SBI festival offers: With the arrival of festival season begins the offers from companies to lure the buyers. The banks too are not behind in extending lucrative loan offers. The largest lender, State Bank of India (SBI), is also ready with big gifts for its customers on festivals. From tomorrow, September 1, the lender would give loans to its retail customers in different categories with many benefits at affordable rates. The bank will not charge processing fees on loans given to customers, and in some cases, customers will be given pre approved loans.

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Easy car loans 

SBI will not charge any processing fees on car loans during festivals. Customers will be given a loan to buy a car at an interest rate of 8.70 per cent, and there will be no increase in interest rates. If a customer applies for a loan through the lender's digital platform like YONO app or the bank's website, they will be given discount of 25 basis points in interest. The working people will be given car loan up to 90 percent on the onroad price of the vehicle. 
 
Personal loan up to Rs 20 lakh

If you are in urgent need of money, the SBI is ready to give your a personal loan of up to Rs 20 lakh on festivals at an interest rate of merely 10.75 percent. You need to repay the loan amount in six years, thereby, reducing the EMI burden. Those who have salary account with the bank will be able to avail a pre approved online loan of up to Rs 5 lakh. They just need to apply for loan through the YONO app in just four clicks.
 
Education loan 

The largest state owned bank has also brought attractive offers for those who want easy loan facility for their studies. They can avail loans up to Rs 1.50 crore for their studies in or outside the country at an interest rate of only 8.25 percent. Customers will have to repay the loan amout in up to 15 years, thereby, reducing the burden of EMI on them.

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Cheapest home loan

Recently, SBI has reduced its MCLR by 15 basis points. This has also reduced the interest rates on home loans by up to 35 basis points. The lender is currently offering the cheapest housing loan at an interest rate of only 8.05 per cent. All customers will be able to get the benefit of lower interest rate on SBI housing loan from September 1, 2019.