SBI, Bank of Baroda, American Express and more — Loan and credit card offers to explore this festive season

Banks and credit card companies are leaving no stone unturned to entice customers with a plethora of loan and credit card offers this festive season. Whether it's the recent Dussehra celebrations or the eagerly awaited Diwali festivities next month, State Bank of India (SBI), HDFC Bank, Bank of Baroda, American Express, and others have pulled out all the stops.

State Bank of India (SBI) is offering concessions on home loans. These can result in a substantial reduction of up to 65 basis points (bps) for eligible borrowers. The offer is valid until December 31, 2023, as announced by the bank on its official website. To sweeten the deal further, SBI has linked these concessions to an individual's CIBIL score, a pivotal financial metric that assesses creditworthiness. The higher the CIBIL score, ranging from 300 to 900, the more enticing the concessions, making the home loan process more accessible and cost-effective for borrowers.

Moreover, individuals exploring home loan takeovers, resale properties, and ready-to-move options can enjoy an extra 20 basis points (bps) off if their CIBIL score crosses the 700 threshold. For those investing in projects partnered with builders, an additional 5 bps concession is up for grabs. Notably, specialised loan products like Shaurya, Shaurya Flexi, and Shaurya Flexi Vishisht Product offer an added 10 bps concession.

It's worth noting that these campaign rates encompass interest concessions for women borrowers and product-specific perks built into the card rate. Loans with Loan-to-Value ratios between 80% and 90% enjoy a 10 bps premium. For borrowers with CIBIL scores of 750 or higher, SBI is extending a 5 bps concession on card rates for MaxGain and Realty loans. The floor rate remains at EBR — 0.75%.

SBI has also waived processing fees on car loans until January 31, 2024.

Bank of Baroda has unveiled the "BOB Ke Sang Tyohaar Ki Umang" campaign, to increase the appeal of its home, car, and personal loans. These special offers are available until December 31, 2023. Additionally, the bank has introduced four savings accounts with interest-rate offers on various loans. BoB has also partnered with top electronics, travel, and food brands to provide festive discounts to its debit and credit cardholders.

During the festive period, BoB is offering home loans starting at 8.40% per annum and has waived processing fees. Car loans are available starting at 8.70% per annum with zero processing fee, and education loans start at 8.55% per annum.

Personal loans are available at rates starting 10.10% per annum. This comes with a discount of up to 80 basis points and higher loan limits, up to Rs 20 lakh, the lender said.

AU Small Finance Bank has launched its "Heart to Cart" Shopping Festival campaign, which is on till November 15, 2023. This boasts a wide range of product categories, from mobile phones and electronics to apparel, household appliances, food, travel, and more. Numerous leading merchants are participating in this festive shopping bonanza.

IDBI Bank has extended its "Amrit Mahotsav FD" offer until October 31, 2023, giving customers more time to benefit from this festive fixed deposit opportunity.

Canara Bank has joined festive celebrations by waiving processing and documentation charges on home loans and car loans.

SBI Card, the credit card issuer, has introduced a slew of offers for its cardholders this festive season. These offers span a wide range of categories, including consumer durables, mobile phones, laptops, fashion, furniture, jewellery, and groceries. Cardholders can enjoy a plethora of EMI-focused offers, ensuring that large purchases are more manageable. This festive offer is valid until November 15, 2023, and encompasses cashback and discount deals with numerous partner brands.

American Express has laid out offers for October and November, covering dining, retail, home decor, gifts, travel, and more. Offers on dining include restaurants and cafes such as The Levels Pub, Table Spoon, Lord Of The Drinks and many more starting from October. The company has introduced retail offers on Ikea in both its stores and online as well as on other famous brands like Tanishq, Forest Essentials, Blue Tokai, Coco Cart, Vahdam Teas, Arq Mithais. Offers on travel during the festive season include EaseMyTrip, Yatra and Vistara.