SBI rings in festival season by cutting loan processing fee

State Bank of India announced a reduction in their processing fee on home and auto loans by 50 percent for loans. This offer is applicable to those loan which will be availed from October 17 to December 31, 2012.

FP Staff December 20, 2014 20:13:08 IST
SBI rings in festival season by cutting loan processing fee

State Bank of India has reduced processing fee by up to 50 percent on home and auto loansavailed until 31 December, 2012.

With this offer, the bank now offers the cheapest processing fees on both home and auto loans, as compared to other banks.

SBI rings in festival season by cutting loan processing fee

For home loan above Rs 70 lakh, the processing fee is Rs10, 000, going forward it will be Rs5000. Reuters

For instance, for home loans up to Rs 25 lakh, the processing fee is 0.25 percent of loan amount, minimum Rs 1,000, the new offer reduces the processing fee to 0.125 percent of loan amount, minimum Rs 1,000. For home loan above Rs 70 lakh, the processing fee is Rs 10, 000, going forward it will be Rs 5000.

Similarly, for auto loans, the existing fee is 0.51 percent of the loan amount, minimum of Rs 1,020 and maximum of Rs 10,200, while going forward it will be 0.255 percent of the loan amount, minimum of Rs 510 and maximum of Rs 5100.

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