State Bank Will reduce Interest on Loans taken during Festival Times | News Cover

News Cover: Good news before the puja season. State Bank of India decreased interest rates on loans in multiple cases on Monday. Moreover, the State Bank of India has announced a range of facilities for its customers. State Bank of India (SBI) expects the retail loan business, including home loan, to touch Rs 1000 crore this time during the current festival season. That is why they have said the interest rate will be reduced if borrowing takes place between October and December to make the competition run even higher. SBI has said that the borrower will not have to pay any 'processing fees' in those loans taken during this period.

Apart from West Bengal, Sikkim and Andaman are also under the SBI's Kolkata Circle. After taking charge of the circle, Partha Pratim Sengupta, who was facing the media for the first time, said that SBI had distributed about Rs 700 crore retail loan to the circle during the October-December festival season last year. This time, they want to take 1000 crore. In this case, they rely heavily on home and car loans.

In fact, car companies have claimed sales are already on the rise during the festive season. Likewise, the expectation of SBI-owners will increase the demand for borrowing to buy a home worth between Rs 20-25 lakhs. It should be noted that education and personal loans also fall into this retail business. However, SBI does not rely solely on the interest of the interesting ones to increase the loan amount. And that's why they decided to discount interest.

SBI said the processing charges will be waived while borrowing the car. Car loan interest rates are starting at 8.70%. Not only that, if you apply for a car loan through SBI's digital platform YONO app, you will get upfront discount on interest rates. SBI also brought good news for the employee to buy a car. The State Bank of India will lend up to 90 percent of the value of the vehicle for the employee.

Education loans also reduced interest rates. The interest rate starts at 8.25%.

Keeping in mind the festive season, SBI has also reduced interest rates on personal loans. A private loan can be taken up to  20 lakh at a rate of only 10.75%. State Bank will also provide the highest loan repayment period in the market. From this time, up to 6 years, the time limit will be available for repayment of the loan.