The State Bank of India (SBI) has lowered interest rate on auto loan and deposit rates but refrained from slashing its base rate. The SBI has made a sharp reduction of 75 basis points in auto loans to 11.25 per cent, which in turn makes it one of the cheapest car loan options in the [...]

The government’s first-ever attempt to estimate the quantum of counterfeit notes in India has shocked the authority. It has been found out that four in every 1,000 currency notes, in circulation, are fake, amounting to over Rs 3,200 crore in 2010, which would seriously affect the “credibility of rupee as legal tender”. The white paper [...]

Now you have to pay high EMI on your auto & home loan, as Nation’s two leading private lenders HDFC Bank and ICICI Bank have increased their lending rates by 45 and 50 basis points respectively, making auto, home and commercial loans dearer. This is the third time that the ICICI Bank has raised its [...]

Car loan interest rates have increased by anything between 50 basis points and 100 basis points (100 bps = 1%). Notably, the rates have touched the double-digit mark after a long gap.

HDFC Bank is likely to raise its auto loan interest rates by 0.50% in the next 7-10 days. According to the sources this is due to hike in borrowing rates. Another private sector lender, Kotak Mahindra Bank, is also feeling the pressure to raise its auto lending rates though there is no decision on it yet.

At the time when banks and other lending institutions are planning for interest rate hike, State Bank of India (SBI) has extended its teaser rate offer on its car loans up to June 30. SBI Ezee Car Loan Scheme offers, car loans at 8% per annum for the first year and 10% for the second [...]

Private sector lender IndusInd Bank expects its consumer finance loan book to rise 20% in 2009/10 and 25% in 2010/11 on robust growth in the vehicle finance segment. Their vehicle finance is picking up and IndusInd are seeing growth in auto, two-wheeler and three-wheeler segment. The bank also expects to maintain its target of 25-30% [...]

India’s third-largest private lender Axis Bank has reduced its car loan rates by 0.5-0.75 per cent. The rates will be 10-10.5 per cent for new loans with a term of 3-5 years. This move did not come as a surprise considering ICICI Bank cut its car loan rates by 0.25-0.5 per cent the previous day. [...]

Leading private lender ICICI Bank is said to have cut car loan rates to 9.75-10.5 per cent from 10.5-11.5 per cent. On the other hand, the bank has increased dealers’ commission to 2.25-3 per cent. If dealers pass on a part of these commissions to customers, the interest rate will further drop to 9 per [...]

Automaker Honda Siel Cars India Ltd. (HSCIL) and private lender Axis Bank have inked a deal for financing HSCIL’s vehicles. “With this tie-up Honda Siel and Axis Bank have agreed to pool their resources together to make accessible organised finance at competitive rates to our dealers and customers across the country for purchase of Honda [...]