As a collateral effort to overturn the slowdown due to the pandemic and raise demand in its consumers, Bank of Baroda waived the processing fee over the home and car loans for the upcoming festivities.
Festivities flourish for Bank of Baroda customers
Bank of Baroda (BOB) has joined the league of banks providing a much welcomed and recent push for rolling out lucrative offers for the upcoming festive season.
The bank has offered to waive the processing fee for upcoming car and home loans during the festive season. The waiver is of 0.25% in the current applicable rates for home loans undertaking over cases and car loans across the board.
It is a part of a series of being rolled out by banks to provide copious incentives to their existing customers and rope in new customers suffering due to the unprecedented financial situation engendered by the pandemic. The bank is optimistic that such offers would generate fresh customers and further transactions aiding the bank in its recovery from the recent setbacks.
The largest lender of India- the State Bank of India was one of the first in the league to provide such relief offered when it announced at the end of September that it would be providing a waiver of processing fees for home loans for approved projects.
The bank has furthered their offer and is providing special concessions of up to 10 basis points (bps) on the interest rate depending on the credit score and amount of loan being approved. An additional concession of 5 basis points (bps) will also be provided for the usage of the bank’s flagship YONO (You Only Need One) application.
In an effort to make these offers comprehensive, the bank will also be providing flexible repayment options up to 36 months for its gold loan customers. The current standing of interests as charged by the SBI are as low as 7.5% for gold loans and 9.6 for personal loans.
The efforts to capitalize on the upcoming festive seasons is a welcomed move and is predicted to provide a much-needed boost to the declining demand among the Indian consumers. Many banks have come forth to provide assistance and increase demand by offering concessions and different schemes.