The Diwali season represents an optimal period for banks to introduce exclusive festive promotions on loans, fixed deposits (FDs), and various other financial products. Individuals seeking to make significant purchases, initiate new investments or refinance current loans will find this festive period to be an advantageous time to investigate the available offerings.
Let’s take a look at how you can make the most of these festive deals!
Attractive Rates and Easy Approvals
This Diwali season, many banks are offering special loan packages on home loans, personal loans, and car loans. These loans come with attractive interest rates, often lower than the regular rates, making it an ideal time for those planning to buy a house or car. Additionally, many banks also waive processing fees, which can lead to significant savings. Some banks even offer instant loan approvals with minimal documentation, making it easy and convenient to secure funds quickly.
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Fixed Deposit Special Rates
Numerous banks provide elevated interest rates on fixed deposits to entice customers. These preferential fixed deposit rates enable investors to secure a greater return on their deposits, which is especially advantageous for senior citizens seeking a reliable source of income. Additionally, certain banks extend extra interest rate benefits specifically for senior citizens.
Cashback, Discounts, and More
Apart from loans and FDs, many banks collaborate with retail brands to offer exclusive discounts, cashback, and reward points on credit and debit card spends.
Adhil Shetty, CEO of Bankbazaar.com, says, “Diwali is traditionally a shopping-heavy season. So, taking advantage of these offers can lead to savings. Many credit card companies also extend their reward points programs, allowing users to make the most of these benefits.”
Here are some top festive offers from some banks:
| BANKS | OFFERS |
| Bank of Baroda | Home Loan: Interest: Starting at 8.40% Nil Processing fee Longer Tenure Car Loan: Interest: Attractive ROI starting from 8.95% Concessional processing charges Fixed and floating ROI option available Finance up to 90% of on road price of the vehicle Special concessional ROI for Electric vehicles Personal Loan: Attractive ROI starting from 10.80% ROI starting from 10.55% for Women Borrowers Nil processing charges Repayment period up to 84 months Fixed Deposit: Bob Utsav Deposit Scheme (400 Days): General Public: 7.30% Senior Citizen: 7.80% Super Senior Citizen: 7.90% |
| Bank of Maharashtra | Home Loan: Interest: Starting at 8.35% Nil Processing fee Longer Tenure Car Loan: Interest: Attractive ROI starting from 8.70% Nil Processing fee |
| LIC Housing Finance | Home Loan: 50% concession on Processing Fees |
| SBI | Concessional interest rate across various loan producta Home Loan Processing fees waived Personal Loan: Processing Fees Waived Car Loan Processing fees waived |
| HDFC Bank | Car Loan Starting at 9.25% 0% Foreclosure Charges Fixed Deposit: 2 Year 11 Months: 7.35% 4 Year 7 Months: 7.40% *Additional .50% to Senior Citizens |
| Indian Bank | Fixed Deposit: IND Super 300 Days: 7.05% IND Super 400 Days: 7.30% *Additional .50% to Senior Citizens and .75% to Super Senior Citizens |
| Punjab & Sind Bank | Home Loan: Interest starting at 8.45% pa Up to 100% processing charge waiver Vehicle Loan Offer: Interest starting at 8.64% pa Up to 100% processing charge waiver |
| RBL Bank | Home Loan Attractive Interest Rate Repayment period up to 30 years Digital Fixed Deposit: 500 Days: 8.10% .50% extra interest on FD for senior citizens |
| Union Bank | Home Loan: Interest: 8.35% pa onwards zero processing fees Vehicle Loan: zero processing fees |
| Compiled by BankBazaar.com via respective bank’s and HFC’s website as on 25 Oct 2024. | |
| Data taken from respecitve bank’s website. Last date to avail the festive offer may vary from bank to bank. Festive offers may include more products and instrument apart from products that are mentioned in the table. |