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HDFC Bank Account Holders Get New EMI Facility, ICICI Bank's New Offer. Details Here

NDTV logo NDTV 18-09-2017 NDTV Profit Team

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.

Under a 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.

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