This is could prove to be a win-win situation for the customers and companies both, as a buyer wants the products to get cheaper, on the other hand companies are desperate to sell its items and banks are ready to provide finance at a lower rate! Definitely, the whole deal seems very attractive but buyers must analyze and understand the offers clearly before finalizing the purchase.
Some important points that a customer should focus when he goes on a shopping are:
- What product you want to purchase?
- How much money would be required?
- Would you need to take a loan for buying the item?
Various loan bonanzas in the ongoing festive season
The current offer by the banks appears to be very attractive for the customers. Banks are offering rate cut on wide ranges of products such as car loan, personal loan and home loan, etc. In the home loan section, HDFC, ICICI and Bank of Baroda (BOB) has offered the product with a lowered interest rate while SBI and PNB have kept the rate unaffected but lifted processing charges during this period, to some extent. Bank of Baroda has lessened the interest rate and also taken off the complete processing charges under the offer. Following is the home loan charges by some prominent bank under the festival offer:
|Bank||Home Loan||Festive Benefit||Additional Offer||Offer Valid Till|
|HDFC BANK||Loan Up to 30 Lac @ 10.25%, above 30 Lac & Up to 75 Lac @ 10.5 %||NA||NA||31-Dec-12|
|ICICI BANK||Loan Up to 30 Lac @ 10.25%, above 30 Lac & Up to 3 Cr @ 10.5 %||.25% to 1%||NA||31-Dec-12|
|SBI||Up to Rs 30 Lac @10% Pa and above 30 Lac @ Rs 10.15% Pa||No Change||Processing Charges reduced by 50%||31-Dec-12|
|Bank Of Baroda||Loan Up to 30 Lac @ 10.5%, above 30 Lac @ 10.75 %||25 bps to 150 bps||100% waiver of unified processing charges||30-Nov-12|
|PNB||10.5% to 10.75%||No Change||waiver of processing fee||30-Nov-12|