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Prior to the holiday season, India’s largest lender, the State Bank of India (SBI), announced a range of products and lowered interest rates on retail loans and deposits. Banks have also announced a 100% exemption from mortgage processing fees for customers across the channel, along with raising interest rates on deposits. This means that mortgage customers have access to up to 90% of on-road finance facilities.
Banks have reduced interest rates on mortgages and gold loans by 25 basis points and 75 basis points (100bps = 1 percentage point), respectively. Going forward, both loans will be available at an annual interest rate of 7.5 percent.
SBI MD Shri CS Shetty said multiple services for all retail customers help save loans. He added that such offers during the holiday season add value to the celebration and meet their needs and requirements.
Mortgage processing fees are exempt:
SBI has announced that it has provided a complete fee waiver for customer mortgages. Female customers can take advantage of the 5bps interest concession, and non-female customers can apply in the same way through SBIYONO.
Car loan concessions:
As part of the celebration, SBI is offering 25bps to its customers when applying for a mortgage via YONO. Regarding special discounts, customers using the SBI YONO app can purchase a new car using a loan at a low interest rate of 7.5% per annum.
SBI Gold, Individual and Pension Loan Concessions:
Gold loans are now available to SBI customers on any channel at an annual interest rate of 7.5%. Separately, if the customer applies for a gold loan through SBI YONO, the lender is also exempt from processing fees.
Given the ongoing pandemic, a 50bps special interest concession was announced when all Covid-19 warriors and frontline workers apply for personal loans. The same options will soon be available for gold and car loans.
Start of Platinum Term Deposit:
Considering Japan’s 75 years of independence, banks have launched a new scheme, “Platinum Term Deposits”. Under this newly launched scheme, banks will offer additional interest benefits of up to 15 bps on term deposits with a 75-day, 75-week, and 75-month holding period. It came into effect on August 15, 2021 and was extended until September 14, 2021.
In another break for the customer, a major lender said the customer is now filing a free income tax return with YONO. Using the official Twitter handle, SBI will offer a special offer to commemorate the 75th anniversary of India’s Independence Day. Please submit your income tax return to Tax2win for free at YONO! Is written. (Sic)
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