HDFC Bank, ICICI, Axis Bank Launch Festive Offers to Boost Lending Business

As India faces a slowdown in bank credit growth, major banks like HDFC Bank, ICICI Bank, and Axis Bank are rolling out special festive season offers to encourage more retail lending. This move comes at a time when overall credit growth has dropped from 14% last year to just 10% now.

Festive Offers by Top Banks

HDFC Bank has already started its "Festive Treats" campaign during the Onam and Ganesh Chaturthi celebrations. ICICI Bank plans to launch its "Festive Bonanza" offers soon, while Axis Bank is preparing special discounts linked to the recent GST cuts effective from September 22.

Other big banks such as State Bank of India (SBI) and Bank of Baroda are also joining in with their own festive promotions.

Credit Growth is Slowing Across Sectors

Bank credit growth has slowed down in many important areas:

• Personal loans growth has eased to 15% from 17% last year.
• Vehicle loans and credit card spending are slowing down.
• Agriculture credit growth sharply dropped from 17% to 7%.
• Industry loans have fallen from 8% to 6%.
• Mortgage loan growth has slowed to about 10% from 18%.

Why Focus on Retail Loans?

Retail loans are a key focus for banks during this season for several reasons:

• They generally offer higher profit margins.
• They help banks grow their asset base.
• Retail loans are seen as less risky compared to big corporate loans.

Festive Season: A Good Time to Borrow

The festive season usually brings positive consumer sentiment, making it a perfect time for banks to revive credit demand. Attractive offers and discounts can motivate people to borrow and spend more.

Read more: Check Gold and Silver Prices on Sept 15, 2025, Across Delhi, Mumbai, and Bangalore!

Conclusion

With credit growth slowing down, major Indian banks are using festive season offers to boost retail lending. These campaigns aim to benefit both banks and consumers by encouraging more borrowing and spending during a traditionally strong period. The coming weeks will show how well these initiatives work in reviving India’s retail loan market.

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