With the Reserve Bank lowering repo rate by 100 basis points (bps) this year, lending rates across banks and non-bank lenders have significantly softened for home and personal loan customers. Now, the central bank is widely expected to cut the benchmark rate again in the current monetary policy review meeting, which started today. The Monetary Policy Committee (MPC) meeting outcome will be announced on October 1.
Meanwhile, banks and housing finance companies are rolling out special festive home loan offers with reduced rates, fee waivers, and flexible repayment options. They have also launched some attractive offers for car and personal loan borrowers.
As part of their festive rate promotions, banks are offering home loans at interest rates starting from as low as 7.35 percent and car loan starting from 7.7 percent, according to the latest data shared by BankBazaar.com.
Check out home, car and personal loan offers from some major public and private sector banks.
Home loan offers
Axis Bank is offering home loans starting at 7.40 percent.
Bank of Baroda has home loans starting at 7.45 percent with low processing fees and a free credit card.
Bank of Maharashtra is offering home loans at 7.35 percent with zero processing fees.
HDFC Bank has home loans from 7.40 percent.
ICICI Bank charges a fixed processing fee of ₹5,000 plus taxes for salaried home loan customers.
IndusInd Bank offers home loans with tenures up to 30 years at competitive rates.
LIC Housing Finance has home loans starting at 7.50 percent with zero processing fees.
Bajaj Finserv offers home loans from 7.45 percent with repayment terms up to 32 years.
Car loan offers
Axis Bank: Car loans with 50 percent off processing fees, tenure up to eight years, and foreclosure charges waived after two years.
Bank of Baroda: Car loans begin at 8.15 percent with financing up to 90 percent of the on-road price, both fixed and floating rate options, and no foreclosure charges on floating rates.
Bank of Maharashtra: Car loans start at 7.70 percent.
HDFC Bank: Car loans start at 8.55 percent with zero foreclosure charges.
ICICI Bank: Car loans carry a processing fee of ₹999 plus taxes for eligible borrowers.
Canara Bank: Car loans with no upper limit on loan quantum, up to 90 percent financing, minimal processing fees, and no prepayment penalty.
IDBI Bank: Waiving up to 100 percent of processing fees on car loans until 30 September 2025.
Personal loan offers
Bank of Baroda: Higher borrowing amounts and extended repayment timelines.
HDFC Bank: Personal loans begin at 9.99 percent, carry no foreclosure fees, and allow repayment up to 72 months.
ICICI Bank: Personal loans are available at 9.99 percent onwards.
IndusInd Bank: Personal loans with 50 percent off processing fees.