As the festive season arrives, the months starting from October till December is time of the year where people flock the markets and make heavy purchases.
Be it vehicles, appliances and even homes, in Indian culture, this phase is considered to be an auspicious occasion for bringing home new items. Although, homes and vehicles are generally bought y availing loans, it can be seen this year that many consumers are taking credit while making purchases in e-commerce sites. This trend is likely due to the economic slowdown and crashing of markets following the pandemic.
In light of this recent trend, banks across the country have now come up with new offers for customers to avail. Along with getting into collaboration with several companies offering retail, food and services, banks have also brought up special loans for customers especially for vehicles and homes.
India’s one of the most popular banks, State Bank of India (SBI), announced on Wednesday of lowering in home loan rates up to 25 basis points (0.25%). Customers availing SBI home loan would be provided interest concession of 25 basis points for buying a home above Rs 75 lakh, depending on their CIBIL score and via their digital banking app YONO. There is an additional 5 basis points additional interest concession for women home buyers.
This comes after the mega-lenders after they lowered interest rates starting at 6.90% for a home loan of up to Rs 30 lakh and 7% for above Rs 30 lakh.
SBI will also provide a credit score-based concessions from 20 basis points to 20 basis points, for a home loan of above Rs 30 lakh to Rs 2 crore all over India. The same recession would also be applicable for home loan customers for a loan amount of up to Rs 3 crore in eight metro cities. An additional 5 basis points reduction for all home loans is given if applied through their app, YONO.
Previously, SBI have also offered a 100% processing fee waiver on car, gold, personal loans.
HDFC Bank announced its annual sale on financial services, in September. The Bank is granting 50% off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans. They are also offering special interest rates starting at 6.9% until October 31.
It was further declared that it will be joining hands with several brands and retail companies offering discounts and deals on buying using HDFC cards.
Similarly, Kotak Mahindra Bank is giving a 50% waiver on processing fee for car and 2-wheeler loans and a 7% per annum on home loans. It is further offering special rates across loan products for women. Kotak Mahindra is also offering customers can get their salary in advance at an interest starting from one rupee a day.
Axis bank has also offered an interest rate starting from 6.90% for home loans and 7.99% onwards for car loans with interest rate starting at 7.99% and is also offering up to 100% on-road funding for car and two-wheeler loans. Axis Bank is also offering personal loans at an interest rate starting from 10.49%.
It is offering a 50% waiver on processing fee for working capital loans and a processing fee of 0.25% for gold loans over Rs 2 lakh.
The Bank of Baroda (BoB) will also give a waiver of 0.25% to their interest rates that already exists on car loans and on home loans which are transferred from other banks to BoB. It is also waiving off processing fees.
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