Festive season!
In the thick of the festive season, banks and non banking financial companies are offering various lucrative offers and discounts. Many Indians plan their purchases during the festive season as it allows them the double benefit of buying a new home or a new car in the auspicious time, along with discounts from various financial institutions. From credit card cash back discounts to lower rate of interest and waiver of loan processing and documentation fee, various banks and NBFCs introduce new and innovative discount schemes each year. Let us look at various discount schemes announced by banks and non banking financial companies so far and the best buys for this festive season.
- State Bank of Hyderabad introduces One Time Settlement Scheme: What better than beginning the festive season by wiping the slate clean. If you are a defaulter on personal loan or your account has become NPA due to payment related failure, State Bank of Hyderabad has introduced a festive bonanza with a ’one time settlement’ scheme. Under this festive settlement scheme, all personal loan defaulters and NPAs need to contact their nearest branch of State Bank of Hyderabad. The bank is offering concession on default loan amount for compromise one time settlement.
- Axis Bank Car Loan Festive Bonanza: Axis Bank, one of the leading private banks in the country has announced its plans for a gala festive bonanza for car loans and credit cards for the festive season. While the bank has not introduced its festive bonanza plan as of now, the bank is likely to introduce its festive scheme in the coming weeks.
- Corporation Bank Festival Dhamaka: Corporation bank has an exclusive festive offer on car loans. The scheme known as the Grand Festival Dhamaka scheme introduced by Corporation Bank this festive season will see the bank offering auto loans under its special scheme known as ‘Corp Vehicle Scheme’. Under the discounted scheme, the bank is offering automobile loans at the rate of 10.65 % for automobile up to Rs 50 Lakhs, and at 11.15 % for amounts above Rs 50 Lakhs.
- Discounted Home Loans at Sundaram BNP Paribas Home Finance: In a move to offer affordable housing to those who need it, Sundaram BNP Paribas has come with a special festive offer. Sundaram BNP Paribas is offering a new scheme for funding rural houses at a concessional rate of 9.60 % per annum for women, SCs and STs. As per the scheme the rate of interest would be fixed for seven years and converted to floating rate of interest thereafter.
- PNB Festive Bonanza Scheme: Punjab National Bank or PNB has been one of the first banks to announce its festive scheme for the year 2014. Under the newly announced scheme, Punjab National Bank (PNB) is offering home loans up to Rs 2 crore at 10.25 % including a complete waiver of processing fee and documentation charges on all loans including housing, car and two-wheeler loans.
- SBI Slashes Home Loan Rates: This festive season may be a good time to buy your dream home as State Bank of India (SBI), the biggest public sector bank and home loan service provider has slashed interest rates by 15 basis points on home loans above Rs 75 Lakhs. As per the new rates, State Bank of India offers home loans 10.10 % per annum for women borrowers and 10.15 % per annum for all other borrowers irrespective of the loan limit.
- Discounted Home Loans at OBC: The Oriental Bank of Commerce has slashed its home loan rates coinciding with the festive period allowing users to take home loans at an interest rate as low as 10.25%. The rate of interest is the same irrespective of the loan amount making it one of the first banks to remove any rate of interest slabs for different borrowed amounts this festive season.
- Corporation Bank Home Loan Dhamaka: Corporation bank has introduced a special offer for the corporation bank customers under the ‘Grand Festival Dhamaka’ on new home loans taken till the month of December. Under the festive bonanza scheme, Corporation Bank is offering home loans at a floating rate of 10.25 % while waiving off any processing charges completely.
| Bank/NBFC | Rate of Interest | Additional Festive Bonanza |
| Sundaram BNP Paribas Home Finance | 9.60 % per annum for women, SCs and STs | Fixed for seven years and converted to floating rate of interest thereafter. |
| PNB | 10.25 % for loans up to Rs. 2 Crore | Complete waiver of processing fee and documentation charges on all loans |
| SBI | 10.10 % for women borrowers10.15 % for others | Flat interest rate irrespective of loan limit |
| OBC | 10.25% | Flat interest rate irrespective of loan limit |
| Corporation Bank | 10.25 % | Zero processing charges |