Partly Cloudy
21°CFri :Partly Cloudy. High: 23 Low: 14

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

10536-2808-140918-iPhone_6_Plus-Teardown-l

Initially iphone 6 & iphone 6 Plus teardowns uncover high-limit batteries, modified innards

September-19-2014
Nearing hours after Apple dispatched the iphone 6 and 6 Plus on Friday, repair firms and sites are as of now performing
Untitled-5 copy-163781

Last rundown of Bigg Boss 8 candidates uncovered

September-19-2014
Mumbai: The most famous reality TV show ‘Bigg Boss 8′, facilitated by none however the widely adored Salman Khan will go on
hope-whosoever-comes-to-power-will-manage-country-well-says-indra-nooyi_111113095932

Fortune positions Indra Nooyi third most capable ladies ready to go

September-19-2014
New York: Pepsico’s India-conceived CEO Indra Nooyi has been positioned third most compelling businessperson by Fortune, the main Indian-beginning lady on the
Uddhav_Modi_AP_360

Shiv Sena Warns BJP on Seat-Sharing, Says ‘We Are Not Asking, We Are Giving’

September-19-2014
In the round of brinksmanship that the accomplices of 25 years are playing over seat-imparting for the Maharashtra races, the Shiv Sena
980189ac-ecf3-452c-b7a0-3bdc4f505fcdWallpAutoWallpaper2

Movie Review: Fawad Khan, Kirron Kher attempt yet neglect to spare Khoobsurat

September-19-2014
Sonam Kapoor’s Khoobsurat offering Fawad Khan inverse her, hits theaters on Friday. Touted as a redo of Hrishikesh Mukerhjee’s Khoobsurat (1980), the
children

Fighting Parents Can Hurt Emotional Growth of Children

September-18-2014
Wrangling parents put the enthusiastic development of their youngsters in peril, as indicated by another research by New York University. Conjugal issues