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Banks vying to cash in on festive season
Banks have started offering retail loans at lower interest rates to cash in on the festive season demand. Some banks have already announced cut in rates by 25-50 basis points on retail loans availed till October 31.
Banks have started offering retail loans at lower interest rates to cash in on the festive season demand. Some banks have already announced cut in rates by 25-50 basis points on retail loans availed till October 31.
According to bankers, during the festive period beginning August end till October or November, demand for retail loans such as housing, auto and personal loans increases by about 20-25 per cent.
The festival season, which starts with Ganesh Chaturthi and extends into Navratri and Diwali, stretches over two to three months. Many banks also use this period as an opportunity to increase visibility and awareness about their retail products.
Savvy customers can save up to 2 per cent on the interest rates on loans during this period, said a bank official.
Central Bank of India has reduced interest rates on home loans, loans to students, teachers, traders, for consumers durables, vehicles and tours, by 50 basis points from September 15 to October 31. The bank has also waived processing charges on its housing loan.
According to bankers, during the festive period beginning August end till October or November, demand for retail loans such as housing, auto and personal loans increases by about 20-25 per cent.
