Here is an overview of what Bank ICICI offers as part of its Bonanza Festive on different types of loans:
- Home loans: clients can benefit from an interest rate (linked repo rate) from 6.70% and processing fees from Rs 1,100 on new home loans and loan balance transfer real estate from other banks.
- Auto loans: IME from Rs 799 to Rs 1 lakh. Customers can also get a loan for up to 8 years. Customers can get an interest rate on a used car loan starting at 10.5% and can also get a top up loan on their existing car loan.
- Two-wheeler loans: EMI as low as Rs 29 per Rs 1,000 for 48 months. Flat rate processing fee of Rs 1,499.
- Instant personal loans: interest rate from 10.25% and flat processing fee of Rs 1,999.
- Consumer credit: Free EMI available on major brands of household appliances and digital products. Fast and fully digital process with minimal documentation.
- Business Loan – Insta OD (overdraft): Take advantage of an unsecured OD up to Rs 50 lakh and non ICICI Bank customers can benefit up to Rs 15 lakh. Pay interest on the amount used without foreclosure fees.
Along with loans, the bank also announced offers available on various brands and e-commerce platforms, as well as banking products including credit cards, savings accounts and checking accounts. âWe have noticed that over the past 12 to 18 months, customers have held back their spending and that there is a lot of pent-up demand that has built up in the system. Over the past few months, macro indicators are showing that there is a marked increase in consumption and purchasing habits. To support this demand and overall economic growth over the coming holiday season, we are offering a full package of offers, discounts and cash back rewards to our customers – through several leading brands and e-commerce platforms. the offers are applicable to the use of ICICI Bank debit / credit cards, internet banking and cardless EMI. , we have introduced advantages in banking solutions – loans, cards, free IMEs for financing electronics and gadgets, savings and current accounts and NRI accounts, business banking services, between au very, âsaid Anup Bagchi, Executive Director of ICICI Bank.
Offers from other banks
Holiday offers from banks
State Bank of India (SBI) Offers 6.70% Holiday Home Loans Regardless of Loan Amount, Kotak Mahindra Bank Cut Rates to Record Highs 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 run from September 10 to November 8. The limited holiday period offer will be applicable on all loan amounts, and on new loans and balance transfer cases.
The Punjab National Bank waived service and handling fees on all retail products.
Bank of Baroda also launched personal loan offers ahead of the holiday season. The bank offers a 25 basis point exemption on prevailing interest rates for home and auto loans. Home loans for the public lender start at 6.75% and auto loans start at 7%. The bank also offers a waiver of processing fees on home loans.
The mortgage lender, Housing Development Finance Corp or HDFC, said it would offer home loans at an interest rate of 6.7% for those with a credit score above 800, according to the lender’s website. Click here to read the full story.
Bonanza for borrowers: low interest rates on home loans and other holiday deals
Festive cheers on home loans
The holiday season has started and banks as well as non-bank financial institutions have already rolled out a plethora of festival offers such as lower interest rates on loans and waivers of processing fees. Indian banks are aggressively pushing loans for home and gadget purchases at record interest rates, capitalizing on holiday optimism.
Last month, Finance Minister Nirmala Sitharaman called on state banks to step up lending and set up credit programs across India from October to bolster various stimulus packages. With awareness programs expected to return soon, credit flows to productive sectors of the consumer economy are expected to increase further. Here’s the joy some major lenders bring you this holiday season.