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ICICI, Axis cut car loan rates
The car finance market is hotting up with ICICI Bank and Axis Bank slashing interest on new car loans. - Race to lower car loan rate hots up - ICICI-First Data look at 500,000 PoS terminals by 2015 - Axis Bank sweetens home loan offer - Union Bank signals rise in deposit rates - 2000-09: The game changers - Where are interest rates headed? While ICICI Bank has cut its car loan rates by 0.25-0.5 per cent, Axis Bank today announced a reduction of 0.5-0.75 per cent for loans having three-five years maturity for new customers. "ICICI Bank has cut its car loan rates by 0.25-0.5 per cent to 9.5-11.5 per cent, depending on the category and tenure of loans," a source close to the development told PTI here today. When contacted, an ICICI Bank spokesperson tersley said: "Our auto loan rates are in line with competition." The largest private lender had revised its rates downwards last October as part of the festive offer. It can be noted that ICICI has been very going slow on the entire lending business especially the auto loans since 2008 following its lending spree from 2005 through 2007. Also, ICICI was the only major domestic bank which was adversely impacted by the global credit crisis. The largest private sector bank had even discontinued two-wheeler loans last year. The reduction in car loan rates by biggies like ICICI Bank and Axis are likely to put pressure on other banks to follow suit. "Based on customer research and interactions as well as market feedback we feel that this is the appropriate time to offer new rates to new customers," Axis Bank President (Retail Banking) Manju Srivatsa said here today.PaydayNextday commented:
This will be beneficial for the customers as this will help them to pay less amount
29.08.2011
Payday Loans commented:
The cutting of car loan by Axis and ICICI is good news for the consumers
01.10.2011
Online payday loans commented:
The cordinance of ICICI and Axis will boost the person to take their own car and get relaxed. Thanks for such informative post.
12.10.2011
Payday Loans commented:
Great news it is. If both are thinking that way, it muct come with a good result.Thanks for such post.
02.11.2011
Asian Private Funds commented:
Its great that these leading banks have cut their car loan rate and this will certainly increase in the sale of the car as people will approach toward it more.
05.12.2011