Like every year banks in the country have introduced some lucrative loan offers to woo customers during the ongoing festive season. Some leading banks that have announced attractive offers include the State Bank of India (SBI), HDFC Bank, ICICI Bank and Axis Bank.
All of these banks have announced offers across multiple loan categories to rope in customers during the festive season. Banks are hopeful that the offers announced this year will boost consumer spending despite the ongoing economic slowdown.
Having said that, here are some of the best loan offers that customers can choose from these banks:
State Bank of India
The country’s largest public lender SBI has announced an interest rate concession of up to 25 bps on home loans during the festive season. For loans above 75 lakh, the lender will offer up to 20 bps interest concession, based on the customer’s credit score.
It may be noted that an additional 5 per cent will be given if the home loan application is processed digitally on its YONO application platform. Earlier, the bank had also announced a 100 per cent waiver in the processing fee for all customers applying for auto, gold and personal loans through its YONO platform.
Customers who opt for a gold loan will get flexible repayment options ranging up to 36 months at interest rates as low as 7.5 per cent.
Meanwhile, lending rates for personal loans will start as low as 9.6 per cent, said the bank’s press release.
Private lender HDFC Bank has also offered several offers across multiple loan categories.
HDFC Bank is offering low-cost EMIs on car loans, with exclusive offers on select deals. For salaried customers, the interest rate on car loans starts at just 7.90 per cent. However, the final interest will depend on a customer’s credit score.
According to TimesNowNews.com, the bank is offering a 50 per cent discount on the processing of all auto loans and personal loans. It has also announcing zero processing fee for customers who are availing two-wheeler loans.
Besides, the bank has also lined up several exciting offers for its customers. Those will to make the most of HDFC’s offers can click here for more details.
Axis Bank has also rolled out a series of festive offers for its customers. Under the ‘Dil Se Celebrations’ category, the bank has offered attractive interest rates on home loans, cash backs and discounts for customers.
The bank said customers can avail home loans starting at 6.9 per cent per annum. Meanwhile, auto loans can be availed by customers at interest rates starting from 7.99 per cent. It may be noted that the bank will offer 100 per cent on-road funding for auto loans. EMIs for two-wheeler loans will start as low as Rs 278 per month, but there are certain riders.
In a statement, the lender has also confirmed that it will offer deals and discounts on more than one lakh branded products through Axis Bank credit and debit cards.
You can click here to see all the festive offers Axis bank has rolled out.
ICICI Bank has also announced many festive offerings for customers. The bank is offering home loans and balance transfers from other banks at an interest rate of 6.90 per cent. The processing fee has been capped at Rs 3,000.
For auto loans, the bank is offering flexible schemes that will come along with tailor-made EMI options. EMIs for auto loans will be starting at Rs 1,554 per Rs 1 lakh for a tenure of 84 months. Woman customers will get a flat processing fee of Rs 1,999.
In case of two-wheeler loans, the EMI will be as low as Rs 36 per Rs 1,000 for a tenure of 46 months. It will have a special processing fee of Rs 999, according to the bank.
Customers can also get instant personal loans at interest rates starting 10.50 per cent and a flat processing fee of Rs 3,999. The bank is also offering consumer finance loans including no-cost EMIs on leading brands of home appliances and digital products.
In addition, customers can also get 10 per cent discount on online shopping with major e-commerce players like Amazon, Flipkart, Paytm and Tata Cliq.