NEW DELHI
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The festive season brings joy and an inclination to start new things. People love to make new purchases or start fresh investments around Diwali. Companies understand this well and offer plentiful discounts. Banks, too, are not far behind. They come out with festive offers on loans and fixed deposits (FDs). We have compiled a list of banks and housing finance companies, in collaboration with BankBazaar, that are offering special offers this season.
Bank of Baroda
First up is Bank of Baroda (BoB). It is offering home loans at 8.40% onwards. If your credit score is top-notch, you can get it at 8.40%. If the loan amount is ₹50 lakh for a 20-year period, the EMI will come at around ₹43,000. The bank will not be charging any processing fee, which could be 0.25-0.5% of the loan amount. Moreover, the bank will be offering borrowers longer tenure so that the EMI could be affordable. However, note that longer tenure comes with the higher interest payment over the entire loan period.
The interest rates on car loans and personal loans start at 8.95% and 10.80%, respectively. Some concession is available on processing charges in car loans, while it is nil in the case of personal loans.
The bank has also started the Utsav Deposit Scheme, offering 7.30% starting interest rates for the general public. Interest rates are 7.80% and 7.90%, respectively, for senior and super senior citizens. The FD tenure will be 400 days.
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Bank of Maharashtra
Bank of Maharashtra (BoM) is offering better interest rates on home loans and car loans than BoB. The interest rates for home loans and car loans start from 8.35% and 8.70%, respectively. The processing charges remain nil in both cases.
LIC Housing Finance
If your CIBIL score is more than 800, LIC Housing Finance can offer you a home loan at 8.5% for the loan amount of up to ₹5 crore. In the festive season, it has offered a 50% concession on processing charges, which are usually 0.25% of the loan amount. The loan repayment period could be as high as 30 years for the salaried class and 25 years for the self-employed.
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State Bank of India
At State Bank of India, home loan interest rates start from 8.50%. In the festive season, it is offering concessional rates across loan products per an individual’s risk profile. Processing fees have also been waived.
HDFC Bank
HDFC Bank is offering festive offers on home, car, personal and business loans. The car loan, for example, is coming with zero foreclosure charges at interest rates starting from 9.25%. There are some offers on credit and debit card spending, too. On fixed deposits, the interest rates start from 7.35% for two years and 11 months tenure. It will be 7.40% for four years and seven months. Senior citizens are entitled to an additional 0.50% discount.
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Indian Bank
Indian Bank has come up with two FD schemes, IND Super 300 days and IND Super 400 days, at an interest rate of 7.05% and 7.30%. Senior citizens are entitled to an additional discount of 0.5%, and super senior citizens to 0.75%.
Punjab & Sind Bank
Punjab & Sind Bank has offers on home loans and vehicle loans. The interest rates start from 8.45% and 8.64%, respectively, with a 100% waiver on processing charges.
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RBL Bank
The home loan interest rate at RBL Bank is starting from 8.90%, with a repayment period of up to 30 years. It is also offering a digital FD at 8.1% for 500 days. Senior citizens will get an additional 0.5% interest rate.
Union Bank of India
Union Bank of India is offering the lowest interest rate of 8.35% on home loans. The processing charges are waived, too. Vehicle loan interest rates start from 8.80% with no processing fee.
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While banks entice customers with festive offers, it is always better to compare rates with a couple of competing banks. So far as FD rates are concerned, locking it at existing rates could be a good option as experts believe the Reserve Bank of India (RBI) is expected to cut interest rates before the end of the fiscal year.
