Thursday, 12 October 2023 | PNS | DEHRADUN
A combination of factors such as relaxation of interest rates by banks has been motivating people to avail loans during the festive season. With the festive season approaching, the banks are anticipating higher demand for loans this year as compared to the previous years. The bank officials said that the loans their banks are sanctioning include vehicle loans and house loans.
Speaking on this matter, the assistant general manager of Uttarakhand Gramin Bank, Krishna Mohan Sharma said, “The demand for loans rises significantly during the festive season. Banks during this time are focused on exploring and offering the best options to motivate customers to avail loans. Car loans and house loans are the most preferred loans that customers seek during the festive season.”
He further said that people tend to go for auspicious purchases during this special time, leading to a surge in the demand for loans. “Besides, lucrative discounts and offers provided by companies during the festive season also contribute to this trend,” he added.
The assistant manager of Canara Bank Manas Barthwal said that during the Covid-19 pandemic, the economic instability had led to a sharp decrease in the demand for loans during the festive season. “However, this year, the people are in financially stable condition and this is what is spiking the demand for loans. Retail loans, such as vehicle and house loans, are highly sought after during the festive season. Banks often firm up appropriate marketing strategies that involve lowering interest rates to attract more and more customers towards availing the loans on offer,” he said.
The deputy manager at a branch of ICICI Bank in Dehradun Aman Sharma claimed that as per his bank’s estimation, the demand for loans is to increase by an average of 50 per cent during the festive season this year. “A slew of factors, including customer friendly offers and discounts, have contributed to the heightened demand for loans, particularly in the housing and automobile sectors. Additionally, the people are currently more financially stable than they were the previous years,” he added.
