ICICI bank offers home loan from 6.70%: check the details here
Here’s a look at what ICICI Bank is offering as part of their Festive Bonanza for different types of credit:
- Home Loans: Customers can take advantage of a repo rate from 6.70% and a processing fee from Rs 1,100 for new home loans and home loan balance transfers from other banks.
- Car Loans: EMIs from Rs 799 per Rs 1 lakh. Customers can also take out loans for a term of up to 8 years. Customers can get an interest rate on a used car loan from 10.5% and also take a top-up loan on their existing car loan.
- Two Wheel Loans: EMI as low as Rs 29 per Rs 1,000 for a term of 48 months. Processing fee of Rs 1,499.
- Instant Personal Loans: Interest rate from 10.25% and flat handling fee of Rs 1,999.
- Consumer Finance Loans: Free EMI available on leading brands of home appliances and digital products. Fast and fully digital process with minimal documentation.
- Corporate Loans – Insta OD (Overdraft): Unsecured OD up to Rs 50 lakh and non-ICCICI bank customers can avail up to Rs 15 lakh. Pay interest on the amount drawn with no foreclosure fees.
In addition to loans, the bank has also announced offers from various brands and e-commerce platforms, as well as banking products such as credit cards, savings and checking accounts. “We have noticed that customers have held back with spending in the last 12-18 months and that a lot of catching up has been built up in the system. In the last few months, the macro indicators have shown that there has been a significant increase in consumption and purchasing behavior. To support this demand and macroeconomic growth over the upcoming Christmas season, we are offering our customers a comprehensive bouquet of offers, discounts and cashbacks – offers apply to the use of debit / credit cards across several leading brands and e-commerce platforms ICICI Bank, internet banking and cardless EMI. We have also introduced benefits for banking solutions – loans, cards, free EMI for financing electronics and gadgets, savings and checking accounts and NRI accounts, business banking, among others, “said Anup Bagchi, Executive Director of ICICI Bank.
Offers from other banks
Christmas offers from the banks
State Bank of India (SBI) is offering home loans for the Christmas season at 6.70% regardless of the loan amount, and Kotak Mahindra Bank has cut rates to a record low of 6.5%.
SBI has also waived home loan processing fees. Click here to read the full story.
Regardless, Kotak’s festive offer is the lowest in the industry at 6.5% and runs from September 10th to November 8th. The limited festive period offer applies to all loan amounts and to both new loans and balance transfers.
Punjab National Bank has waived service fees and processing fees on all retail products.
Bank of Baroda also launched personal loan offerings ahead of the holiday season. The bank offers a 25 basis point waiver of the usual interest rates for home and car loans. Home loans for the public lender start at 6.75% and auto loans at 7%. The bank also offers a waiver of home loan processing fees.
The mortgage lender, Housing Development Finance Corp or HDFC, said it will be offering home loans at an interest rate of 6.7% to those with a credit score of over 800, according to the lender’s website. Click here to read the full story.
Bonanza For Borrowers: Low Interest Rates On Home Loans And Other Christmas Offers
Festive cheers for home loans
The festive season has started and banks and non-banks have already launched numerous festival offers such as lower lending rates and the waiver of processing fees. Indian banks are aggressively pushing for home and appliance loans at record-low interest rates, creating optimism for the holiday season.
Last month, Finance Minister Nirmala Sitharaman urged state banks to step up lending and launch loan programs across India from October to bolster various stimulus packages. With outreach programs expected to return soon, the flow of credit to productive sectors of the consumer economy is likely to increase further. Here are the cheers some great lenders bring you this festive season.