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Banks line up cheaper loans, to woo retailers

September 14, 2022

Banks line up cheaper loans, to woo retailers
Banks are chasing retail borrowers, betting big on festive demand and offering lower interest rates and tempting deals in a bid to boost credit growth after a lull brought about by the pandemic.

In recent weeks, big and mid-sized lenders have hit the streets with a range of shopping discounts aimed at the festive season, the busiest time of the year for shopping.

The websites of public and private sector banks are full of lucrative shopping offers and a range of discounted banking products. Large private banks including HDFC Bank and ICICI Bank are providing a substantially higher number of offers.

HDFC Bank recently launched 12 discount offers under its Onam “Festive Treats” campaign in Kerala, which will be valid till September 30.

“Onam is an auspicious festival for Kerala and Keralites everywhere. It marks a new beginning and is a harbinger of glad tidings,” said Sanjeev Kumar, branch banking head, south (Tamil Nadu, Puducherry & Kerala), HDFC Bank. “People want new cars, motorcycles, machines, equipment and products that can help fulfil their aspirations. The Onam ‘Festive Treats’ campaign offers discounts on purchases, lower processing fees and lower interest rates on a variety of loans.”

The country’s largest private bank also launched a separate campaign called “Festive Treats” offering over 10,000 deals on its website. Customers can take personal loans, car loans, home loans, business loans, conduct shopping, and avail other banking services including opening a share trading account at zero cost.

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