Diwali season is the best time for banks to introduce special festive promotions on loans, fixed deposits (FDs) and various other financial products. Those looking to make an important purchase, start a new investment or refinance a current loan will find this festive period to be a favorable time to take a look at the products available.
Let’s take a look at how you can make the most of these festive sales!
Attractive rates and easy approval
This Diwali season, many banks are offering special loan packages on home loans, personal loans, and auto loans. These loans come with attractive interest rates, often lower than regular interest rates, making this an ideal time for anyone planning to buy a home or car. Additionally, many banks waive fees, which can lead to significant savings. Some banks offer instant loan approval with minimal documentation, making it easy and convenient to secure funding quickly.
Also read: Non-metropolitan cities overtake metropolitan cities in monthly expense credit card usage
Fixed deposit special interest rate
Many banks set high interest rates on term deposits to attract customers. These preferential fixed deposit interest rates allow investors to secure higher returns on their deposits, which is especially advantageous for seniors looking for a reliable source of income. In addition, some banks have extended additional interest rate incentives specifically for senior citizens.
cashback, discounts etc.
Apart from loans and FDs, many banks partner with retail brands to offer exclusive discounts, cashbacks and reward points on credit and debit card usage.
Adhil Shetty, CEO, Bankbazaar.com said: “Diwali is traditionally a busy shopping season, so taking advantage of these offers can help you save money. Many credit card companies are also expanding their rewards points programs to help users maximize these benefits. We are making it available for use.”
Here are some of the best festive offers from some banks.
Bank Offers Bank of Baroda Home Loan:
Interest rate: from 8.40%
No fee
longer tenure
Car loan:
Interest: Attractive ROI from 8.95%
Preferential processing fee
Fixed and variable ROI options available
Financing up to 90% of the vehicle’s road price
Special incentives for electric vehicles ROI
Personal loan:
Attractive ROI from 10.80%
For women borrowers, ROI starts at 10.55%
No processing fees
Repayment period up to 84 months
Fixed deposit:
Bob Utsav Deposit Scheme (400 days):
General: 7.30%
Elderly: 7.80%
Super elderly: 7.90%
Bank of Maharashtra Home Loan:
Interest rate: from 8.35%
No fee
longer tenure
Car loan:
Interest: Attractive ROI from 8.70%
No fee
LIC Housing Finance Home Loan:
Convenient SBI interest rate of 50% on commission across various loan products.
mortgage loan
Fee Waiver
Personal loan:
Fee Waiver
car loan
Fee Waiver
HDFC Bank Car Loan
From 9.25%
Foreclosure fee 0%
Fixed deposit:
2 years 11 months: 7.35%
4 years 7 months: 7.40%
*Additional 0.50% on Indian Bank Fixed Deposits for Senior Citizens:
IND Super 300 days: 7.05%
IND Super 400 days: 7.30%
*Additional 0.50% for senior citizens and 0.75% for super senior citizens Punjab & Sindh Bank Home Loan:
Interest rates start from 8.45% per year
Up to 100% fee waiver
Vehicle loan offers:
Interest rates start from 8.64% per year
Up to 100% fee waiver
RBL Bank Home Loan
attractive interest rates
Repayment period is up to 30 years
Digital Fixed Deposit:
500 days: 8.10%
50% additional interest on FD for senior citizens.
Union Bank Home Loan:
Interest rate: 8.35% p.a.
Zero fees
Vehicle loan:
Zero fees
Compiled by BankBazaar.com via respective banks and HFC websites as of October 25, 2024. Data was obtained from each bank’s website. The last date for festival offers may vary by bank. The festive offer may include more products and instruments than those listed in the table.
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