Tag: car loan

Bank of Maharashtra waives loan processing fees under special offer, BFSI News, ET BFSI

Banking & Finance

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State-owned Bank of Maharashtra (BoM) has announced a slew of offers, including concessional interest rates and a 100 per cent waiver on processing fees on retail loans. The bank under ‘Retail Bonanza-Monsoon Dhamaka’ waived the processing fee for its gold, housing and car loan and the offer is valid till September 30, 2021, BoM said in a statement on Friday.

The bank offers housing and car loans with interest rates starting from 6.90 per cent and 7.30 per cent, respectively.

The retail products are backed by several lucrative features like two free EMIs on regular repayment in the home loan; loan facility up to 90 per cent in the car and housing loans; and no pre-payment/pre-closure/part payment charges etc., it said.

Commenting on the special offer, BoM executive director Hemant Tamta said, “We intend to gift our customers an attractive proposition for availing gold, housing and car loans, who will be benefited from lower rates and waiver of processing fee offer”.

The Pune-based lender has also revamped its gold loan scheme, offering loans up to Rs 20 lakh at a 7.10 per cent interest rate, with zero processing fee up to Rs 1 lakh.

The bank has ‘Gold Loan Point‘, a dedicated counter in its select branches to facilitate gold loans within 15 minutes, it said.

Last month, the country’s largest lender State Bank of India (SBI) had announced waiving processing fees on home loans till August-end.



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SBI announces fees waiver, lower rates to commemorate Independence Day, BFSI News, ET BFSI

Banking & Finance

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State Bank of India announced concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate India’s 75th Independence day.

SBI said it will waive processing fees for its car loan customers, and has offered up to 90% on-road financing for their car loans. Customers applying for a car loan through the bank’s YONO app will get a special interest concession of 25 basis points (bps). YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the bank said.

Customers looking for gold loans will get a 75 basis point reduction in the interest rates at 7.50%. One basis points is 0.01 percentage point. No processing fees will be charged for customers applying for gold loans through the YONO app.

The bank had announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

There will be no processing fees charged on personal and pension loan customers.

Frontline healthcare workers will get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI is also introducing a ‘platinum term deposits’ for retail depositors giving customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director for retail and digital banking C S Setty said in a release.



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SBI announces fees waiver, lower rates to commemorate Independence Day, BFSI News, ET BFSI

Banking & Finance

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State Bank of India announced concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate India’s 75th Independence day.

SBI said it will waive processing fees for its car loan customers, and has offered up to 90% on-road financing for their car loans. Customers applying for a car loan through the bank’s YONO app will get a special interest concession of 25 basis points (bps). YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the bank said.

Customers looking for gold loans will get a 75 basis point reduction in the interest rates at 7.50%. One basis points is 0.01 percentage point. No processing fees will be charged for customers applying for gold loans through the YONO app.

The bank had announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

There will be no processing fees charged on personal and pension loan customers.

Frontline healthcare workers will get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI is also introducing a ‘platinum term deposits’ for retail depositors giving customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director for retail and digital banking C S Setty said in a release.



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SBI announces various special offers for retail customers

Banking & Finance

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The country’s largest lender State Bank of India on Monday announced a slew of offers for its retail customers ahead of the festive season.

The bank has announced a 100 per cent waiver on processing fees for its car loan customers across all channels, a release said, adding that customers can get the facility of up to 90 per cent on-road financing for their car loans.

The lender is also offering a special interest concession of 25 basis points (bps) to a customer applying for a car loan through YONO.

YONO (You Only Need One App) is the mobile banking app of the lender.

YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the release said.

The bank is offering a reduction of 75 bps in the interest rates for customers availing gold loans. They can avail gold loans from across all channels of the bank at 7.5 per cent per annum.

Moreover, it has waived off the processing fee for all the customers applying for gold loans via YONO, the release said.

For personal and pension loan customers, the lender has announced a 100 per cent waiver in processing fees across all channels.

For Covid warriors i.e, frontline healthcare workers applying for personal loans, a special interest concession of 50 bps has been announced. This offer will soon be available for application under car and gold loans as well, it said.

The lender said it is introducing a ‘Platinum Term Deposits’ offer for its retail depositors, to mark 75 years of independence. Under the offer, customers can get additional interest benefits of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director CS Setty said in the release.

Last month, the bank had announced a 100 per cent waiver on processing fees on home loans till August 31, 2021. Its home loan interest rate starts at 6.70 per cent.

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SBI lures tweeple with ‘hai-nahi hai’ campaign to grow retail loans

Banking & Finance

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State Bank of India (SBI) has posed three crucial questions to its current and prospective customers relating to “Bride and Budget for marriage”, “Business idea and Investment”, and “Trip and Car” as part of a ‘hai-nahi hai’ (have-don’t have) campaign.

In a racy Twitter campaign, India’s largest bank has specifically asked tweeple questions in Hinglish (mix of Hindi and English) such as: “Shaadi ke liye bride hai but budget nahi” (you have a bride but no budget for marriage), “Business ke liye idea hai but investment nahi” (you have a business idea but no money to invest), and “Doston ke sath trip pe jaana hai par car nahi hai” (you want to go on a trip with friends but don’t have a car).

And SBI gives a ‘not to worry’ assurance to tweeple as it has answers to the aforementioned questions in the form of products — personal loan for a marriage, gold loan for business and a car loan for the road trip with friends.

The bank wants to expand loans in these three segments as the non-performing asset (NPA) level is below 1 per cent.

In the third quarter of FY2021, SBI’s Xpress Credit (personal loans) portfolio reported a 36 per cent year-on-year growth and stood at ₹1,77,366 crore as at December-end 2020. NPA in this portfolio was at 0.36 per cent.

Auto loans, including car and two-wheelers, nudged up about 3 per cent YoY and stood at ₹75,937 crore as of December-end 2020. NPA in this portfolio was at 0.73 per cent.

Personal gold loans portfolio soared about 559 per cent YoY to ₹17,492 crore. NPA in this portfolio was only 0.04 per cent.

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