HDFC Bank has launched an "EasyEMI" offer, enabling its customers to make payments for items purchased using their debit card in easy instalments in a "quick, convenient, and transparent manner". ICICI Bank also ahead of the festive season launched a cashback offer for its customers who avail a new home loan or transfer their existing home loans to it. Under this "EasyEMI" offer, HDFC Bank customers will have a pre-approved loan amount available to them 24x7 and the entire process will be paperless. Customers can simply swipe their debit card and select the EasyEMI option when making payment at offline as well as online merchants.
HDFC Bank said the EasyEMI offer is available to 8 million eligible customers in the first phase and they will be informed by the bank on email as well as SMS.
Eligible HDFC Bank account holders can utilize the EasyEMI offer to make purchases, with the minimum loan amount being Rs 10,000, the bank said in a release.
In the absence of credit demand from corporate clients, private banks are concentrating their focus on retail loans, which have seen a huge growth in recent days. Banks are launching new offers every other day to entice more and more retail customers.
For example, Mr. Shah, a home buyer is sanctioned home loan in September 2017 with disbursal in October 2017. Also, during the offer period, he spends Rs. 55,000 on his ICICI Bank credit card. He will get cashback of Rs. 10,000 on his credit card. (eligible for 20 per cent cashback, up to Rs. 10,000).
While both the home loan sanction and card spends needs to be within the offer period, the chronology of the two does not matter, ICICI Bank said.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.