From SBI to HDFC Bank and Axis, banks roll out festive offers on home and car loans

All banks are also partnering with various retail, food, and service brands for discounts and other offers on purchasing using their cards.
SBI and Axis bank
SBI and Axis bank
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India’s festive season, between October to December, is usually the period where people make most big-ticket purchases from appliances, to vehicles and even homes as it is considered an auspicious period. However, homes and vehicles are often bought on credit. Moreover, consumer purchase trends on e-commerce sites during sales also point towards customers availing a lot more credit this year. This is due to the financial slowdown and cash crunch caused by the coronavirus pandemic.

Recognising this, banks in the country are also lining up offers. Apart from partnering with various retail, food and service brands for discounts, banks are also offering special rates on loans, especially for home and car loans.


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

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

SBI is also offering a credit score-based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs. 30 lakh to Rs 2 crore across India. The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crore in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO.

Earlier, SBI also announced that it will be offering a 100% processing fee waiver on car, gold, personal loans.

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


In September, HDFC Bank announced its annual sale on financial services. The Bank is offering 50% off on the processing fees on auto loans, personal loans and business growth loans and zero processing fee on two-wheeler loans. It is also offered special interest rates starting at 6.9% until October 31.

It also announced that it is partnering with several brands and consumer companies to offer discounts and deals on purchasing using HDFC cards. For example, it is offering a cashback of up to 22.5% and the option of converting purchases into a no extra cost EMI on leading brands such as Samsung, LG, Sony, Godrej and Panasonic.

Kotak Mahindra Bank

The bank is offering an interest rate of 7% per annum on home loans and a 50% waiver on processing fee for car loans and 2-wheeler loans. It is also offering special rates across loan products for women.  Kotak Mahindra is also offering payday loans, where customers can get their salary in advance at an interest starting from one rupee a day.

Axis Bank

Axis bank is offering an interest rate starting from 6.90% for home loans and 7.99% onwards for car loans with interest rate starting at 7.99% and is also offering up to 100% on-road funding for car and two-wheeler loans. Axis Bank is also offering personal loans at an interest rate starting from 10.49%.

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


ICICI is reportedly offering lowered interest rates of 6.90-8.05% for home loans and to transfer home loan balance. It is also reportedly offering two-wheeler loans with an EMI starting from just Rs 36 per Rs 1,000 for period of 36 months.

Bank of Baroda

The bank is offering a waiver of 0.25% to existing interest rates on car loans and on home loans transferred from other banks to BoB. It is also waiving off processing fees.

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