HDFC Bank to waive 50% processing fees on auto, personal, business loans; launches ‘Festive Treats’ offers

“The offers will be available across the entire range of financial solutions for retail as well as business customers with discounts on processing fee on loans, reduced EMIs, cashback, gift vouchers and more benefits,” the bank said in a release.

HDFC Bank has also tied up with several retail brands to offer discounts, cashback and extra reward points on both in-store and online purchases.

It has also tied up with hyperlocal stores and kiranas to line up over 2000+ offers at the regional level.

Speaking to reporters, Parag Rao, Country Head, Consumer Finance, Digital Banking, Payments Biz at HDFC Bank said, "We're seeing emerging trends of new kinds of spends coming up. Festive season is the time that people make their special purchases, cars, homes etc. So it is relevant that we launch our offers with this festive season."

"We broke quite a few records with Festive Treats 1.0 and we are confident we'll break those records in Festive Treats 2.0. Buying for work-from-home is a trend we've been seeing like purchase of additional laptops, television sets etc," Rao added.

Among these offers, HDFC Bank customers can avail cashback of up to Rs 7,000 on all Apple products including the newest launches. A shopper can avail of cashback of up to 22.5% and convert their purchases into a no extra cost EMI on leading brands such as Samsung, LG, Sony, Godrej and Panasonic.

Sharing his optimistic view on the business, Aditya Puri, CEO, HDFC Bank said, "We're seeing tremendous demand, the business may even exceed pre-COVID levels. There is too much gloom & doom, some industries will take longer to come back but there's growth across several sectors like FMCG, steel, auto, etc."

"We are looking too much on the negative side. Zara glass half full dekho," he quoted.

On Monday, the country's largest lender, State Bank of India (SBI) had also announced a slew of special offers on home, car, personal and gold loans for its retail customers ahead of the festive season.

SBI had announced a 100 percent processing fee waiver for all customers applying for Car, Gold, and Personal loan through its digital application, YONO.