State Bank of India, the country’s largest lender, launched a series of deals for its retail clients ahead of the festive season on Monday. According to a statement, the bank has announced a 100% waiver on processing costs for its vehicle loan clients across all channels, as well as the option of up to 90% on-road financing for their car loans.
A consumer who applies for a car loan through YONO will additionally receive a special interest discount of 25 basis points (bps). The lender’s mobile banking app is called YONO (You Only Need One App). According to the announcement, YONO customers may get auto loans with interest rates beginning at 7.5% per year. Customers who take out gold loans will have their interest rates reduced by 75 basis points. They can get gold loans from the bank through any channel at a rate of 7.5% per year.
Furthermore, it has removed the processing charge for all clients asking for gold loans through YONO, according to the announcement. The lender has announced a complete remission of processing costs for personal and pension loan clients across all channels.
A unique interest reduction of 50 basis points has been offered for COVID warriors, i.e., frontline healthcare professionals applying for personal loans. According to the company, this offer will soon be accessible for application under vehicle and gold loans as well.
To mark the 75th year of independence, the lender announced the launch of a ‘Platinum Term Deposits’ offer for retail depositors. Customers can take advantage of the offer to earn up to 15 basis points (bps) more on term deposits with terms of 75 days, 75 weeks, or 75 months from August 15, 2021 to September 14, 2021.
“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” C S Setty, the bank’s managing director (retail and digital banking), stated in the announcement. The bank, last month said that it will eliminate all processing costs on house loans until August 31, 2021. The interest rate on a house loan starts at 6.70 percent
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