The State Bank of India (SBI) announced a plethora of new incentives it was rolling out in anticipation of the impending festival season. The lender has added additional features to its home loan, auto loan, gold loan, and even personal loan products. Customers who are interested in taking advantage of these incentives should visit the official SBI website, where they will find all the necessary information.
SBI tweeted, “Start the festive celebrations with special offers on Car Loan, Gold Loan and Personal Loan from SBI. Get started today! Apply Now: sbiyono.sbi.”
SBI is now giving a car loan at Rs 1,530 per lakh as part of its new offerings. In a similar vein, the lender is offering consumers a gold loan with an annual interest rate of 7.5 percent. On the other hand, a personal loan costs Rs 1,832 per lakh. Customers of SBI can also apply for these loans through the official SBI YONO app, rather than logging into the official website and using the portal.
On a related note, the bank had already sent out a tweet regarding the home loan incentives it would be providing this holiday season. Through its official Twitter handle, it reminded users of this offer once more.The notification which was issued read as, “Kick-start your celebrations this festive season with SBI Home Loan and enjoy the exciting benefits on YONO SBI. Know More & Apply Now: homeloans.sbi.”
Keep in mind that this isn’t the first time SBI has advertised festival season deals this month. The lender had previously declared that any and all processing fees for its home loan would be nullified. The bank also reduced the interest rate on the same loan type, bringing it down to 6.7 percent for any loan amount. This was done in order to encourage more clients to take advantage of the loan offerings ahead of the holiday season.
Previously, borrowers who took out a loan of more than Rs 75 lakh had to pay a 7.15 percent interest rate. Borrowers can now take advantage of a 6.70 percent interest rate as the festival season approaches. This offer saves the consumer roughly 45 basis points, which corresponds to a significant amount of money. For a Rs 75 lakh loan with a 30-year term, this equates to more than Rs 8 lakh in savings.
The interest rate applied to non-salaried borrowers was 15 basis points higher than the interest rate applicable to salaried clients who were taking out a home loan. In light of this, SBI has waived the occupation-linked interest premium, allowing you to save even more money.
Other banking institutions had also altered their interest rates in response to the bank’s modifications. Kotak Mahindra Bank, for example, had previously announced increased rates that would take effect on September 10, 2021. The bank currently offers a 6.50 percent annual interest rate on its Fresh Home Loan and Balance Transfer Loan to its customers. This makes it one of the country’s most affordable home loan rates.