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I took a car loan with Hdfc bank. Interest rate is good compared to the market. Processing fee is normal aswell. within two weeks my loan got disbursed. Customer service has to be improved. While processing my loan. I got many calls from different person and they were not able to give an exact feed back about the status. It would be better If one person who guide through out the process to avoid confusions.
07:15 PM - May 21, 2015
My car loan from axis bank got approved within 2 days.The response and the process was very fast with axis bank. The interest rate and the processing fee are nominal comparatively with other banks. The executive from the axis bank came and collected all the documents for the loan process. Overall i have a good experience with axis bank.
06:20 PM - May 21, 2015
The response given by the Axis bank for my car loan process was very good. They disbursed my loan within 3 days. Axis bank interest rates are competitive with other banks. They charged the less amount of processing fee. Overall the service given by the bank is very good
06:01 PM - May 21, 2015
On a whole I had very brilliant experience while processing my car loan with Hdfc bank. I am salary account holder. Good service given by customer service. Interest rate is normal. And even the processing fee is in the lower side. Paper work was very less once the document is collected I got my loan amount very next day itself.
07:06 PM - May 21, 2015
The representative who came from axis bank to my place to collect the documents helped a lot for the process of my car loan. They approved my loan within 1 day. Axis bank was prompt on the response and supported their best. The charges were the same provided buy other banks.
06:07 PM - May 21, 2015
My overall experience with axis bank was good while taking the car loan.They are fast in the process as they disbursed the loan within 5 days.Documentation part was very simple to provide and the charges were normal as per the market rate.
05:59 PM - May 21, 2015
I had a very good experience with Hdfc Bank in terms of car loan. Customer service was best in terms of response. Interest rate that is offered for me was 10.5% and there is no any other charges like processing fee etc. Minimal documents were collected. The best thing is I had no options to visit the branches incase of any query. An executive came to collect all my documents . It was easy disbursement. On a whole I had a best service.
06:59 PM - May 21, 2015
Axis bank is good and quick in processing my car loan.Documentation part was quite usual like other banks. They offer the best charges. The axis bank service is excellent and they do the needful for the customer than our expectation.......
06:06 PM - May 21, 2015
Experience with axis bank was good throughout the entrance process. They disbursed the car loan within 10-12 days.The time responding to the customer was pretty fast and i feel more comfortable with the bank.The one negative thing i felt is that they should not be charge the pre closure charges or charge a minimal amount.
05:56 PM - May 21, 2015
I had very nice experience with HDFC Bank in terms of car loan. I had no problem with my business file so my loan got disbursed in 5 to 6 hour once my I done with my paper work. It was a very easy and fast process. It would be nice if the bank reduces the processing fee so that it will be very helpful for other customers as well.
06:56 PM - May 21, 2015
Axis bank is good in their process as i have taken the car loan from them but they are little slow with the commitment they give. But i received my vehicle within the same day when i was required. Axis bank is very comfortable. They charged the interest rate as 10.5% and Rs.450 for the processing fess which are nominal only.
06:04 PM - May 21, 2015
I have taken a car loan with SBI Bank. There was no special efforts which I have taken for this car loan .everything was done by the dealer he arranged everything for me. I just visited the branch and I have signed the documents. Interest rate offered by them is the best in market. Processing fee charged by them was rs 1500.
05:10 PM - May 21, 2015
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Minimum income required
Rs.2,40,000 per annum
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 Yr years
|Interest Rate (Monthly reducing balance)||10.5% - 12.75%|
|Processing Fees||Rs. 500 to Rs 5,000|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% to 4% on outstanding loan amount|
|Guarantor Requirement||No guarantor required|
There are plenty of reasons to buy a car. Off the top of our heads, we’ll tell you: long, happy drives with your family to fun destinations, no more haggling with mean auto rickshaw drivers, avoid being packed like a tin of sardines in a bus, immunity to public transport strikes, the “cool” factor, your own choice of music… The list goes on. Get from Point A to Point B or Point Z and back with some new commuting adventures thrown in. Don’t have the funds for it? No worries. Simply apply for a car loan and in just a few EMIs, you’ll have your own set of wheels. Let’s fulfill your dreams today.
