Team News Riveting
India’s largest bank has announced a 100 per cent waiver in the processing fee for all customers applying for car, gold, and personal loan through YONO– is an integrated digital banking platform offered by State Bank of India to enable users to access a variety of financial and other services.
SBI is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent on-road finance on select models.
The move is aimed to bring relief to the retail customers reeling under the coronavirus pandemic.
“There would be a complete waiver on processing fees on home loans for homebuyers in approved projects. The bank is also providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount. Additionally, homebuyers can avail 5 bps interest concession if they apply for a home loan via YONO,” the bank stated.
Gold loan customers will get flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent. “To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent,” the SBI’s press release stated.
The bank, in its press release, indicated that it will offer in-principle approvals on car and gold loan applications for those applying through Yono app. Also, pre-existing SBI customers can avail a pre-approved paperless personal loan through the YONO platform.
However, the pre-approved personal loan on YONO could be availed only by the existing customers.
