The economic distress triggered by Covid-19 pandemic has led to a massive demand crisis in India. To revive demand during the upcoming festive season, several financial organisations are offering all kinds of benefits on loans.
One such offering has been floated by the nation’s largest public lender, State Bank of India (SBI). The bank has announced a 100 per cent waiver in the processing fee for all customers applying for auto, gold and personal loans through its Yono application platform.
The bank said there will be a complete waiver of processing fees on home loans for homebuyers in approved projects, according to a press release issued by the bank. The bank is also providing concessions in interest rates up to 10 bps for select customers — this will be based on credit scores.
In addition, homebuyers can also avail up to 5 bps interest concession if they apply for the home loan through SBI’s Yono platform.
Customers applying for gold loans will get flexible repayment options for up to 36 months at interest rates as low as 7.5 per cent.
Lending rates for personal loans, meanwhile, will start as low as 9.6 per cent, said the bank’s press release.
How can you apply?
The release shared by the bank indicated that it will offer in-principal approvals on car and gold loan applications for those applying through Yono app. The release also said that pre-existing SBI customers can avail a pre-approved paperless personal loan through the Yono platform.
However, the pre-approved personal loan on Yono can be only availed by existing customers. All they have to do is check their eligibility by sending an SMS — PAPL (SPACE) (Last four digits of SBI a/c number) — to 567676.