Largest lender State Bank of India (SBI) on Monday said processing fees would be waived and concessions on interest rates would be given on retail loans applied through its digital platform YONO (you only need one). “The bank has announced a 100% waiver in the processing fee for all customers applying for car, gold, and personal loan through YONO,” SBI said.
The bank is offering 100% on-road finance on select models for car loan with interest rate starting from 7.5%. As part of its festive offers, SBI is providing special concessions of up to 10 basis points (bps) on the interest rate for customers, based on their credit score and loan amount. Additionally, homebuyers can avail five basis points interest concession, if they apply for a home loan through the YONO app.
CS Setty, managing director- retail and digital banking, SBI, said, “With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season.”
SBI had earlier reduced MCLR for shorter tenors by five-10 bps. However, its one-year MCLR stood unchanged at 7%. As of June 30, the bank has a deposit base of over Rs 34 lakh crore with a CASA (current account savings account) ratio of more than 45% and advances of nearly Rs 24 lakh crore.
