SBI in festive mood; scraps clearing fee for home, car, gold, personal loans

Mumbai: After waiving off processing fees on home loans, State Bank of India has waived off the clearing charges on most of its retail loans like gold loan, car loans, festive loans, etc.

As part of its ‘festival bonanza program’, the country’s largest lender announced a waiver of up to 100 per cent on different kinds of personal loans.

"The bank has waived 100 per cent processing fee on car loans till December 31," said a statement issued by SBI. It has also waived 50 per cent processing fee on personal gold loans till October 31, 2017. A waiver of 50 per cent is available also on processing fee on Xpress Credit.

This development comes weeks after the bank slashed the interest rate for its savings accounts. Experts believe that SBI will be lowering its marginal cost of lending rate (MCLR) at its review meet in August.