SBI rolls out slew of offers for retail customers ahead of festive season

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

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 per cent 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.

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 (bps) 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 per cent. They will also get 100 per cent on-road finance on select models.

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

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

Customers can take personal loans at a lending rate as low as 9.6 per cent, 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.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel