Festive season to kick start! This is how lenders are gearing to lure customers

We are just few weeks away for festive season to kick start in India. With Navratri, Diwali, Christmas, wedding season right around the corner, it is expected there will be massive demand in banks credit growth. Notably, the lenders have geared up in luring their customers, in various ways. Generally, festivals are taken as positive moments to do big thing in life. These can be anything, like purchasing houses, going for vacation, or buying vehicles. Even jewelries are in massive demand. However, not everyone has the funds to aid their financial needs, interestingly, looks like banks have heard your praise. 

According to Gaurav Gupta Co-founder and CEO, MyLoanCare.in, this festive season lenders are preparing in two fronts. 

Firstly the platforms are offering more financing options to the traders and distribution channels like as stockists and resellers.

Gupta says, “With GST having brought in large segments of unorganized channels into organized trade, the lenders are finding it both easy and attractive to extend credit to such segments. HDFC Bank “baniya loan” program is one such example. Similarly, there are offerings from digital lenders like Lendingkart, Neo Growth and others.”

Secondly, in order to make purchasing by consumers easy, the easy EMI schemes, point of sale financing, instant personal loans, alternate financing and other similar options are available. 

Banks and NBFC’s are specially targeting customer at the middle and lower end of the market with loan requirements in the range of a few thousand to a few lakhs.  
Gupta even shrugged off uncertainties rising due to policy repo rate hike which indicates further increase in lending rates. 

He said, “Even though there is some interest rate pressure due to rate hikes in the last few months, banks and NBFC’s are still financing prime segments customers at attractive rates.”

Therefore, if you are one of them planning to opt for loan, then be tension free as your festive season could not go wrong for you.