Bank of India and Axis Bank have announced festive offers across their retail lending products, with benefits including processing fee waivers, reduced interest rates and concessions on select loans.
Bank of India is offering a 100% waiver on applicable processing charges for eligible home loans and four-wheeler loans till March 31, 2027.
Axis Bank, meanwhile, has rolled out festive deals across home, personal, car, two-wheeler and education loans, along with offers on business banking products and credit cards.
Bank of India: 100% processing fee waiver on home, car loans
Bank of India customers with a CIBIL personal score of 725 and above can avail themselves of a complete waiver of applicable processing charges on eligible home loans.
The benefit covers various home loan products, including top-up loans, Smart Home Loans and Star Diamond Home Loans. Eligible home loan takeovers are also covered, subject to the bank’s criteria.
For four-wheeler loans, individual borrowers with a CIBIL score of 725 and above can avail themselves of the processing fee waiver on eligible new vehicle loans. Non-individual borrowers with an external credit rating of BBB and above, or CMR-3 and better, are also eligible.
The bank has extended the processing fee waiver on loans for purchasing electric four-wheelers irrespective of the applicant’s CIBIL score, subject to applicable terms and conditions.
Existing processing fee exemptions under certain housing schemes, including PMAY 2.0 Urban, Affordable Housing Loans and Star Samriddhi Home Loans, will continue.
The offer is valid until March 31, 2027.
Axis Bank: Offers across retail and business loans
Axis Bank has announced concessions across several lending categories, including home, personal, car, two-wheeler and education loans.
For homebuyers, the bank is offering a home loan login fee starting at ₹999 plus GST. Its festive home loan proposition also includes features such as a waiver of 12 EMIs and faster principal repayment, subject to applicable conditions.
Personal loans are being offered at interest rates starting from 9.99% per annum, with processing fees starting at ₹999.
For car loans, the offers include a 50% discount on processing fees, interest rates 10 basis points lower on select electric vehicle models, financing of up to 100% of the vehicle’s on-road price and loan tenures of up to eight years. The bank has also stated that eligible borrowers can receive instant disbursement within 30 minutes and avail themselves of a foreclosure charge waiver after 24 months.
Two-wheeler loan offers include interest rates starting at 10.75% for superbikes and a 0.5% special pricing discount for electric two-wheelers. The bank is also offering disbursement within 30 minutes.
For education loans, domestic loans are available at interest rates starting at 7.25% per annum, with processing fees starting at zero. Eligible international education loan customers can avail themselves of a 0.25% discount on applicable rack rates.
Axis Bank has also announced a 50% waiver on login fees for select secured working capital products, including cash credit, overdraft and term loans. This offer is valid until December 31, 2026. Standard processing fees will continue to apply at the time of sanction or disbursement, as applicable.
In addition to lending offers, eligible Axis Bank credit cardholders can access more than 200 offers across categories such as e-commerce, electronics, travel, lifestyle, mobiles and home furnishings. These include discounts and EMI benefits of up to 20% on eligible credit card purchases and EMIs, subject to the applicable terms.
What borrowers should check
While processing fee waivers and discounts can reduce the initial cost of borrowing, customers should compare the overall loan cost before making a decision. Interest rates, loan tenure, repayment obligations, foreclosure conditions and other applicable charges can affect the total amount payable over the loan period.
Borrowers should also check the eligibility criteria and offer validity with the respective banks before applying.
NOTE TO READERS
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.