SBI Festive Offer: State Bank of India is offering zero processing fee on car loans, check details

As the festive season is just around the corner, many banks are going to roll out new offers and attractive deals on various loans and other financial products. The country's largest lender, the State Bank of India has launched some exciting offers for its customers this festive season. The SBI festive offer comes with some concessions on home loans and car loans.

The State Bank of India is now charging zero processing fee for car loans. The details about the offers have been shared on the State Bank of India's official website. If you're also eyeing for some exciting discounts on home loans or car loans, check this space for more details.

SBI waives processing fee on car loans

The State Bank of India under its festive offer has waived off processing fees on car loans. The offer will be available until January 31, 2024. Along with zero processing fees, auto loans will also come with lower interest rates, instant in-principle approval, and up to 100 per cent financing. Also, the bank will extend specific offers on different brands.

Notably, the interest rates by SBI on car loans range from 8.8 per cent to 9.7 per cent.

SBI announces concessions on home loans

Extending its home loan concessions, SBI has offered a reduction of up to 65 basis points (bps), which will remain applicable until December 31, 2023. These concessions which will be tied to the borrower's CIBIL score will be beneficial to those having higher credit scores. Thereafter, those exploring home loan options with a CIBIL score of 700 and above can avail an additional 20 basis points (bps) concession.

Also, projects linked with builders also come with an additional 5 bps concession. Some specific loan products will also offer concessions to borrowers. For example, while applicants opting for Shaurya, Shaurya Flexi, and Shaurya Flexi Vishisht Product can enjoy an additional 10 bps concession on interest rate, borrowers with a CIBIL score of 750 or above opting for MaxGain and Realty loans will also get a 5 bps concession.