SBI, Axis, HDFC, ICICI Bank offering festive discounts, cashbacks. All you need to know

Festive season has started and so is the season of offers and discounts. As during festive season, people go on a shopping spree and list may includes anything from buying a house to buying electronics, jewellery, clothes etc. Therefore, banks have also come up with schemes and offers to woo customers. Here is what the major banks are offering during this festive season.

Axis Bank offering to waive 12 EMIs on home loan

Axis Bank has launched a home loan product called- Subh Aarambh. Under this scheme, the bank will waive off 12 EMIs of home loan borrower under few conditions. The maximum amount of loan you can avail under this scheme is Rs 30 lakh and the tenure has to be 20 years. The scheme is offered under floating interest rate loan.

Under this scheme, your four EMIs will be waived off thrice after 48, 96 and 144 months or 4th, 8th and 12th year. You need to have outstanding EMIs after 48, 96 and 144 months to avail this facility. Under this scheme you can't make prepayment before 48 months, if the tenure of the loan reduces below this limit due to part prepayment of loan, your loan will be disqualified for this scheme. Also, after 48 months if only three EMIs are left, then only those EMIs will be waived off.

The rate of interest under this scheme is 8.35 per cent for salaried class and 8.40 per cent for self-employed people. There will be a processing fees of this loan which is as high as one per cent with a minimum of Rs 10,000. So if you are availing a home loan of Rs 30 lakh, the processing fees will be Rs 30,000. Apart from this your EMI date has to be 5th of every month. You can't choose any other date. Also, if your EMI increases or decreases due to change in interest rate then, the EMI applicable at the time of waiver will be considered.

ICICI Bank's Rs 10,000 cashback offer

ICICI Bank is also offering a cashback of Rs 10,000 on fresh home loan taken of any amount.
To avail this facility the home loan borrower has to spend Rs 30,000 or more from their credit and debit card. The offer is valid between September 1st to November 30th.
In case of purchases made through debit card the cash back amount will be credited to the account of the debit card holder while in case of credit card the amount will be reduced from the outstanding balance account.

HDFC Bank's 10 per cent cashback offer
HDFC Bank is offering a cashback of up to 10 per cent on purchases made on Amazon.in using the debit or credit card of HDFC bank. The Offer has a maximum limit of Rs 1,750 while the minimum purchases one needs to make for availing this offer is Rs 5,000.

The offer is valid between September 21st to 24th. The cashback will be credited to the customer's account by December 24th 2017.

SBI's is offering 10 per cent cashback

Just like it peers, SBI, the biggest lender, is offering a cashback of 10 per cent using the Buddy card (It  is a virtual prepaid card issued with the SBI Buddy wallet, which can be used as a debit card for making payments on various ecommerce sites where MasterCard is accepted). The minimum transaction value is Rs 100 and maximum cashback is Rs 50. Offer is valid between September 15th to October 31st. Cashback will be credited to the Buddy wallet account within five working days. SBI is also offering the same cashback on recharge and bill payment through SBI Buddy wallet.