NEWS & ADVICE : HOME LOANS
State Bank of India reduces processing fee on select retail loans by 50%
By Joseph Samson
Oct 18, 2012
Print    Email    RSS   

The country's largest public sector bank, State bank of India, has slashed processing fees on certain retail loans products by 50 percent. The products on which the bank is offering reduced processing charges are home loans and auto loans.

SBI issued a statement on the matter, which further said that the offer will be extended on loans sanctioned from October 17 to December 31 of this fiscal. It said, "With this reduction, the bank is quoting the lowest processing fee on both home and auto loans to our esteemed customers."

Processing fees for home loans of up to Rs. 25 lakh will now be 0.125 percent of the loan amount, earlier it was 0.25 percent. For home loans between Rs. 25 lakh to Rs. 75 lakh, the processing fee has been reduced to Rs. 3250, from Rs. 6500 that it was charging earlier. For home loans of more than Rs. 75 lakh, it will be charging Rs. 5000, as against Rs. 10, 000 that it was charging for each application earlier.

Similarly, for auto loans segment, the processing charges have been reduced to 0.255 percent as against 0.51 percent it charged earlier.   

It should be noted that previous month itself, SBI had slashed its base rate to 9.75 percent, a rate cut of 0.25 percent.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Home loan rates likely to remain stable
Should interest rate only be considered in...
Reverse Mortgage in India: Your property...
Manage your loans, avoid recovery agents
Joint Home Loan: A wise decision for a...


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive