 per cent for above Rs 30 lakh.

Earlier, the bank had also announced a 100 per cent waiver in the processing fee for all customers applying for auto, gold and personal loans through its YONO platform.

“Retail customers are availing the lowest interest rate starting from 7.5 per cent on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5 per cent and 9.6 per cent, respectively, this festive season,” SBI said in a statement.

Similarly, Axis Bank has also rolled out a series of festive offers for its customers.

The bank said customers can avail home loans starting at 6.9 per cent per annum. Meanwhile, auto loans can be availed at interest rates starting from 7.99 per cent.

The bank said it will offer 100 per cent on-road funding for auto loans.



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