To Revive Demand Ahead of Festive Season, SBI Offers Personal Loans With Big Benefits

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© Manmath Nayak | Business Desk

New Delhi: At this time of corona crisis when the economy and demand are going through a rough phase, a number of financial institutions, including banks, are offering various kinds of benefits on loans to customers to revive demand in the market in the upcoming festive season. The State Bank of India (SBI) on Monday has floated one such initiative with massive benefits. As per updates, the SBI 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. In a notification, the SBI stated that there will be a complete waiver of processing fees on home loans for homebuyers in approved projects. Moreover, the bank is also ready to provide concessions in interest rates up to 10 bps for select customers however, this will be based on
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SBI’s retail customers upon logging in the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility and receive a reference number. This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities.

C.S. Setty, Managing Director (Retail & Digital Banking), SBI expressed the hope that with the launch of this portal, the customers will find it operationally convenient to check their eligibility before they go to a branch.

Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on 1 March, 2020, and their incomes are impacted by Covid-19.

Retail customers will be offered a simple option to

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Personal loan, personal loan interest rate, Personal loans at less than 11%, SBI, HDFC Bank, PNB, Kotak Mahindra, where to get the best deal, It will be worthwhile to re-emphasize these are the lowest advertised rates and the actual rate applicable to you could be higher based on your eligibility and creditworthiness.

In these times of pandemic-fuelled uncertainties and diminishing earnings, many would be relying on borrowed funds to meet their critical financial requirements. And as far as unsecured financing facilities are concerned, many would be looking to get a personal loan.

A major advantage with a personal loan is that eligible applicants can avail it in a contactless manner from the comforts of their home that would eliminate the risk of getting infected by the deadly Covid-19 virus. And going for a pre-approved loan facility is likely to involve zero to minimal document requirements and, therefore, ensure quick loan disbursal.

However, it is critical to note here that the lowest personal loan interest rates are reserved for those eligible applicants with a credit

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