From SBI to HDFC Bank and Axis, banks are rolling out festive offers on mortgage and car loans


All banks are also partnering with various retail, food and service brands to get discounts and other offers on purchases using their cards.

The holiday season in India, between October and December, is usually the time when people make the most major purchases of household appliances, vehicles, and even homes, as it is considered to be an auspicious time. However, homes and vehicles are often bought on credit. Additionally, consumer buying trends on e-commerce sites during the sales also indicate that customers are enjoying significantly more credit this year. This is due to the financial slowdown and the cash shortage caused by the coronavirus pandemic.

Aware of this, the country’s banks are also lining up offers. In addition to partnering with various retail, restaurant and service brands to earn discounts, banks also offer special rates on loans, especially for home and auto loans.


India’s largest bank, State Bank of India, on Wednesday announced a cut in mortgage rates by up to 25 basis points (0.25%). SBI home loan clients would get a 25 basis point interest concession for buying a home above Rs 75 lakh, based on their CIBIL score and through its YONO digital banking app. There is an additional interest concession of 5 basis points for women home buyers

This is in addition to the reduced interest rates starting at 6.90% for a home loan up to Rs 30 lakh and 7% for loans above Rs 30 lakh.

SBI also offers credit score based concessions of up to 20bp vs. 10bp previously, for a home loan over Rs. 30 lakh to Rs 2 crore across India. The same concession would also be applicable to home loan clients for a loan amount of up to Rs 3 crore in eight metropolitan cities. An additional concession of 5 basis points for all home loans is granted if applied through YONO.

Earlier, SBI also announced that it will offer a 100% waiver of processing fees on auto, gold and personal loans.

“Retail customers get the lowest interest rate starting at 7.5% on a car loan. Gold and personal loan customers are also enjoying the lowest interest rates of 7.5% and 9.6% respectively, this holiday season, ”SBI said in a statement.


In September, HDFC Bank announced its annual financial services sale. The Bank offers a 50% reduction on processing fees for auto loans, personal loans and loans for business growth and no processing fees on two-wheeled loans. It is also offered special interest rates starting at 6.9% until October 31st.

It also announced that it is partnering with several brands and consumer companies to offer discounts and deals on purchases using HDFC cards. For example, it offers cashback of up to 22.5% and the ability to convert purchases to EMI at no additional cost on major brands such as Samsung, LG, Sony, Godrej, and Panasonic.

Kotak Mahindra Bank

The bank offers an interest rate of 7% per annum on home loans and a 50% waiver of processing fees for auto loans and 2 wheel loans. It also offers special rates on all loan products for women. Kotak Mahindra also offers payday loans, where customers can get their payday in advance with interest starting from one rupee per day.

Axis Bank

Axis bank offers an interest rate from 6.90% for mortgage loans and from 7.99% for car loans with an interest rate from 7.99% and also offers financing on the road up to 100% for car and two-wheeler loans. Axis Bank also offers personal loans at an interest rate starting at 10.49%.

It offers a 50% waiver on processing fees for working capital loans and a 0.25% processing fee for gold loans over Rs 2 lakh.


ICICI would offer reduced interest rates of 6.90 to 8.05% for home loans and to transfer the balance of home loans. It would also offer loans for two-wheelers with an IME starting at just Rs 36 for Rs 1,000 for a period of 36 months.

Baroda Bank

The bank offers a 0.25% waiver of existing interest rates on auto loans and mortgage loans transferred from other banks to the BoB. It also waives processing fees.

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