Car loan rates dip, offers, to bring back sheen to car buying this season
Carmakers and banking industry are all set to bring more joys to car buying during this auspicious Navratri season and Diwali. We all are aware that automobile industry was not doing well from past some time and even best selling cars such as Maruti Alto 800 had to face the heat due to slow sales. However, carmakers appear to heave sigh of relief due to receiving heavy advance bookings. They are hopeful that market will witness significant boom during major upcoming festivals like Dhanteras, Diwali, etc. There is no denial to the fact that financial and banking industry has played crucial role in trimming down the negative repercussions of depression on automobile industry through reducing interest rates. Automakers have sufficient reasons to express their gratefulness towards banks and indeed they are nowhere lagging behind in doing the same.
Few prominent public sector banks like Punjab National Bank, IDBI, Oriental Bank of Commerce have introduced special offers related to auto loans. State Bank of India has recently cut its interest rate on car loans by 20 basis points to 10.55 percent. If any customer desire to opt for an auto loan, his monthly installment will be reduced. Even private banks do not want to miss out a brilliant opportunity to lure customers. When they too are jumping on the bandwagon of reducing interest rates, how can leading public sector banks lag behind? Even State Bank of India too has jumped in the foray through marginally reducing auto loan rates. Few of the reputed names of the financial and banking industry like HDFC bank, ICICI bank, Kotak Prime, etc. too are likely to follow the footsteps of leading Public sector banks, who have marginally reduced auto loan rates.
Meanwhile, there are many new car launches viz. Nissan Terrano, Skoda Octavia, Volkswagen Vento TSI etc. that are sure to trigger sales. Finally, initiatives taken by banking industry appears to put auto segment back on the track of growth. Nevertheless, this Navratri season has indeed proved to be an excellent season for automakers and customers, both. If interest rates continue to dip further, it is apparent that customers will be encouraged to consider buying vehicle. If they will be convinced that it is the best time to buy vehicle, they will certainly consider buying it, without postponing the purchase.