Unlock 5.0 has further opened up the economy with several sectors resuming activities. The relaxations have come at a time when there are already indications of economic recovery, with data points showing greenshoots of recovery in many segments. Many top banks have been seen an increase in demand and are now offering loans to boost their business in light of a long festive season ahead
The Goods and Services Tax (GST) collections, September auto sales numbers and the data pertaining to Purchasing Manager’s Index (PMI) are indicating that the recovery has started and the demand situation is also improving.
The credit growth situation has improved in July against the low of 5.26 per cent in April. Chairman of India’s largest public sector bank State Bank of India (SBI), Rajnish Kumar has said that credit growth was up in August-September 2020 as against the corresponding period in the previous year.
Moreover, HDFC Bank’s Managing Director and Chief Executive Officer (CEO) Aditya Puri also maintained that operations will soon reach pre-Covid levels.
To take advantage of the upcoming festive season, many banks have now come up with attractive offers to lure customers.
SBI, through its YONO App is offering home, gold and personal loans without charging any processing fee. Additionally, it is also offering a 0.10 per cent rebate on interest to potential home buyers with good credit scores.
HDFC Bank is giving 1000 special offers under its ‘Festive Treats’ scheme where it is giving relaxations on processing fee and EMIs along with cashbacks and gift vouchers. The bank has also tied up with several big brands to give special deals. Bank customers can avail discounts up to 30 per cent as per the claims made by it.
Meanwhile, ICICI Bank is also giving discounts on processing fees for home loans along with home loan offers at lower EMIs on fresh loans or on transferring the loan balance of other banks.
The banks are also offering discounts on shopping from a select ecommerce websites.
While the prevailing uncertainties around the pandemic has forced people to take a ‘wait and watch’ approach, the recent attempt by banks to introduce new offers is capture some lost ground.
