To boost credit demand SBI lowers rates, widens tenure

SBI SO recruitment 2019: Apply at sbi.co.in. (Representational image)Close on the heels of the Reserve Bank of India’s decision to slash repo rate by 35 basis points to 5.40 per cent, India’s largest lender State Bank of India (SBI) Tuesday unveiled festive season offerings for retail banking customers, including cheaper loans with added benefits like…

To boost credit demand SBI lowers rates, widens tenure

SBI SO recruitment 2019: Apply at sbi.co.in. (Representational image)Close on the heels of the Reserve Bank of India’s decision to slash repo rate by 35 basis points to 5.40 per cent, India’s largest lender State Bank of India (SBI) Tuesday unveiled festive season offerings for retail banking customers, including cheaper loans with added benefits like waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates, spread across various categories. The move has come at a time when several sectors are witnessing a slowdown, leading to production cuts, layoffs and subdued credit demand. Other PSU banks are expected to follow suit in a bid to boost credit offtake and consumption in the economy.
“SBI has waived processing fees on car loans during festival season. The bank is offering lowest interest rate starting from 8.70 per cent to customers opting for car loan, with no escalation in interest,” SBI said in a statement. For customers applying for a car loan online through the bank’s digital platform like YONO and the bank’s website, the lender is providing 25 basis points concession on interest rate, it said. “Salaried customers can also avail the loan up to 90 per cent of the car’s on-road price,” SBI said. Vehicle sales have fallen steeply with many companies announcing production cuts.
“SBI is offering personal loan up to Rs 20 lakh at the lowest inter
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