Wednesday, April 18, 2012
By Manoj Kumawat
Maruti, Hyundai, Honda waiting for banks to reduce car loans interest rates
Now that Reserve Bank of India has slashed the lending rates, car makers are eagerly waiting for the banks to reduce the car loan interest rates. After the banks reduce the loan interest rates, it is expected that car sales in India will kick off to a new start as rising interest rates have hampered car sales for long. In addition to it, experts believe that the rate cut would bring a positive sentiment in the car market and with superb offerings such as Maruti Ertiga in, people will definitely be on car buying spree then.
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Notably, RBI has decreased the lending rate by .5 percent on short term loans and now it has come down to 8 percent. Now it is up to the banks to transfer the benefits to the end customer by slashing the interest on loans. In all, the RBI’s decision in itself will pull up the public sentiment in favour of car buying and car makers such as Maruti, Hyundai, Honda and Volkswagen besides others expect that there will be a positive buying on its way in the coming months. In addition to this, car makers have also set their robust plans for the year ahead. Maruti has already launched Ertiga MPV, while Chevrolet is soon to launch the new Captiva while Renault will be launching Duster SUV soon. Similarly there are excellent car launches slated this year.
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Now car makers are eyeing the banks to cut the car loan interest rates so that car buyers swarm in to the car showroom to buy cars in India. Significantly, it was the car loan interest rates that dampened sales in 2011-12 and car sales grew only by 2.19 percent which is the lowest growth since 2008-09. If the banks cut the car loan rates then it is believed that the industry will grow by 10-12 percent this fiscal.
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