These two banks launched great offers on festivals, customers will get more loan options

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Ahead of the festivals, two more banks have launched many attractive loan offers. These include Public Sector Canara Bank and Private Sector HDFC Bank. Canara Bank announced a cut in its marginal cost of funds-based lending rate (MCLR) by up to 0.15 percent.

 Ahead of the festivals, two more banks have launched many attractive loan offers. These include Public Sector Canara Bank and Private Sector HDFC Bank. Canara Bank announced a cut in its marginal cost of funds-based lending rate (MCLR) by up to 0.15 percent. The bank gave this information in the information sent to the stock exchanges. The bank has reduced its one-year MCLR rate by 0.10 percent to 7.25 percent. The new rate will be applicable from October 7. Most consumer loans such as a person, vehicle, and housing are based on a one-year MCLR rate.

The bank has reduced the MCLR for one day and one month by 0.15 percent to 6.55 percent. Meanwhile, DCB Bank has also announced a 0.05 percent cut in the MCLR rate for various periods from October 6.

HDFC Bank, on the other hand, announced the Festive Treats 3.0 campaign under which it will offer over 10,000 offers on cards, loans, and easy EMIs. The bank said it has partnered with over 10,000 merchants across 100+ locations to provide its customers with an opportunity to avail of deals tailored specifically for their personal and business needs.

Benefits offered to customers include cashback and no-cost EMI on premium mobile phones, up to 22.5 percent cashback, and no-cost EMI on electronics and consumer items like washing machines and refrigerators and starting from 10.25 percent with instant money credit. Including personal loans.

The bank said customers can get first loan car loans starting from 7.50 percent with zero four-closure charges and get financing up to 100 percent with a four percent lower interest rate on two-wheeler loans. The bank said it has offered zero processing fee and up to 90 percent financing on tractor loans and a 50 percent rebate on processing fees on commercial vehicle loans.

The bank said it is offering unsecured business loans up to Rs 75 lakh and a 50 percent rebate on the processing fee. Parag Rao, Group Head (Payments, Consumer Finance, Digital Banking, and IT) of the bank told reporters, “To make this festive season even more enjoyable, we are introducing Festive Treat 3.0. We have online, offline, and hyperlocal services. There are over 10,000 offers."