Axis Bank EMI Waiver vs ICICI Banks Cash-back scheme – which one is better?
Axis Bank, One of the leading banking sectors in India has came up with a unique loan scheme “Shubh Aaramb” that helps borrowers to apply loan for upto 30 lakhs and had a 12EMI waiver program. The scheme is excellent opportunities for customer to reduce their pay load in every four months.
The scheme released by Axis bank offers this to customers with regular payments. 12 EMI form the date of disbursement are waived of as 4EMI each after 4th, 8th and 12th year. With announcement of this scheme The Executive director of Axis bank stated “this would also encourage regular payments by customer”.
On the other hand ICICI bank has introduced a new instant cashback scheme that enables the customer to claim 1% of their EMI cashback after every EMI paid. The first cashback is credited after 36 months of EMI’ paid with 36% of EMI amount. The amount of cashback can be used to prepay the next EMI, or they can use that to take credit from ICICI bank. This offer is not only applicable for Residents but also NRI’s.
Speaking with press reporters the executive director of ICICI bank said “ICICI Bank catalyzed the growth of retail lending in the country by making home, auto and other retail loans widely accessible and affordable.”
When it comes to Axis bank and ICICI both schemes offers cashback, Axis bank 12 EMI waiver have the terms and conditions are little strict and is available from 4th year. The customers who are unable to pay EMI’s for more than 90 days get disqualified from the scheme. Which is not suitable for customer struggling with their salary hurdles? But on other hand and the offer by ICICI bank don’t have such type of rules. Any customer from resident or NRI, both can enjoy cashback but the limitation for this offer is that it available from 3rd year of EMI and the payment mode is only through ICICI bank. But the EMI waiver is only limited to 12 years where as ICICI cashback is available for full tenure. Selecting the proper scheme is challenging task. A person who has sufficient incomes even after deductions of all his EMI’s can prefer axis bank 12 EMI Waiver. The customer flexible with paying loan with long-term EMI’s can opt out ICICI bank cashback scheme.