Diwali 2022: Banks giving exciting offers on home, car loans during festive season; details here

The festive season is believed to be an auspicious time to purchase expensive Home appliances , property, vehicles or even gold. It looks like banks are all set to welcome the festival of lights as well. Leading banks like State Bank of India, HDFC Bank, ICICI Bank, Bank of Baroda and IndusInd Bank are offering a Diwali bonanza to customers on home and car loans. These lenders have lowered the rates to lure customers this festive season.

State Bank of India

SBI has announced that it will reduce the interest rate for new house loan customers by up to 25 basis points, bringing the starting rate down to 8.4 per cent. The deal will be valid until January 31, 2023. The bank has also been offering top-up loans starting at 8.8 per cent and a concession of 0.30 per cent on loans against property. Additionally, no processing fee is required during this festive season.

HDFC Bank

Car loans from HDFC Bank are available for 7.9 per cent annual interest. Following the fulfilment of 50 per cent of the tenure (minimum 24 months), there are no foreclosure fees. Processing fees for gold loans have been reduced by 50 per cent. There is also a flat fee of Rs 999 for loans secured by credit cards.

ICICI Bank

ICICI Bank customers can currently transfer their balances and get pre-approved house loans for a processing charge of Rs 999. After analysing the supporting documentation and application forms, the bank immediately approves pre-approved loans. For new car loans, the processing cost is just Rs 1,999, and loan amounts can exceed 100 per cent of the on-road pricing. On auto loans, there aren’t any fees for foreclosure or early payments. After 12 EMIs on personal loans, there are no pre-closure fees (if closed before 12 EMIs, only 3 per cent will be charged).

Bank of Baroda

The second-largest public sector bank, Bank of Baroda, has been providing home loans at interest rates starting at 8.45 per cent. Car loans are available, with rates beginning at 8.45 per cent. There are no foreclosure fees on car loans.

IndusInd Bank

IndusInd Bank is offering car loans for tenure up to seven years. During the festive season, the bank is giving up to 100 per cent financing for car purchases. Additionally, up to Rs 50 lakh in personal loans is available for a tenure of up to 72 months. Compared to personal loans offered by other top banks, this lender offers loans with longer terms and larger maximum loan amounts. It is providing a longer duration for housing loans, up to 30 years.

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