SBI cuts interest rates on personal loans and waives fees

Mumbai: State Bank of India (SBI) cut interest rates on gold and auto loans by 75 and 25 basis points (100 bps = 1 percentage point) respectively. The reduction is part of a festive offer to celebrate 75 years of independence. After surrender, both loans will be available at 7.5%.
The bank has launched a “Platinum Term Deposit” program. Under this, clients can earn additional interest of up to 15 basis points on term deposits for terms of 75 days, 75 weeks and 75 months from August 15, 2021 to September 14, 2021. The bank waived processing fees for auto loans. and will finance up to 90% of the cost of the vehicle on the road. The reduction in interest rates for car loan customers will be available to those who apply through the Yono mobile banking app.
The Gold Loan Discount is available for clients who apply across all channels. However, those who apply through the Yono app will benefit from a 100% fee waiver. As part of the festive offer, the bank has decided to remove all-channel processing fees for personal loans and retirement loans.
For the “Covid warriors” (frontline healthcare workers), the bank extended a 50 basis point interest concession on personal loans. The discount will soon be available for auto and gold loans, the bank said. For real estate loans, the pillar of SBI’s retail activity, the bank had already announced an exemption from administrative fees until the end of August 2021.

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