Behind the upcoming festive season, state Bank of India (SBI) took to Twitter to announce several new benefits that it was launching. Namely, the lender has new offers on its home loan, car loan, gold loan and even personal loan. Customers who are willing to avail these offers can simply log in to the official State Bank Of India Website where all the details await them. The tweet that SBI had released read: “Kick off the festivities with special offers on Car Loans, Gold Loans and Personal Loans from SBI. get started today! Apply now: sbiyono.sbi.” This message was sent from the bank’s official Twitter handle on Wednesday.
As per the new offering, SBI is offering car loans at Rs 1,530 per lakh. Similarly, the gold loan that the lender is offering to the customers earns an interest rate of 7.5 per cent per annum. On the other hand personal loan comes at Rs 1,832 per lakh. It is to be noted that SBI customers can also apply for these loans through the official SBI YONO app as opposed to logging into the official website and doing it through the portal.
On a related note, the bank had earlier also released a tweet talking about the home loan benefits that it will offer this festive season. It again reminded the customers of this offer through its official Twitter handle. The notification was issued as, “Kick off your festivities this festive season with SBI Home Loan and enjoy exciting benefits on YONO SBI. Learn more and apply now: homeloans.sbi.
Keep in mind that this month this is not the first time that SBI has announced festive season offers. The lender had earlier said that it would waive any and all processing fees for its home loans. In doing so the bank also issued a revised interest rate on the same type of loan and brought it down to 6.7 per cent for any loan amount. This was done in an effort to motivate more customers to participate in loan offers ahead of the festive season.
Earlier, borrowers taking loans above Rs 75 lakh had to pay an interest rate of 7.15 per cent. However, now with the onset of the festive season, borrowers can get the benefit of an interest rate of just 6.70 per cent. This offer results in saving of around 45 bps to the customer, which is a huge amount of savings. This equates to a savings of over Rs 8 lakh for a loan of Rs 75 lakh, which has a tenure of 30 years.
On the other end of the spectrum where you have non-salaried borrowers, the interest rate applicable to them was 15 bps higher than the interest rate applicable to salaried customers who were taking home loans. In light of this, SBI had also waived off the interest premium associated with the business, adding to the savings that can be profitable.
In line with these changes made by the bank, other banking institutions also revised their interest rates. For example, Kotak Mahindra Bank had earlier announced the revised rates which came into effect from September 10, 2021. Currently, the bank offers an interest rate of 6.50 per cent per annum on its new home loans and balance transfer loans to its customers. This makes it one of the cheapest home loan rates in the country.
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