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Posted on 14th May 2015
Renault, the French car maker is all set to unveil its latest offering in the hatchback segment, a small car codenamed XBA which seems to have struck the right note in the media. Scheduled for a launch on May 20, this small car is expected to compete with low on budget cars from the likes of Maruti Suzuki and Hyundai. This segment is currently dominated by models like Alto, Ritz, Eon and others.
The XBA will be based on the Common Module Family (CMF) platform which has proven its mettle with the Datsun series. Pegged to be priced under Rs.4 lacs, this model will be offered in four different variants mounted with a 800cc petrol engine and is likely to be assembled at Renault-Nissan Oragadam unit in Chennai.
If you’re keenly looking forward to purchasing the XBA, a car loan provides you the required financial impetus.
Posted on 14th May 2015
In what might be compared to the phrase ‘fall from glory’, Tata Motors is putting every ounce of effort to revive its star. The Nano GenX, set to be launched on May 19, is the first major overhaul of the Tata Nano since its launch in 2009. Targeted at customers looking for economic conveyance solutions, the Nano GenX has undergone a complete overhaul in terms of mechanics and aesthetics. The interiors and exteriors have been re-styled for a trendy look while the vehicle features new Automated Manual Transmission (AMT) gearbox technology, making it the cheapest automatic transmission enabled vehicle in the country.
With other Tata Motor launches like the Zest and Bolt performing well in the market, Tata Motors now banks on the Nano GenX to continue its lucky streak. Customers looking to purchase the Nano GenX can do so with the help of a car loan, which is one of the most advisable options.
Posted on 12th May 2015
Ford, a well-known American automobile company, is all-set to launch their new-generation Ford Endeavour followed by the all-new Ford Figo Aspire, this year. The next-generation Ford Figo hatchback is also lined up for launch by the end of the current fiscal year. Ford started the production of their next-generation Figo since February 2015 at their manufacturing unit in Gujarat. With an integrated spoiler, swept back headlamps, trapezoidal honeycomb grille and a stumpy boot lid, the new Figo will share some of the features with the upcoming Aspire. The next-generation Figo will have the same engine as that of its predecessor but will flaunt new peripherals and cylinder head. This car will definitely be a tough competition for Maruti Suzuki Swift, Hyundai i10 Grand and Tata Bolt. With banks providing car loans at easy-to-pay interest rates, you can definitely go ahead and afford this car. The car loan provides you with the upfront amount you need to get this dream car.
Posted on 7th May 2015
A height of 6 feet and 6 inches with a weight of 300 pounds makes Daniel Farnes, Finance Manager of Planet Hyundai Sahara, a pretty big man. But he fits comfortably inside 2014 Sonata GLS. There was a time when he used his size fitting easily inside Hyundais as a selling idea. He added that the trunk was big enough by mentioning that he could easily crawl into it. The Hyundai Sonata was specially designed to offer more space and comfort.
May it be the interiors or the performance, every Hyundai is a class above. A brand new Hyundai comes with a 10 year long warranty including complimentary roadside assistance. And, with car loans very easy to come by, you can get your very own Sonata too.
Posted on 4th May 2015
Tata Motors has decided to reward its existing Nano customers, by offering them the chance to be among the first owners of the new Nano GenX. The company has launched an exclusive campaign called ‘Power of 1+1’ programme for the existing customers. The new GenX Nano will come with Automated Manual Transmission or Easy Shift. Through the Power of 1+1 programme, the existing Nano customers will get Rs 20,000 as special bonus and will also be offered with the best price possible for their old Nano cars. Apart from that, they can also take advantage of a referral programme wherein they will be given Rs 5,000 as a cash prize for each person they refer.
In order to make it convenient for the existing Nano customers to purchase the new Nano Genx, Tata Motors has tied-up with various financial institutions to offer them with car loans at attractive interest rates. Looks like it’s the right time to go Nano!!
