SBI, Kotak Mahindra, PNB, BoB offer record low rates of interest on loans to cash in on festive cheer

Indian banks are aggressively pushing loans for both home and gadget purchases at record low rates of interest, tapping into festive season optimism as demand gradually returns to pre-Covid levels in the broader economy.
While State Bank of India (SBI) is offering festive season home loans at 6.70% irrespective of loan amount, Kotak Mahindra Bank has reduced rates to record lows of 6.5%. With outreach programmes scheduled to make a return in the first week of October, credit flow to productive sectors of the consumer economy is likely to increase further.
“Concessional interest rates are (usually) applicable for a loan up to a certain limit and are also linked to the profession of the borrower,” said CS Shetty, managing director (retail and digital banking), SBI. “This time, we have made offers more inclusive and they are available to all segments of borrowers, irrespective of the loan amount and the profession of the borrower.”

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