SBI Online car loan benefits announced! FREE processing, interest rate just 8.70%; Check Home, Personal loan rates too

SBI has good news for loan takers! Extending special offers in this festive season for borrowers, State Bank of India (SBI), the largest state-owned lender, has announced that car buyers can avail attractive and cheaper loans with added benefits. SBI says on offer is free processing, pre-approved digital loans and loans with no escalation in interest rates, according to an official statement.     

SBI Car Loans
For car loan seekers, the SBI has waived processing fees during the festival season, offering lowest interest rate starting from 8.70% to customers with no escalation in interest. For customers applying for a car loan online through SBI online digital platform like YONO / Bank website www.onlinesbi.com, the SBI is providing 25 bps concession on interest rate, the statement added. 

Notably, salaried customers can also avail loans upto 90% of the car’s on-road price. Usually, this is fixed at around 80%.

SBI Personal Loans
In order to spread festive joy among customers, the state-owned lender is offering personal loans up to Rs 20 lakh at the lowest interest rate starting from 10.75% with the longest re-payment tenure of 6 years, reducing EMI burden on the customers. The salary account customers can also avail pre-approved digital loans upto Rs 5 lakh through YONO in 4 clicks, it added.

SBI Education Loans
Those who want education loans, the bank is offering this facility at an attractive rate of interest starting from 8.25% for loan upto Rs 50 lakh and upto Rs 1.50 crore for studies in India and abroad respectively. Customers will be offered the longest re-payment tenure of 15 years which effectively will reduce their EMI burden, it said.

SBI has recently reduced MCLR by 15 bps due to which overall home loan interest rate is now reduced by 35 bps since April 2019.

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SBI Home Loans
Notably, the SBI offers cheapest home loan with interest rate of 8.05% as repo rate linked home loan and this rate will be applicable to all existing and new loan from 1st September.