Posted on 2nd May 2015
Car enthusiasts in India have something to cheer about. Volvo India, the automobile giant, has preponed the launch of the new Volvo XC90 to May. Volvo was supposed to launch this highly anticipated car in September but the company decided to prepone the launch due to high demand. Two variants of the Volvo XC90, the Inscription and Momentum, will be available in India. The Volvo XC90 will feature very elegant interiors with only a few buttons and a 9-inch touchscreen.
Both the variants of the XC90 will be powered by a new turbocharged D5 4-cylinder diesel motor with a max power of 228PS. The car might also be available with a T8 petrol engine along with another four-seater variant. This car from Volvo will be a direct competition to the Audi Q7, Mercedes-Benz GL Class and BMW X5. The Volvo XC90 will most likely have a price tag of Rs 65 - 70 lakhs in India. When it does release in India, the string of versatile, customer centric and easily available car loans should come in handy.
Posted on 28th April 2015
The iconic Jaguar automobile company is bringing forth the much anticipated Jaguar XE, with production commencing in full flow at JLR’s brand new Solihull factory in the UK. This high end car is expected to be available in India by the end of 2015 or the first quarter of 2016. Expected to compete against the likes of BMW 3 Series, Audi A4 and the rest of the trendsetters, the Jaguar XE will be produced in both the petrol and diesel versions.
And, this is good news for the auto-freak Indian, as a plethora of car loan options are available across comparison websites such as BankBazaar.com. Get set, source the car loan, and burn some rubber with the Jaguar XE.
Posted on 27th April 2015
Fiat Linea, an admired name in the Indian automotive scene, is getting a fresh breath of life. The next generation Linea is undergoing secret testing in Italy, and preliminary estimates predict that this upgraded model will hit Indian shores in late 2016 or the first quarter of 2017. Fiat Linea has been a preferred choice amongst Indian car buyers since 2014, and was slightly modified from its original brethren (launched in 2007) to suit Indian conditions. It is expected that the next gen Linea, currently under wraps, will also be suitably modified to better deal with Indian conditions and sensibilities.
And, when the brand new Linea does hit the Indian roads, a suitable car loan will help you get one for your own self. With car loan comparison websites like BankBazaar.com, finding the perfect loan is that much easier.
Posted on 27th April 2015
The global automotive icon, Audi, considers India a very promising market when it comes to its urbane line of high-end vehicles. In this regard, the launch of the peppy 2015 Audi A3 Convertible adds another potent performer in its stable of luxury vehicles offered in India. Priced at just over Rupees 50 lakhs, the car is a dream machine on wheels. With top end configurations under the hood, plush interiors, the option to turn convertible and the aura that comes with the Audi tag, the A3 is expected to earn top billings in India. And, with readily available car loan options, and online comparison websites that help you zero in on the best car loans, you don’t have to be just a bystander as the A3 zooms past you, go ahead, get your own!
Posted on 22nd April 2015
The National Green Tribunal (NGT) is all set to ban vehicles that operate on diesel fuel and have been playing on Delhi’s roads for over 10 years. This move is aimed at addressing the incrementing air pollution levels in the capital city and is likely to prompt evasive and alternative action from the common populace. While the impact on the sale of new diesel vehicles is pretty obvious, the cascading effect will also engulf second-hand vehicles- prompting steep price cuts among other things and also potentially, impacting the evergreen spheres of car loans and second hand car loans. The NGT advises that replacing your vehicle’s diesel engine with the more efficient and less polluting CNG engines is the ideal way to go. However, with costs of such replacements peaking at 30,000-50,000 Rupees, will there be many takers for this flash solution? Only time will tell.
Posted on 20th April 2015
Car manufacturers in India are unhappy on the quantum of reduction in base lending rates by leading banks in the country. They are of the opinion that banks need to do more to pass on full benefits of the recent repo rate cuts by the country’s apex bank. A cartel led by Maruti Suzuki is pressing for cut in car loan interest rates by at least 50 basis points with a belief it will improve car sales in the country.
Earlier this week, the governor of RBI came down heavily on banks for not passing the perks of repo rate cuts to consumers. Reacting swiftly to the governor’s directive was State Bank of India (SBI) which cut its base lending rate by 0.15 percentage points. HDFC & ICICI followed suit by announcing cuts of 0.15 and 0.25 percentage points respectively. Car makers see this as an optimistic move but are asking for more to improve consumer sentiments in the car finance segment.
