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Diwali shopping, how to make the most of the festive offers

Diwali shopping_how to make the most of the festive offers

Today is Diwali, the festival of lights. Includes a variety of offerings from banks, non-bank finance companies (NBFCs), and home finance companies (HFCs).

In 2022, the cheapest opportunities fall in October, making the month even more attractive for both consumers and lenders.

A sizeable population of India loves to splurge as soon as Sharad Navratri begins, which marks the start of consecutive month-long festivals like Durga Puja, Dussehra, Eid Milad un Nabi, Karwa Chauth, Dhanteras, Diwali, Govardhan Puja, Bhai Dooj, Chhath Puja. , Etc.

In order to effectively capitalize on the spending frenzy and further increase customers’ purchasing power, banks are maximizing transactions across a range of lending products.

The offers for the Christmas campaign can be divided into four large sectors.

Refund and discounts

Cashback and rebates are the most popular. They are introduced to minimize some of the initial purchase costs. They are usually in operation all year round. However, the number and frequency of these deals increase significantly during the extended festival season.

Customers who want to buy gadgets, clothing, home and kitchen items, furniture, and electronics can bundle many deals for maximum benefit. Credit cards can get you the best deals, while lenders are gradually expanding those deals to include debit cards and buy-now-pay-later service providers.

Processing Fee Waiver

Full and partial waiver of processing fees for Personal Loans, Home Loans, Auto Loans, Home Equity Loans (LAP), etc. You can save a significant amount of money as processing fees could be waived on a home loan from Rs 50 lakh to Rs 10,000.

Applying for a large line of credit like an auto loan, home loan, or LAP can help you save on the one-time fee charged to process your loan.

pre-approved loans

They are effectively designed to retain customers and key categories of the existing customer base. Most lenders will submit pre-approved or pre-qualified offers for a premium credit card, a personal loan at a premium rate of interest (ROI), a home loan with a higher loan-to-value (LTV), or an auto loan to be financed up to 100% of the vehicle’s discharge value.

A credit card loan and a recharge loan for an existing facility on more favorable terms are among the lucrative offers for preferred customers, as one can get a loan at lower interest rates compared to usual rates throughout the year.

Plus, the approval and payment cycle for most of these pre-approved offers are quick. It ranges from a minute to a few hours.

Cost-Based Offers

These offers are generally available to all customers who handle credit and debit cards.

However, the amount of savings is still higher for credit card spending. These offers are basically designed to encourage a consumer to spend a set amount over a set period of time, after which they may qualify for spending-based cash back, a gift certificate, bonus rewards, or perhaps free access to a premium privilege and much more. . .

In short, with holiday deals you’ll get the best deals on almost any loan product. This keeps the profitability of the credit market intact throughout the year. The main differentiation during a holiday season comes from the frequency of these offers and the size of the savings.

India’s credit market, still poorly penetrated, still has a long way to go, as bankers serve a large share of new borrowers each festive season. New lines of credit extended to new consumers help lenders expand their respective networks, effectively contributing to credit growth and ultimately national economic output.


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