SBI Rolls Out Festive Offers For Retail Customers
Signage for the State Bank of India Ltd. (SBI) is seen at a branch in Mumbai, India (Photographer Dhiraj Singh/Bloomberg)

SBI Rolls Out Festive Offers For Retail Customers

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With the upcoming festive season, the country's largest lender State Bank of India Monday announced a slew of festive offers for its retail borrowers including 100% waiver of processing fee for all customers applying for car, gold, and personal loans through Yono.

Yono (You Only Need One App) is the mobile banking app of the lender.

Also read: SBI Pitches YONO As ‘The One’ Banking App

The bank has also completely waived processing fees on home loans for homebuyers in approved projects. It is giving concessions up to 10 basis points on the interest rate for the customers based on their credit score and home loan amount, a release said.

Additionally, homebuyers can avail 5 bps interest concession if they apply through Yono.

For car loan borrowers, it is offering the lowest interest rate starting from 7.5%. They will also get 100% on-road finance on select models.

SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment.

The lender is providing gold loans at an interest rate of 7.5%, with flexible repayment options for up to 36 months.

Customers can take personal loans at a lending rate as low as 9.6%, it said.

With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI's helping hand to all those in addressing their financial needs to have a pleasant festive season, the bank's managing director (retail and digital banking) C S Setty said in the release.

The bank said Yono is offering customers in-principal approval on the car and gold loan applications. Customers can also avail a pre-approved paperless personal loan on Yono at the comfort of their homes.

The number of SBI customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million. Yono, which has 26 million registered users, witnesses 5.5 million logins per day along with over 4,000 daily disbursals of personal loans, 16,000 Yono Krishi Agri Gold loans.

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