Mostly Cloudy
9°CThu :Partly Cloudy. High: 17 Low: 6

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

24-4-2014-VAR-gh23-O

Narendra Modi’s Varanasi roadshow rattles Congress, desires FIR filed

April-24-2014
  Bharatiya Janata Party (BJP) `s prime ministerial candidate Narendra Modi, waves to supporters as he arrives in an open vehicle to
M_Id_468503_Telecom_Tower

Bharti Infratel Q4 net profit jumps 64 pct to Rs 472 crore

April-24-2014
Tower firm Bharti Infratel today reported a 64 per cent jump in its net profit at Rs 472 crore for the quarter
227436-priyanka

Priyanka Gandhi denies reports that she wished to contest against Narendra Modi

April-23-2014
Congress leader Priyanka Gandhi Vadra, presently managing the campaign for Sonia and Rahul Gandhi in Amethi and Rae Bareli, was reportedly willing
money300

Black money may account for 1/3rd of Rs 30k Cr poll expenses

April-22-2014
New Delhi: As general elections draw closer, ‘unaccounted money’ may account for over tierce of total Rs 30,000 large integer calculable to
MalaysiaAirlinesPlaneTakeOff_large

Malaysia to issue death certificates in missing plane

April-22-2014
The Malaysian government can issue death certificates for passengers of missing Flight MH370 and supply monetary help to families still hanging onto
nexux

Google engaged on a budget Nexus smartphone

April-22-2014
Google has been in the news since last number of years for engaged on a budget Nexus smartphone. However, the items haven’t