Banks, NBFCs Light Up Season With Special Offers

Core Insights - Banks and shadow banks are launching various offers to boost credit demand during the festive season, which has been relatively muted this year [2] - Lenders are reducing interest rates on loans for homes, vehicles, and personal use, while waiving processing fees and extending repayment tenures [2] Group 1: Offers and Discounts - Many banks have partnered with retailers and e-commerce companies to provide 'instant' EMI options, cashback deals, and discounts on purchases [3] - ICICI Bank is offering savings of up to ₹50,000 on transactions made through credit or debit cards, internet banking, and cardless EMI [4] - HDFC Bank is providing 'festive treats' with savings of up to ₹50,000 on various loans, including personal, business, and vehicle loans [5] - Axis Bank has launched 'Dil Se Open Celebrations' to offer discounts, cashback, and exclusive deals for upcoming festivals [6] Group 2: Specific Offers by Banks - State Bank of India is providing a 10% instant discount on credit card purchases made during Amazon's 'Great Indian Festival' sale [7] - Non-banking financial companies (NBFCs) are focusing on two-wheeler loans following a GST cut, targeting demand in Tier-II and Tier-III cities [8] - Shriram Finance plans to introduce schemes for gold, housing, and vehicle loans to capitalize on festival demand [9] - L&T Finance has announced three festival schemes for two-wheeler customers, including no-cost EMI and prompt payment rebates [10] Group 3: Market Trends - There is a noticeable increase in demand within the auto ecosystem, particularly for two-wheelers, three-wheelers, and passenger vehicles [9] - The overall sentiment indicates a steady underlying demand for credit, with expectations of increased borrowing across key segments due to GST rationalization [8]