SBI Personal loan, Home loan, Auto loan: Check out the latest offers here | Personal finance news
The State Bank of India (SBI) has announced a plethora of new incentives it is rolling out in anticipation of the looming festival season. The lender has added additional features to its home loan, car loan, gold loan, and even personal loan products. Customers who wish to take advantage of these incentives should visit the official SBI website, where they will find all the necessary information.
SBI tweeted, “Start the festive celebrations with special offers on SBI Auto Loan, Gold Loan and Personal Loan. Start today! Apply now: sbiyono.sbi. ”
SBI is now granting a car loan at Rs 1,530 per lakh as part of its new offerings. In the same vein, the lender offers consumers a gold loan with an annual interest rate of 7.5%. In contrast, a personal loan costs Rs 1,832 per lakh. SBI clients can also apply for these loans through the official SBI YONO app, rather than logging into the official website and using the portal.
On a related note, the bank had previously tweeted about the home loan incentives it would offer this holiday season. Through his official Twitter account, he once again reminded users of this offer. The notification that was released read: “Kickstart your celebrations this holiday season with SBI Home Loan and enjoy great benefits on YONO SBI. Learn more and apply now: homeloans.sbi.
Keep in mind, this isn’t the first time SBI has announced offers for the festival season this month. The lender previously said all processing fees for its home loan would be waived. The bank also reduced the interest rate on the same type of loan, bringing it down to 6.7% for any loan amount. This was done in order to encourage more customers to take advantage of the loan offers before the holiday season.
Previously, borrowers who took out a loan of more than Rs 75 lakh had to pay an interest rate of 7.15%. Borrowers can now take advantage of a 6.70% interest rate as festival season approaches. This offer saves the consumer around 45 basis points, which is a significant amount of money. For a loan of Rs 75 lakh with a term of 30 years, this equates to more than Rs 8 lakh of savings.
The interest rate applied to non-salaried borrowers was 15 basis points higher than the interest rate applicable to salaried customers taking out a mortgage. In light of this, SBI has waived the profession related interest premium, saving you even more money.
Other banking institutions had also changed their interest rates in response to the bank’s changes. Kotak Mahindra Bank, for example, previously announced a rate hike that would take effect on September 10, 2021. The bank is currently offering an annual interest rate of 6.50% on its Fresh Home loan and its transfer loan. balance to its customers. This makes it one of the most affordable mortgage rates in the country.