Good news! Private banks mull to extend loan offers amid strong demand from retail consumers

In good news for retail consumers, private banks are looking to extend festival offers on their loan products, ranging from home loan to auto loans. These banks have been mulling to extend the offer in view of good demand and traction witnessed from retail consumers during the festival season, Zee Business correspondent Anurag Shah said citing sources.  

He informed that in line with the same development, Kotak Mahindra Bank, whose festival offers were ending today, has decided to extend the offers by one month till December 10, he said, adding those availing home loan from Kotak Bank during period will be given loan on 6.55 per cent interest rate.  

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Earlier in September, Kotak Mahindra Bank had kick-started the festive season by introducing home loan interest rates, beginning 6.50% per annum—a limited period festival offer that was expiring on November 8, 2021.  

Similarly, other banks may also extend the offers, said Shah.  

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निजी बैंक रिटेल लोन छूट आगे बढ़ा सकते हैं
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अच्छी मांग और कंपिटीशन के चलते रिटेल लोन छूट जारी रह सकती है..

निजी बैंक जारी रख सकते हैं रिटेल लोन छूट 'जानिए पूरी खबर अनुराग शाह से...#BankLoan | @anuragshah_ pic.twitter.com/ZyN6sHEPfK

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This comes amid attractive home loan interest rates being offered by the public sector banks and good demand and response from retail investors.  

"It is for the first time that Union Bank is offering an exciting interest rate of as low as 6.40% on home. It has not happened in the last 15 years. Private banks are planning to extend the offers due to good competition from government sector banks," said Shah.  

Good thing about these loans is that majority of them do have processing fee or any other similar fees, he pointed out. Shah said besides these benefits, banks are also allowing balance transfers at lower rates for existing customers.