State Bank of India, India’s largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30.
The bank did not specify the new rates.
It already has zero processing fees when someone transfers a home loan from another bank to SBI.
Banks typically charge processing fees of up to 2% on many loans to cover the expense involved in verifying documents and other such expenses.
State Bank of India has a deposits worth Rs 26.02 lakh crore, out of which 43.81% is in the form of savings and current account deposits.
It has 23,000 branches and 59,000 ATMs.
The bank also has over 42 crore customers, including nearly 2.3 crore mobile banking users, 4 crore Internet Banking users, 1.07 crore State Bank Buddy users and 34.5 crore debit card users.
The bank has 22% of India’s POS or card-swiping market.
