State Bank of India (SBI) confirms that sanctions for home loans and car loans have picked up smartly since the start of Navratri.
SBI is looking to increase the sourcing of home loans to R300 crore per day and sanctioning about R260-270 crore over the current festive season.
While the bank hasn’t really trimmed interest rates —it offers the most competitive rate for home and car loans — processing fees have been waived for auto loans. Also, last year, State bank had tightened the eligibility criteria for SBI car loans but these have been eased since then.
According to latest Reserve Bank of India data, consumer loans in the banking system grew at 12.8% year-on-year to R10,79,200 crore compared with the 7.6% credit growth to industries in August.
SBI is looking to increase the sourcing of home loans to R300 crore per day and sanctioning about R260-270 crore over the current festive season.
While the bank hasn’t really trimmed interest rates —it offers the most competitive rate for home and car loans — processing fees have been waived for auto loans. Also, last year, State bank had tightened the eligibility criteria for SBI car loans but these have been eased since then.
According to latest Reserve Bank of India data, consumer loans in the banking system grew at 12.8% year-on-year to R10,79,200 crore compared with the 7.6% credit growth to industries in August.
