Pandemic seems to have brought in a new wave of offers and initiatives this festive season. Large lenders like State Bank of India (SBI), ICICI Bank, HDFC Bank among others have either launched or are on the verge of launching schemes to revive demand which is more or less subdued at this point in time. But these banks have made sure that these initiatives match with the present mood of its consumers.
Speaking to the Free Press Journal, Parag Rao, group head for payment solutions and marketing at HDFC Bank said the bank has introduced varied offers based on the trends that have emerged due to the pandemic.
There has been a change in the consumption pattern of the consumers. Rao stated that the bank has kept this in mind while designing HDFC's Festive Treats. “While the first trend was a rise in demand for products that supported work from home or work at home, the second trend was the emergence of online education,” added Rao. Thus, the bank tied-up with various retailers, mostly those who sell electronics and home decors. Understanding the trend in online education, HDFC partnered with Byju’s to offer EMI schemes for e-learning. The bank is claiming to offer over 1,000 plus offers from leading players and over 2,000 hyper-local offers through tie-ups with local merchants across semi-urban and rural locations.
Meanwhile, ICICI customers are also offering schemes in categories such as electronics, apparel, jewellery, health and wellness, grocery, food ordering, automobile, furniture, entertainment, and e-learning. Anup Bagchi, Executive Director, ICICI Bank said, “With the onset of the festive season, we have put together a wide range of offers for our customers to make their celebrations more special this year. We have tied up with an array of leading e-commerce players as well as popular brands across various categories to bring forth attractive offers.” ICICI Bank had partnered with names like Ajio, Amazon, Big Basket, Central, Croma, Domino’s, Fab India, Flipkart, Godrej, Grofers, LG, Milk Basket, Myntra, Panasonic, Paytm, Samsung, Sony, Swiggy, Tata Cliq, Toshiba, Tribhovandas Bhimji Zaveri (TBZ), Vijay Sales, Voltas and Zomato among others.
To avail these festive offers, customers of these banks will have to use debit and credit cards, net banking, and mobile banking applications.
Other than such offers and discounts, ICICI Bank has also introduced a slew of measures in banking solutions too. The bank is offering no-cost EMI on home appliances and digital products of leading brands. Under ‘Festive Bonanza’, ICICI is offering discounts on processing fees on loans, reduced EMIs, gift vouchers, and more benefits.
It is offering instant personal loans with interest rates starting from 10.50% and a flat processing fee of Rs 3,999, whereas state-run State Bank of India is not charging any processing fee on personal loans with lending rates as low as 9.6 per cent. But to avail SBI offers, customers will have to apply through YONO.
SBI is offering 100 per cent waiver in the processing fee for all customers applying for car, gold, and home loan (selected homes) through YONO. The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. The bank is also providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount for home loans. Additionally, homebuyers can avail 5 bps interest concession if they apply for a home loan via YONO.
SBI is also offering gold loan customers with flexible repayment options for up to 36 months at the lowest interest of 7.5 per cent. CS Setty, MD (Retail & Digital Banking), SBI said, “With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season.”