The State Bank Of India (SBI) will be providing some special offers on retail loans to its customers including lower interest rates for the upcoming festive season. The bank's latest press release informs of the various benefits that can be availed across categories of loans.
SBI's first home loan liked to repo rate, will help homebuyers take advantage of the four consecutive rate cuts by RBI. The Repo Linked Lending Rate (RLLR) home loans will be available from 1 September at interest rates as low as 8.05 percent, the bank said.
These can be availed for a tenure of 35 years, including 2 years moratorium.
"The interest rate will change upwards or downwards in line with the movement of the Repo linked Lending Rate as per Bank's Policy," the bank says on its website.
Processing fee on car loans will be waived for the festive season. Interest rates will start from 8.70 percent with no escalation in interest.
On applying for the loan over SBI's website or YONO app, customers can availed a discount of 25 basis points on the interest rate.
Personal loans of up to Rs 20 lakh can be availed by customers with interest rates starting at 10.75 percent. Those with salary accounts at SBI can avail per-approved digital loans of up to Rs 5 lakh over the YONO app.
Further, loans to meet festival related expenses are also available. The loan limit will be decided by the bank based on the applicant's income and repayment capacity.