HDFC Bank increases car loan rates
by 3, September, 2010 0 |
The 2nd biggest private sector bank in the country, HDFC Bank has increased interest rates on car loans by around 25 – 10 basis points.
The increase has been the highest for loans of tenure of 3-5 years. The interest rates for this division lie between 11.25% for premium cars, 11.5-12% for mid segment cars and 12-12.5% for mass segment cars.
A top HDFC Bank official said, “We have raised car loan rates by 25 to 100 basis points with effect from August 20″.
A loan for one year would have interest of 15% for all cars. For period of 2-3 years, a mass segment car would have interest lying between 13.25% – 14%. On a 3-5 year loan, the rate is 12 to 12.5% and over 5 years, it is 14.75%.
C-segment cars like Fiat Linea, Ford Figo Honda City and Hyundai i20 would have 15% rate of interest for the 1st year, 13.25% on 2-3 year loan, 11.5% for 3-5 years and for loan tenure over 5 years, it is 14.75%.
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