Breaking News

You are here » Indian-Commodity  :  Corporate  :  SBI trims processing charges on auto loans to a flat amount of Rs 500

07-Jan2013

SBI trims processing charges on auto loans to a flat amount of Rs 500

State Bank of India (SBI) in a bid to increase its lending base has trimmed processing charges on auto loans to a flat amount of Rs 500 irrespective of the size of the loan. The bank will also continue with its festival offer of lower processing fees on home loans, which was due to end in December 2012.

The bank was earlier charging 0.50% as processing fees on car loans which were reduced by 50% to 0.255% during festival offer in October. Now the bank will charge a flat rate of Rs 500 as a processing fee on car loans.

The car loan offered by the bank is cheapest in the industry. It also offers loans of the longest tenure up to 7 years. Additionally the loans are based on floating rate and will move along with the bank's base rate. The loans can be pre-paid at anytime without attracting any penalty.

Besides, the home loans are available at 10% up to Rs 30 lakh and at 10.15% for loans above Rs 30 lakh. The processing fees vary from Rs 1,000-5,000 depending on the size of the loan and Rs 1,000 for takeover of loans from other lenders.


Related News

View all news

Shilpa Medicare gets certification from EDQM

Shilpa Medicare has received certification for CEP 2004-201 Ambroxol Hydrochloride from European Directorate for the Quality of Medicines & Healthcare (EDQM). Earlier in March, EDQM inspected Shilpa......

Godrej Consumer Products gets RBI's nod to increase FII limit to 40%

The Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to invest up to 40 per cent of the paid up capital of Godrej Consumer Products under the Portfolio Investment Scheme (PIS).......

IDFC gets nod to raise Rs 80,000 crore via issue of non-convertible securities

In a bid to expand business, Infra-sector lender IDFC has received it board's approval to raise up to Rs 80,000 crore by issuing non-convertible securities on private placement basis. The issuance of shares......

Top News

View all news

RIL, ONGC and Lupin to see some action

Reliance Industries (RIL), owner of the world's biggest refining complex, imported nearly 25 percent more oil in July compared with the previous month, when it had slowed purchases due to a planned maintenance......

Monsoon uncertainty still a risk for inflation: RBI

RBI in its Annual Report for 2014-15  has said that uncertainty in the progress and distribution of monsoon, a key factor in performance of the farm sector, continues to be a risk for......

Bharti Airtel, Sun TV and Cairn India to see some action

Bharti Airtel, a leading global telecommunications services provider with operations, has signed a definitive agreement to acquire 100% equity stake in Augere Wireless Broadband india (Augere), which holds......