State-owned Indian Overseas Bank and Bank of Maharashtra on Wednesday announced a reduction in their marginal cost of funds based lending rate (MCLR)
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"To bring more smiles to customers and their dear ones, bank has waived 100 percent processing fee on car loans till 31 December, 2017," SBI said.
A lot of the non-priority NPAs are large and valued customers of the banks, who also have considerable political clout
Equated monthly installments (EMIs) paid on home, automobile and other loans would remain unchanged, as the Reserve Bank of India (RBI) left key interest rates unchanged in its third bi-monthly monetary policy review Tuesday.<br />
The EMIs for home, car and even personal loans are likely to go up as both private sector lender HDFC Bank and public lender State Bank of India have increased their minimum lending rate by 20 basis points to 10 percent.<br /><br />
Dena Bank Ltd has a home and car loan combo deal where home loan will be a 10.25 percent while car loan would be 11.75 percent. While the bank's corporate salary account holders would get consumer durables at a discount of 100 basis, at 12 percent.<br /><br />
State Bank of India (SBI) on Wednesday reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.
The bottomline is with the country's largest lender indicating a possible increase in rates and the RBI adopting a hands off policy, higher borrowing cost for all-individuals and corporates-is going to water down this year's festivities.
The eligibility limit for loan issuance for salaried individual for car purchase has been raised from Rs 2.5 lakh per annum to Rs 6 lakh per annum, as per the recent circular of the bank. For the SBI account holder, the limit has been raised to Rs 4.5 lakh per annum.<br /><br />
The biggest mistake you make while dealing with your car loan is at the end--when you pay the last equated monthly instalment (EMI). That is because on paper the vehicle still belongs to the lender unless you take a few steps and tie the loose ends.
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The cost of owning a car has also jumped significantly - 12-14 percent - because of frequent increases in fuel prices and interest rates.A recent note by Crisil pointed out home loan borrowers could be saddled with an additional burden of Rs 6,000 crore in the form of higher EMIs