Joining the long list of banks announcing their festive season offers is private sector lender, ICICI Bank. According to a press release issued by today, as part of its ‘Festive Bonanza’, from October 1, customers can avail of rep rate linked home loans at an interest rate of 6.7% and processing fee starting from Rs 1,100. Those looking take a personal loan can get a loan starting from 10.25%.

Here is a look at what ICICI Bank is offering as part of its Festive Bonanza on different types of loans:

  • Home Loans: Customers can avail of interest rate (repo rate linked) starting from 6.70% and processing fee starting from Rs 1,100 on fresh home loans and balance transfer of home loans from other banks.
  • Auto loans: EMIs starting at Rs 799 per Rs 1 lakh. Customers can also avail loan for tenure up to 8 years. Customers can get rate of interest on used car loan starting from 10.5% and can also avail top-up loan on their existing car loan.
  • Two-wheeler loans: EMI as low as Rs 29 per Rs 1,000 for tenure of 48 months. Flat processing fee of Rs 1,499.
  • Instant personal loans: Interest rate starting from 10.25% and flat processing fee of Rs 1,999.
  • Consumer finance loans: No cost EMI available on leading brands of home appliance and digital products. Quick and completely digital process with minimal documentation.
  • Enterprise loan- Insta OD (overdraft): Avail unsecured OD up to Rs 50 lakh and non ICICI Bank customers can avail up to Rs 15 lakh. Pay interest on the amount utilised with no foreclosure charges.

Along with loans, the bank has also announced offers available on various brands and e-commerce platforms, and banking products including credit cards, savings and current accounts.
“We have noticed that in the last 12-18 months, customers held back on the spends and there is a lot of pent-up demand that has built up in the system. In the past few months, the macro indicators reveal that there is a clear rise in consumption and buying patterns. To support this demand and overall economic growth during the upcoming festive season, we are offering a comprehensive bouquet of offers, discounts and cashbacks for our customers – across several leading brands and e-commerce platforms. The offers are applicable on using ICICI Bank debit / credit cards, internet banking and Cardless EMI. Further, we have introduced benefits across banking solutions-loans, cards, no-cost-EMI for financing electronics & gadgets, savings & current accounts and NRI accounts, business banking, among others,” said Anup Bagchi, Executive Director, ICICI Bank.

Other banks’ offers
Banks’ festive season offers

State Bank of India (SBI) is offering festive season home loans at 6.70% irrespective of loan amount, Kotak Mahindra Bank has reduced rates to record lows of 6.5%.

SBI has also waived processing fees on home loans. Click
here to read the full story.

Separately, Kotak’s festive offer of 6.5% is the lowest in the industry and will be valid from September 10 to November 8. The limited festive period offer will be applicable across all loan amounts, and on both fresh loans and balance transfer cases.

Punjab National Bank has waived service charges and processing fees on all retail products.

Bank of Baroda has also launched retail loan offers ahead of the festive season. The bank is offering a waiver of 25 basis points on prevalent interest rates for home and car loans. Home loans for the public lender start at 6.75% and car loans at 7%. The bank is also offering a waiver of processing fees on home loans.

Mortgage lender, Housing Development Finance Corp or HDFC, said that it will be offering home loans at 6.7% interest rate for those with credit scores above 800, according to the lender’s website. Click
here to read the full story.

Borrower bonanza: Low home loan interest rates and other festive season offers

​Festive cheer on home loans

Festive season has commenced and banks as well as non-banking financial institutions have already rolled out a plethora of festival offers like lower interest rates on loans and waiver of processing fees. Indian banks are aggressively pushing loans for both home and gadget purchases at record low rates of interest, tapping into festive season optimism.

Last month, finance minister Nirmala Sitharaman had asked state-run banks to step up lending and hold credit outreach programmes across India from October to bolster the various stimulus packages. With outreach programmes thus scheduled to return soon, credit flow to productive sectors of the consumer economy is likely to increase further. Here is the cheer that some major lenders are bringing you this festive season.

Read more: EconomicTimes


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