Banks, NBFCs bet on festival offers to boost credit demand

Banks and shadow banks have announced a range of offers for the festivals, hoping the season will lift credit demand in a muted year.

- ANUPREKSHA JAIN

Lenders have reduced interest rates on loans to buy homes, vehicles or for personal use, along with waiving processing fees and extending repayment tenures. Many of them have partnered with retailers and ecommerce companies to offer “instant” EMI options, cashback deals, and discounts on purchases.

ICICI Bank is offering discounts and cashbacks for a wide range of categories, including electronics, mobiles, fashion, travel, groceries, online shopping, furniture, home décor, and dining. Customers can save up to Rs 50,000 on ICICI Bank credit or debit card transactions, internet banking, cardless EMI, or consumer financing. No-cost EMI is available on credit and debit card purchases.