Banks are putting their best efforts and thus have come forward in offering fee discounts, lower interest rates and a promise in processing the loan quickly. The low turnover in the loan growth has compelled these banks which is languishing due to the current pandemic situation.
Big lenders like State Bank of India, HDFC Bank and ICICI Bank have come out with various special offers to take advantage of pent-up consumer demand during the festive season since they hope higher demand will make up for the lost business.
HDFC Bank has announced a halving of processing fees on Auto, Personal and Business Growth loans, and have offered to remove the fees altogether for two-wheeler loans. Also, they are offering special deals on various brands with credit and debit card purchases with high hope of boosting their consumption.
We should wait and see the outcome !!!!!!