With discounts, gifts and cashbacks, Diwali makes it the perfect time to snag a great deal. If you are thinking about buying a new car or home this Diwali, festive loan offers can make it a lot easier on your wallet.
During the festive season banks usually offer interest rate concessions and waivers on processing fees. However, this time lenders have limited their festive season offers to just full or partial waivers on processing fees.
State Bank of India has waived processing fees for car, personal and gold loans. Similarly, Bank of Maharashtra, Punjab & Sind Bank, Union Bank and a few others have waived processing fees. HDFC Bank is offering car loans starting at 9.25% per annum with the added benefit of zero foreclosure charges.
Borrowers opting for these festive season offers should compare interest rates, higher loan-to-value and special repayment tenures across lenders. They should start their loan selection process by enquiring with banks with whom they have existing accounts or deposits to get better terms and conditions.
Credit card spends
Banks offering credit cards have partnered with consumer durable companies, travel aggregators and retailers to offer exclusive discounts and cashback incentives to their cardholders. Amazon has partnered with ICICI Bank and Axis Bank to offer cashbacks. Similarly, PNB has tied up with MakeMyTrip, Goobibo offering flat 12% off or up to `2,000 off on bookings.
American Express has introduced two festive campaigns to reward its card members —Reward Multiplier and Festive Spend Stim. Members are given personalised spending milestones and those who meet their targets by November 3 will receive a 5% cashback in the form of GyFTR vouchers which can be redeemed at top brands such as Amazon, Tata Cliq Luxury, ITC Hotels, or Emporio Armani.
Card holders should redeem their reward points to make purchases and check the card provider’s portal for exclusive festive-season redemptions such as e-vouchers or gift cards for future purchases. In case of multiple cards, it is ideal to use the one that provides the highest festive rewards for purchase of big-ticket items like consumer durables, electronics or furniture.
Jewellery and real estate
As gold prices have touched record highs, jewellers are offering a discount on making charges. Tanishq is offering discounts of up to 20% on the making charges of gold jewellery or on the value of diamond jewellery.
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