TheNFAPost Podcast
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Chennai, NFAPost: The nation’s largest lender State Bank of India (SBI) presents a slew of special offers for its retail customers. The bank has announced a 100% waiver in the processing fee for all customers applying for Car, Gold, and Personal loan through YONO(YOU ONLY NEED ONE APP).

The bank is offering the lowest interest rate starting from 7.5% to customers opting for the car loan. They will also get 100% on-road finance on select models.

SBI has announced special festive offers on home loans for home buyers. There would be a complete waiver on processing fees on home loans for homebuyers in approved projects, the bank said.

It is also providing special concessions up to 10bps on the interest rate for the customers based on their credit score and loan amount. Additionally, homebuyers can avail 5bps interest concession if they apply for a home loan via YONO.

There’s good news for Gold loan customers as well, as they now have flexible repayment options for up to 36 months at the lowest interest of 7.5%. 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%.

With digital banking increasingly gaining momentum especially in the current scenario, SBI’s flagship banking and lifestyle platform YONO is all set to provide an extra layer of convenience to its customers by offering them in-principal approval on the Car and Gold loan application. SBI customers can also avail a pre-approved paperless personal loan on YONO at the comfort of their homes in just 4 clicks. They can simply check their eligibility via SMS by typing PAPL <space> <last 4 digits of SBI a/c no.> to 567676.

SBI MD (Retail & Digital Banking) CS Setty said, “It is SBI’s constant endeavour to work towards benefits of its valuable customers by offering them products and services suiting their needs and requirements and at the same time going easy on their wallets.”

“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,” he added.

As of June 30, 2020, SBI has a deposit base of over Rs 34 lakh crore with a CASA ratio of more than 45% and advances of nearly Rs 24 lakh crore. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment. The bank has the largest network of over 22,100 branches in India with an ATM / CDM network of over 58,500 and total BC outlets of more than 62,200.

The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million. The integrated digital and lifestyle platform by SBI – YONO has crossed the landmark of 58 million downloads. 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. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020.

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