Diwali Bonanza: Multiple Banks are Offering Personal Loans at Lower Interest Rates, Discounted Fees

26 Nov 2020 5 min read
Personal Loan: Diwali Bonanza: Multiple Banks are Offering Personal Loans at Lower Interest Rates, Discounted Fees

Diwali, one of the most popular festivals in our country, is around the corner. It is the festival of lights when people clean, renovate, decorate, illuminate the interior and exterior of their homes. It is one of the most auspicious occasions when people purchase new home appliances, gadgets, gold, cars, homes, etc. to add more brightness to their lives. 

Hence, your Diwali 2020 wish list is growing longer and so are the funding options. Yes, many banks and other financial institutions are offering a wide range of loan and credit card offers to cater to varying needs of consumers to make this Diwali a special occasion. Here are some tempting loan offers including lower interest rates, processing fee waiver, reduced EMI, no cost EMI, among others.    

HDFC Bank Diwali Offers

HDFC Bank offers on a personal loan are valid till mid of November. This Diwali you can brighten up your celebration by enjoying over 1,000 offers from leading players - online and in-store - on Cards, EasyEMI, loans, and wallets. These offers are available for the retail and business customers of HDFC Bank. Apart from this HDFC Bank has also joined hands with many e-commerce platforms like Amazon, Flipkart, Myntra, Paytm, to  give you  various discounts, cashback on  a variety of products this Diwali.

Following are some of the other features and benefits of HDFC personal loan for Diwali 2020:

  • Customized financial solutions are designed to the borrowers to suit their requirements.
  • HDFC bank personal loan interest rates for buying a car starting from as low as 10.75%.  
  • HDFC Bank is offering 50% off on processing fee on personal loans as Diwali offer. 
  • You can pay reduced EMI as low as Rs. 2149 per lakh. 
  • Flexible repayment term of 60 months is available as per the customer’s needs.
  • If you are an existing customer of the HDFC, then you can get some additional benefits as well.

ICICI Bank Diwali Offers

When it comes to festive offers, ICICI Bank always remains on the forefront. Likewise, this Diwali season ICICI Bank has again come up with festive bonanza offers with additional discounts on personal loans like low processing charges on loans, reduced EMIs, and many other benefits. So, if you are looking for a loan, then you can choose an ICICI bank personal loan that comes at a low-interest rate starting from 10.50% per annum and a flat processing fee of Rs. 3,999.

Some attractive features of ICICI Bank personal loan for Diwali: 

  • You can get a higher loan amount up to Rs. 20 lakhs.
  • Flat processing fee of Rs. 3,999 to make a personal loan more affordable
  • Minimum documents such as ID proof, proof of residency, income proof, etc.  are required.
  • Quick disbursement of the loan amount.

Diwali Loan Offers by State Bank of India 

SBI has launched multiple offers on a personal loan to make sure you buy everything on your wish list. One of the best things about SBI personal loan for Diwali is the bank has reduced personal loan interest rates from double digits to 9.6% per annum. The bank has also announced a complete waiver in processing fees for all customers applying for a personal loan through its digital platform, the YONO app.

Features of an SBI personal loan:

  • SBI offers various personal loan schemes to meet the diverse needs of customers namely, Xpress Credit, Xpress Power, and SBI pension loan.
  • Zero hidden cost on a personal loan from SBI. 
  • Everyone whether salaried employee, self-employed individuals or pensioner  can avail  a personal loan.
  • Pocket-friendly rate of interest is charged along with the flexible tenure.

Yes Bank Diwali Offers

Likewise, this Diwali Yes Bank has also Unveiled the 'Khushiyon Ki Karein Zimmedari Se Tayyari' campaign. This Diwali Yes Bank offers discounts on personal loans like low processing charges on loans, reduced EMIs, and many other benefits. So, if you are looking for a loan, then you can get a high loan amount up to Rs. 50 lakhs at a low-interest rate starting from 10.45% with the highest repayment tenure of 72 months.

Features of Yes Bank personal loan:

  • You can get Yes Bank personal loan approval in short time.
  • No need to pledge any collateral in order to get the loan
  • One of the longest repayment tenure up to 72 months
  • Budget-friendly interest is charged along with the flexible tenure.

Why should you apply for a Personal Loan on Diwali?

 Rather than dipping into your savings, it’s best to apply for a personal loan when lenders are rolling out attractive offers during Diwali 2020. To have a clear understanding, take a look at a few reasons why you should finance your Diwali expenses with a personal loan.

  • Easy to Apply 

Since the Diwali festival is the busiest time of the year, you surely don’t want to go through many loan formalities. Fortunately, when you apply for a personal loan, you can apply it in a hassle-free manner. All you have to do is to fit into the eligibility criteria. As this makes it easy for you to secure financing in a flash, be sure to choose a lender that offers them.

  • Gain access to an easy unsecured sanction for festive expenses

One of the major benefits of borrowing a personal loan is that it is collateral-free. 

  • Quick approval and Fast disbursal 

Generally, a personal loan is collateral-free debt, you can get instant approval. This enables you to make arrangements on time and ensure that nothing interrupts your Diwali celebration. Apart from the quick approval, availing personal loan from the reputed lenders also offers you swift disbursal. 

  • Flexible repayment tenure to keep your EMIs manageable

The best part of taking a personal loan for your Diwali expenses is that there’s no immediate financial obligation that you have to fret over. You can repay the loan amount over a flexible tenure as per what your pocket can afford. This means that you can pick a short tenure to become debt-free as soon as possible or opt for a long tenure to keep EMIs to a minimum.

Conclusion:

A personal loan on Diwali can indeed make your celebration much more lavish and joyful but it is always advisable to take a smart decision before applying for a personal loan. We hope that you will have a happy and illuminated Diwali.

Read More: Illuminate your Diwali with the Best Festive Loan Offer | 2020

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