SBI announces up to 100 per cent waiver of processing fees

The State Bank of India (SBI) announced to waive processing fees up to 100 per cent on most of its retail loans including car loans, personal loans and personal gold loans on Monday as part of its festive season offer.

The waiving of processing fees from its retail loads is in a bid to boost its retail loan portfolio. This is in addition to the existing waiver of fees on takeover of home loans from other lenders.

The larger lender of the country, SBI, in a statement said, “The waiver of fees up to 100 percent processing fees is part of a festival bonanza program.”

The waiver of the fees on the loands are valid for applications received till Decembe31, 2017.

Also Read: SBI lowers savings bank account interest rate by 0.5 per cent on deposits up to Rs. 1 cr

The bank also stated that it has waived of 50 percent of the processing fees on personal gold loans till October 31. While, customers can avail 50 percent waiver of processing fee on Xpress Credit — personal loan.

The push comes after three weeks after SBI announced a cut in the savings bank rate.

Also Read: SBI reduces NEFT, RTGS charges by up to 75 per cent to boost digital banking

According to SBI officials, the marginal cost of lending rate (MCLR) could be lowered when it comes up for review this month-end.  The cost of funds has come down with the downward revision of the savings deposit rate.

SBI has a deposit base of 26.02 lakh crore with CASA ratio of 43.81 per cent.