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NEW DELHI: IDBI Bank is the latest lender to offer a host of features and relaxations on loans in a bid to cash in on the upcoming festive cheer.
"To ring in the string of Indian festivals, IDBI Bank, on the occasion of its foundation week unfolded its retail asset products i.e. auto loans, education loans and home loans, with augmented features," the bank said in a statement.
The bank has launched auto loans for high-end bikes and new cars titled i_zoomdrive. The loans offer 100% financing for select segments, zero penalty on part or pre-closure and attractive interest rates. The bank did not reveal the interest rates.
Home loans will have added features, such as nil processing fees, quick processing and flexible repayment options, as per the statement.
Other big banks like State Bank of India and HDFC have, in the last few weeks, unveiled festive offers on their home and other consumer loans. SBI and HDFC are offering concessional home loan rates starting at 6.7%, whereas state-owned Punjab National Bank is offering a rate of 7.10% on home loans and 7.55% on car loans.
Interest rates on loans have been at their lowest in the last few months. The Reserve Bank of India has kept policy rates unchanged since April 2020 to revive credit flow amidst covid-19 led disruptions.
IDBI Bank also launched i_learn education loans for specialised and overseas courses with higher tenure.
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