Features
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SBI Festival Loan
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BoB Festival Loan
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Eligibility
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People working in a reputed private or public company and earning at least Rs. 3000 per month can avail of the loan. He/She should have a work experience of at least 2 years.
If you are self-employed, you should have work experience of at least 3 years. |
One should have work experience of at least a year and be above 21 years old to be eligible for the loan.
If one is self-employed, then he/she should have a profession as per the list of professions acceptable by BoB for the loan. This list includes Doctor, Engineer and Chartered Accountant. Self-employed professionals need to have 2 years work experience. |
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Advantages and Disadvantages
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The interest charges are lower compared to personal loans. Process of getting a loan is easier and there are no prepayment charges. Eligibility criteria are more relaxed.
The downside is that the maximum amount of loan that can be availed is limited. |
Loan Amount
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Minimum – Rs. 5,000
Maximum – Rs. 50,000 |
Minimum – Rs. 5,000
Maximum – Rs. 50,000 |
Interest and Tenure
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Interest rate – 16.05%
SBI loan has to be paid within a year and it can be paid off earlier without any extra charge. |
Interest Rate – 14.15%.
The loan tenure is 10 months and can be paid off earlier if possible without paying additional fees. |
Apart from these loans, there are many other offers by various banks to cash in on the festive season spending –
- State Bank of India (SBI), has waived off processing fees on car loans until December 31, 2015.
- Vijaya Bank has waived off processing fees and inspection charges on auto loans.
- HDFC Bank seems to have launched an auto loan that is disbursed in just 30 minutes. It uses biometric technology which can be used to approve loans quickly.
- HDFC Bank has a special rate of 10.00% per annum for loan to buy the Hyundai Creta. This is 0.50% lower than the current rate of 10.50% for other cars.
Do take a look at the different types of offers on loans and select the best offer. You should not go for the offer just because it is attractive.It should match your product needs and financing terms and conditions should be suitable for you.
It is the festival season and time for all businesses, banks and stores to woo the consumers. People are also geared up to go shopping. They need money for it of course. Banks have got some interesting offers on loans. Some banks have launched festival loans for the festive season. Here is a comparison of the festive loans of State Bank of India (SBI) and Bank of Baroda (BoB) –
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