Citibank has introduced a referral programme for its customers in India. Under this programme, a Citibank customer is eligible for cash rewards if he can convinces his friend, associate or family member in taking a housing loan from the bank.
"We hope you have been enjoying the exclusive benefits of being a Citibank customer. You can now share this joy with your friends, close associates or relatives and as a token of our appreciation you will get rewarded for it," the bank said in a mail to its customers.
The foreign lender is offering cash rewards up to Rs 75,000 depending on the amount of loan disbursed.
The move is part of the bank's strategy to improve demand for its retail lending products in India. Citibank currently offers housing loans, loan against securities, loan against fixed deposits, credit cards and personal loans to its retail customers here.
In the current uncertain economic environment, secured retail loans are gaining popularity among banks. Several private banks have also introduced special schemes on housing loans in recent months.
ICICI Bank, the largest private lender in the country, has introduced a new housing loan product that will offer borrowers cashback on every EMI for the entire tenure of the loan.
The bank is also offering its clients the option to renew their fixed rate loans for tenures of two, three or five years at a zero conversion fee within 30 days of completion of the initial fixed rate tenure.
Private lender Axis Bank, which aims to increase the share of retail loan portfolio to 30% by 2015 from 26% now, has also launched a special scheme for its home loan customers.
The bank has introduced a new home loan product where the borrower will not have to pay the last 12 EMIs if he has been repaying money on time. The product, 'Happy Ending Home Loan', is offered to new borrowers at the same rates as a regular floating rate housing loan product of the bank.
