To boost its credit offtake, the private sector lender has added an incentive to its home loan offering.
In the offer all existing saving or credit card customers shall be eligible to receive a cashback of 20% or a maximum of Rs. 10000 in case of spending on debit or credit card of Rs. 30000. Further for the offer to become valid the customer should either take a new home loan facility from a bank or transfer its existing home loan to ICICI bank.
This offer has been rolled out as part of the festive season and shall remain in force from September 1 to November 30
So, both the spending of the said amount as well as the loan processing should be done in the aforesaid period.
The slowdown in the credit growth has pushed banks across the sector to shift their focus to retail loans instead of corporate loans. And since the beginning of the FY, ICICI Bank has reported a loan growth of 19%. And every now and then banks are coming up with offers to entice customers on the front.