Public sector lender State Bank of India (SBI) has sweetened the offers on Home Loans and now offers interest concession of up to 70 bps with interest rates starting from 6.70% onwards (limited period offer ending on March 31, 2021).
The lender is also giving 100% waiver on processing fees. The interest concession are based on loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history, SBI said in a release.
SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced.
SBI Home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to Rs 75 lakh and 6.75% for loans above Rs 75 lakh.
Customers can also apply from the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession is being made available to the women borrowers, the bank added.
SBI DMD (Retail Business) Saloni Narayan said, “Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in Home Loans anyone can wish for.”
SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As on December 31, 2020, the bank has a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA ratio of about 45%.
SBI commands over 34% market share in home loans and around 33% in the auto loans segment. The bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000.
The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day.
Accelerating the digital agenda, SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, bank disbursed pre-approved personal loan (PAPL) worth Rs 5300 crore via YONO in the same quarter.