India's largest lender State Bank of India has announced special offers during the upcoming festive season for retail banking customers, including lower interest rates on home loans, car loans and personal loans In a bid to boost credit growth amid a slowdown in consumption and demand. SBI customers during festive season offer can also avail other benefits such as waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates across various categories, the bank said in a news release.

Car loans

On SBI car loans, the bank has waived processing fees and is offering an interest rate starting from 8.70 percent, with no escalation in interest. SBI customers, who apply for a car loan online through YONO app or the bank's website, will get a 25 bps concession on the interest rate. Meanwhile, salaried SBI customers can avail the car loan upto 90 percent of the car’s on-road price.

Personal loans

SBI customers can vail personal loans of upto Rs. 20 lakh at the interest rate starting from 10.75 percent with the longest re-payment tenure of six years.

Additionally, salary account customers can avail pre-approved digital loans upto Rs 5 lakh through SBI YONO app in four clicks.

Education loans

The bank is offering education loan at an interest rate starting from 8.25 percent for loan upto Rs 50 lakh and upto Rs 1.50 crore for studies in India and abroad, respectively. SBI customers will get the longest re-payment tenure of 15 years.

Home loans

The bank said it has so far reduced MCLR by 15 bps since April, resulting in a 35 bps decrease in the home loan interest rate. SBI claimed that it offers the cheapest home loan with an interest rate of 8.05 percent as repo rate linked home loan and this rate will be applicable to all existing and new loan from September 1.

State Bank of India reported a 12.47 percent growth in gross advances in the April-June quarter over the previous year, but a 2.41 percent de-growth over the previous quarter.

First Published:Aug 20, 2019 11:04 AM IST