The State Bank of India (SBI) has launched a variety of specials for its retail loans and deposits to represent the 75th year of India's independence. The bank is offering attractive benefits on retail loans and deposits as part of the government's "Azadi ka Mahotsav" drive to honor the Independence Day of 2021. Following its zero processing fee practice for home loans, the bank has declared that all processing fees for car loans would be waived across all platforms no matter if it is digital or offline.
Customers can also take advantage of up to 90% on-road financing for car loans. Customers who apply for a car loan through YONO would enjoy a special interest rate rebate of 25 basis points. SBI claimed that customers can get the loan with an interest rate as low as 7.5 percent per annum if they apply via YONO Mobile App. SBI has also recently introduced Platinum Term Deposits for retail customers to commemorate 75 years of independence Day of India, with additional interest rates of up to 15 basis points on term deposits for 75 days, 75 weeks, and 75 months tenors from August 15 to September 14, 2021.
The bank is providing a 75 basis point interest rate reduction to customers applying for Gold Loans. With an interest rate of 7.5 perent, customers can get a gold loan. In addition, the bank has eliminated the processing fee for customers applying for gold loans via YONO. The largest public sector bank has announced a 100 percent processing fee waiver across all platforms for its personal and pension loan customers. SBI has also unveiled a special interest reduction of 50 basis points for covid warriors i.e frontline healthcare workers applying for personal loans.
According to the sources "We are glad to announce multiple offerings for all our retail customers ahead of the festive season. We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations" said C S Setty, MD (Retail & Digital Banking) of SBI.
For banking customers, SBI has also said via its Twitter handle that "Banking is now easy and within your reach Celebrate this Independence Day with SBI and its wide number of branches, ATMs, and convenient digital services - enjoy true FREEDOM of banking."