New Delhi: SBI on Friday announced the launch of a special financing scheme ‘Hope Loans’, under which customers can avail credit facility at lower rates.
“Hope Loans comes with the added benefit of reduced interest rates that SBI has just announced due to the reduction in the marginal cost of lending rate (MCLR). On an Rs 50 lakh home loan, for example, one would get to save approximately 3.5 lakh for a 30 year tenor compared to the same period last year,” it said in a release.
With the reduction in MCLR, the effective interest rate for home loans will be 9.25 per cent for women and 9.30 per cent for men and for auto loans, it would be 9.65 per cent respectively. Besides, the processing fee on car loan has been waived, SBI said.
Customers availing a home loan on SBI approved projects, online applications or applying for transfer of home will also benefit from the fee waiver, the state-run lender said. SBI said it offers the lowest interest rate for both home and auto loans, and ‘Hope Loans’ makes this value proposition even sweeter.
SBI said for every home, auto and personal loan it would disburse between October 1 and December 31, 2016, the bank would make a sizeable monetary contribution to recognised NGOs’ working in the area of education, health, shelter, clean energy and environment across the country.
Transactions made through State Bank Buddy digital wallet will also be included as part of this new initiative.
“The larger purpose of introducing the concept of Hope Loans is to give its customers, the confidence of joining hands with a trusted and solid brand of the stature of SBI in being the hope for the under privileged,” it added.