State Bank of India has come out with more offers and interest rate cuts for its retail customers ahead of the festive season. The bank has announced a 100 per cent waiver on processing fees for its car loan customers across all channels, the facility of up to 90 per cent on-road financing for their car loans, 75 basis points cut in gold loan rates and 50 bps cut in personal loans for health workers.
The bank is also offering a special interest concession of 25 basis points (bps) to a customer applying for a car loan through YONO, the mobile banking app of the lender. YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, SBI said.
Further, the bank is offering a reduction of 75 bps in the interest rates for customers availing of gold loans. They can avail of gold loans from across all channels of the bank at 7.5 per cent per annum.
For frontline healthcare workers applying for personal loans, a special interest concession of 50 bps has been announced.