SBI festival discount: Good news! Your home, auto loans get cheaper

SBI festival discount: The festive season is almost here and the State Bank of India has come up with a major good news for its customers. The largest public lender has announced the festival season discount on various financial products such as home loan, auto loan, etc. SBI has announced that its customers will get several benefits on loan products such as zero processing fees, no escalation in the interest rates across the categories, and pre-approved digital loans, as part of its festival season. The discounts have been announced with an aim to attract more customers. 

The bank is yet to reveal the period for which the benefits would be available but once again reminded the customers that it is offering lowest interest rate starting from 8.7 per cent on car loans. "SBI has waived processing fees on car loans during the festival season. The bank is offering lowest interest rate starting from 8.7 per cent to customers opting for a car loan with no escalation in interest," SBI said in a statement. 

More and more customers in India purchase home and vehicles during the festive season, considering it an auspicious occasion to make the purchase. 

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Apart from this, the customers should also know that State Bank of India is offering an additional discount of 25 basis points or 0.25 per cent on the interest rates applicable on the auto loan if the customers apply through its online modes like the SBI online, SBI mobile application SBI YONO. As there is no calation condition applicable to the interest rate, the customers could enjoy the loans without any fluctuation in the interest rate.

Meanwhile, the bank had recently announced a cut in fixed deposit rates - the second rate cut on FD rates in less than a month. This time SBI has cut retail FD rates by 10 to 50 basis points across maturities while bulk deposits have also seen a 30-70 basis-point cut across tenors. The revised rates come into effect from August 26, i.e. today. The bank said that falling interest rate scenario and surplus liquidity forced it to bring down the fixed deposit rates. SBI had earlier revised FD rates from 1 August.