SBI waives processing fee on home loans, offers interest rate concession
SBI said homebuyers can avail 5 bps interest concession if they apply for a home loan via its YONO app
September 28, 2020 / 12:22 PM IST
Country’s largest lender, State Bank of India (SBI) September 28 said it will waive processing fee on home loans in approved projects. The bank is also providing special concessions up to 10 basis points (bps) on the interest rate for the customers based on their credit score and loan amount, the bank said in a press release.
Additionally, homebuyers can avail 5 bps interest concession if they apply for a home loan via YONO app, the bank said. One bps is one-hundredth of a percentage point.
SBI gold loan customers, the bank said, will now have flexible repayment options for up to 36 months at the lowest interest of 7.5 percent. SBI is also offering personal loans with lending rates as low as 9.6 percent.
SBI customers can also avail a pre-approved paperless personal loan on YONO at the comfort of their homes in just four clicks. Customers can simply check their eligibility via SMS by typing PAPL <space> <last 4 digits of SBI a/c no.> to 567676, the bank said.
“It is SBI’s constant endeavour to work towards benefits of its valuable customers by offering them products and services suiting their needs and requirements and at the same time going easy on their wallets,” said CS Setty, MD (Retail & Digital Banking), SBI.
“With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season,” Shetty said.