Grab the bank’s festive loan offer 2012 before it ends

Planning

oi-Sneha

By Sneha B K

Updated: Saturday, November 3, 2012, 14:55 [IST]

The car loan offer also consists of discounts and fee waiver by the banks. HDFC has stretched the loan tenure to seven years for more time ease to its customers. ICICI is offering a reduction up to .75% depending on the term of loan. The interest rate charged by SBI and PNB seems to be most aggressive at 10.5% Pa. The festive offer would be available until 30th Nov or 31st Dec 2012(it may vary from a bank to bank).

The festival car offer by banks is as follows:

BANKS	CAR LOAN	Festive Benefit	Additional Offer	Offer Valid Till
HDFC BANK	NA	Up to .35 %	Tenure up to 7 Years	NA
ICICI BANK	11.5 % to 17 % for various tenure	discount up to .75%	NA	31-Dec-12
SBI	10.5 % Pa	No Change	Processing Charges reduced by 50%	NA
Bank Of Baroda	Interest @ 11.25 % for 5 year and 11.75 % for more than 5 year loan	Concession in interest rate up to 175 bps on different tenures	100% waiver of unified processing charges	NA
PNB	10.5 % to 11 % Pa	No Change	waiver of processing fee	30-Nov-12

Final Words

The current offers by banks are attractive and beneficial for the customers, but one should also focus on the total cost for the full term to analyze it better. The festive offer of interest rate discount over the usual rates' matters a lot in home loans due to high corpus involvement. Car loan customer needs quick service and processing ease along with rate's discount. Customer should focus on its own requirements and ensure the exact match with the current offer before concluding on the loan decision.

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