Partly Cloudy
22°CTue :Partly Cloudy. High: 34 Low: 21

HDFC Bank cuts auto loan rates by upto 0.5%

HDFC Bank cuts auto loan rates by upto 0.5%

New Delhi: Taking a cue from RBI’s rate cut yesterday, private sector HDFC Bank has decided to slash auto loan rates by upto 0.5 percent.

The interest rate on car loan will be lower by 0.25 percent while two-wheeler loan will be cheaper by 0.5 percent, a senior bank official confirmed when contacted.

As far as the commercial vehicle segment is concerned, the reduction in rates will be 0.25 percent.

The new rates would be effective from February 1, the official added.

Last month, the bank had reduced its base rate by 0.1 percent to 9.7 percent, the lowest in the market.

At the same time, the benchmark prime lending rate (BPLR) of the bank was also slashed by a similar margin to 18.20 percent.

The revision in the benchmark lending rate was in anticipation of rate cut by the central bank in its January policy.

Yesterday, the RBI decided to reduce short-term lending rate by 0.25 percent and slash Cash Reserve Bank (CRR) by same margin to inject Rs 18,000 crore of liquidity into the system.

Following the announcement by RBI, IDBI Bank reduced both its deposit and lending rates by 0.25 percent while other banks including State Bank of India (SBI) hinted at cutting their interest rates within next few days.

The Mumbai-based HDFC Bank currently offers car loans between 10.75 percent and 11.75 percent. Post rate cut, the range would be 10.5-11.5 percent for repayment period between 36 and 60 months.

Accordingly, interest rate on two-wheeler loans would be adjusted to between 19.25 percent to 22.25 percent.

With regard to commercial vehicles, the rate on heavy commercial vehicle will be down by 0.25 percent to 11 percent while light commercial vehicle will get reduced to 13.75 percent from existing 14 percent.

The auto loan portfolio of the bank currently stands at about Rs 33,000 crore. The auto loan advances of the bank has been witnessing a growth of 12 percent.

 

Top Stories

Hyundai

Hyundai deals down 8% to 48,111 units in August

September-01-2014
Hyundai Motor India Ltd (HMIL) today reported 8% decrease altogether deals at 48,111 units in August 2014. The organization had sold 52,319
relaiancecapital1--621x414

Reliance Group to request new banking license permit with Nippon

September-01-2014
Mumbai: Reliance Capital Ltd, some piece of the Anil Ambani-controlled Reliance Group, said on Monday it will request another keeping money permit
1365433816-0319

United Bank of India announces Kingfisher Airlines wilful defaulter

September-01-2014
The United Bank of India on Monday announced the grounded Kingfisher Airlines and executive Vijay Mallya an alleged ‘wilful defaulter’, making it
264144-rajnath

Rajnath Singh has no arrangements to meet Pak partner at SAARC: Home Ministry

September-01-2014
The Home Ministry today rejected reports that Rajnath Singh has arrangements to meet his Pakistani partner on the sidelines of the SAARC
36280888.cms

Nifty Hikes to 8,000 for First Time on GDP Boost

September-01-2014
BSE Sensex and Nifty surged to record highs after monetary development in the first quarter hit a nine-quarter high. Information discharged on
modi.222jpg

Japan invites Modi, talks underway to sign safeguard, exchange settlements

September-01-2014
Tokyo: Prime Minister Narendra Modi was agreed an authority welcome by the legislature of Japan on Monday. Joined by Japan PM Shinzo