ICICI Bank, India's biggest private-sector lender according to assets, has introduced a cashback offer for its customers who avail a new home loan or transfer their existing home loans to the Mumbai-based lender, ICICI Bank said in a release. Under this new offer ICICI Bank is giving cashbacks of up to 20 per cent (subject to a maximum amount of Rs 10,000) to its existing credit card or saving account customers on their spends of minimum Rs 30,000 on their credit or debit card if they avail a new home loan or transfer their existing home loans from other banks/NBFCs. The offer is valid from September 1, 2017 to November 30, 2017.
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.
As of 2:39 pm, ICICI Bank shares traded 0.51 per cent lower at Rs 292.20 compared to 0.16 per cent gain in the broader Sensex.