Monday, August 13, 2012
By Pawan Rana
Car loans could get cheaper this Diwali
If you are a new car buyer and wish to have the new Mahindra Verito or any other car as your first car, research well before going in for auto loan. As some of the banks are offering lower interest rates while some stick to their normal rates. A recent report has revealed that a major private bank in India has denied any immediate reduction in the auto loan interest rate. Notably, as soon as the State Bank of India has announced a rate cut of 0.50 percent in the interest rate, it was believed that the other car makers will also be reducing the car loan interest rates. Another important thing to note is the sale of cars in India has come in track a little bit after the SBI had announced the rate cut.
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As per sources information, HDFC is one such bank that has desisted from a rate hike and it is not expected to announce a cut in the recent future. However, it is believed that a neat Diwali rate cut will be offered by almost all the banks as the Diwali period is the time when there is most of the car buying in the country happens. It is a time when most of the car makers come up with their new launches. This Diwali there are many new car launches scheduled and these include Mahindra Xylo Mini, Mahindra Reva NXR and three other cars from Mahindra including the compact sedan Mahindra Verito CS and two other offerings from Mahindra’s Korean company Ssangyong which will be launching Ssangyong Korando and Ssangyong Rexton SUVs. In addition to it the most happening launch will be that of Ford Ecosport SUV and Nissan Evalia MPV.
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There are almost two dozen new cars coming this Diwali and there could be a lot many other surprises as well. All these are expected to make the auto sector in India much happening and will make India a destination for auto makers. Not only the Indian auto makers but the foreign auto makers are expressing high interest in India and it is expected that Banks will also be coming up with attractive interest rates at the time of Diwali.