THE STATE Bank of India has announced a special discount of 0.5 per cent on home and car loans in this festive season. The scheme, dubbed as “Diwali Dusshera Offer” will be valid till October 31. Customers will also get 50 per cent exemption in the processing charges and 5 per cent exemption in margin money.
Talking to media persons, Bank’s Deputy General Manager Salil Kant Saran informed that SBI comes up with these schemes from time to time and the Bank’s Ganesh Utsav Offer had also received good response. The Bank will charge 8.75 per cent for home loans up to 5 years’ duration and 9.25 per cent for 5 to 20 years. For the car loans, the rates are 9.25 per cent for up to 3 years, 9.50 per cent for 3-5 years, and 9.75 per cent for up 5-7 years.
State Bank of India is observing the month of September as “Insurance month.” The Bank, in association with SBI Life, has introduced group life insurance scheme titled “Swadhan Group Scheme” for its customers.
A customer can avail insurance for a period of 5 or 10 years duration. For the 5-year scheme, 50 per cent of the total premium would be refunded after the end of term. For the 10-year scheme, full premium would be refunded after the term ends for life insurance of Rs 50,000, Rs 1 lakh, Rs 3 lakh or Rs 5 lakh. The policyholder’s premium would be automatically debited from his/her SBI account.