SBI waives of up to 100% processing fee charge on various loans

After reducing interest rates of savings account, India's largest bank in terms of assets, State Bank of India on Monday announced festive offer on various loans for retail customers. 

Ahead of festive season, the bank waived of processing fee on car loans, personal gold loans and personal loans. 

This is what the offer is:

1. The bank has waived 100% processing fees on car loans till December 31, 2017
2. 50% off on the processing fees on personal gold loans till October 31, 2017.
3. Till September 30, 2017, customers can avail 50% waiver on processing fee on Xpress Credit – a personal loan offering by the bank.

Till now, the bank was charging 0.5% of the loan amount plus GST on cetrified pre-owned car loans, 2% of loan amount plus GST on Super bike loan and 1.5% of loan amount plus GST on two-wheeler loan. 

For gold loans, the bank was charging 0.51% of the loan amount for BIS Hallmarked jewellery or ornaments and specially minted gold coins sold by banks. 

And, on Xpress Credit, the bank was charging 0.5% of loan amount plus taxes as processing fees.

At 1430 hours the shares of the bank were trading at Rs 276.30 per piece, down 0.84% or Rs 2.35 on BSE.