State Bank of India announces offers on retail loans and deposits

MUMBAI: The State Bank of India (SBI) on Monday announced a series of retail offers, including loan processing fee waivers as well as a time-limited deposit rate hike.

Customers can also take advantage of the on-road financing facility of up to 90% for their auto loans, the bank said. It offers a special interest reduction of 25 basis points (bps) to customers who apply for a car loan through the Yono app. Yono users who plan to take home a new car can qualify for the loan at an interest rate of 7.5% per annum, he said.

That aside, for its gold lending clients, the bank is offering a 75 basis point reduction in interest rates and clients can now qualify for gold loans at 7.5% per annum. The bank waived the processing fee for customers requesting a gold loan through Yono. On its personal loans and retirement customers, the bank announced a 100% exemption from processing fees across all channels.

The bank also announced a 50 basis point special interest grant to Covid-19 warriors – frontline healthcare workers – who apply for personal loans, which will soon be available for auto loan applications and ‘gold also.

For retail depositors, the bank said it was introducing platinum term deposits to mark 75 years of independence. Clients, he said, can now earn additional interest of up to 15 basis points on term deposits for 75 days, 75 weeks and 75 months from August 15 through September 14.

CS Setty, Managing Director (Retail and Digital Banking), SBI said, “We believe these offers will help customers save more on their loans while adding value to their festive celebrations. It is our constant effort at SBI to provide the best financing solutions to all of our valued clients and to help them meet their needs and requirements. “

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