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.SamedayPaydayLoan commented:
If they are doing this then this is really a great news for people as they will be getting the benefits from this and they will be saving their money
29.08.2011
Payday Loans commented:
A good news for savers. Both ICICI and AXIS bank are known by their name and if they are taking step like this, this will boost economy of nation too.Thanxxx for updating post.
30.09.2011
Cash Payday Loan commented:
It can be noted that ICICI has been very going slow on the complete lending business especially the auto loans since 2008 following its lending spree from 2005 through 2007. Also, ICICI was the only main domestic bank which was unfavourably impacted by the global credit crisis.
11.10.2011
quick loan 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 news as these competitive banks have cut their car loan rates to attract customer.This will surely make the impact and also car companies will see the boost in car sales.
05.12.2011