Posted on 7th April 2015
Maruti Suzuki, India’s biggest car maker is leaving no stones unturned in ensuring its upcoming compact SUV hits the right note when it is showcased at the Auto Expo early in 2016. The YBA spotted in testing phase looks promising and is based on the Swift platform. Maruti Suzuki seems to have taken a cue from the success story of the Ford Ecosport by building a car in the budding Compact SUV segment.
Slated for a 2016 launch, the YBA will have variants in both Petrol and Diesel.The YBA is likely to be fitted with the 1.4-litre K14B petrol unit at 95PS and 130Nm of torque. The Diesel version will come with a 1.3-litre DDiS engine at 90PS and 200Nm. By the looks of it, the car’s design is largely based on Suzuki iV-4 concept.
Car loans fuel your dreams of owning a car. It is important to compare rates and terms online before choosing a bank to fund the car purchase that ensures that you get the best deal.
Posted on 7th April 2015
Ola Cabs, India’s leading cab aggregator, unveiled a path breaking car finance scheme with State Bank Of India which lets drivers affiliated with Ola service procure cars at attractive terms. This exclusive project is aimed at promoting self sustenance and entrepreneurship among the driver community.
Under this arrangement, associated Ola drivers are eligible for a fast track car loan from SBI at a down payment of 10% coupled with simple documentation. Unlike the conventional EMI based monthly repayment system, repayment under ‘Ola Pragati’ is based on the concept of daily debit which will benefit the driver in terms of repayment of loan like a daily expense. The primary motive of this collaboration is to nurture thousands of drivers in fulfilling their self employment aspirations.
Over 70% of drivers running on the Ola platform operate their own cars, thanks to similar efforts by this cab aggregator in the recent past.
Posted on 1st April 2015
With more and more women continuing to work post-marriage, the trend of applying for joint loan has gained momentum. Be it a car loan or home loan, a working couple applying for a joint loan get more benefits. One of them being the eligibility for a higher loan amount, in comparison to applying for a loan individually.
Apart from the salary, the bank approving the loan also takes into account the applicant’s credit profile and debt-to-income ratio. If one spouse doesn’t fulfil anyone of the criteria then the loan application can be rejected. Also, if any one of the spouses fails to pay his/her share of the EMI, under a joint loan, it could mean trouble for both.
Posted on 27th March 2015
Skoda’s Indian model line-up is getting a new twist. A new variant, called the Zeal Edition has been introduced. The cars under this edition will be characterised by black leather and alcantara upholstery. These cars, marked with unique interiors, will be available in addition to the Skoda cars already plying across Indian roads.
The Yeti, Octavia and Superb will feature black alcantara and leather seats, a black dashboard and black door trims. The Rapid Zeal Edition will be revamped with alcantara and leatherette seats, rear parktronics, observation mirror and floor textile mats. The good news for car lovers is that this edition also features a Garmin navigation device with rear view camera. Available for a limited period, the Rapid with its new features is quite tempting while the Zeal edition can be pitched on the same level as City and Ciaz.
Posted on 25th March 2015
Renault Duster was a runaway success when it was released in 2012 receiving over 29 awards since its launch. Now, Renault Duster 2015 model is all set to rock the automobile market with updated features like monocoque construction and Eco Mode. The new interior updates include cruise control, speed limiter and new upholstery that will give the SUV a fresher look. The updated Renault Duster will come in both petrol and diesel variants and will operate in Eco mode that is said to improve the fuel efficiency by up to 10%. The all-new Renault Duster will compete with other SUVs like Tata Safari Storme and Mahindra Scorpio.
With automobile manufacturers coming up with new car launches, buying a car for yourself need not be only a dream. Compare and choose the best car loan deals in the market using BankBazaar.com. Also, give the car loan EMI calculator a try to plan your finances suitably.
Posted on 25th March 2015
General Motors has finally launched its much-awaited SUV, Chevrolet Captiva in India. The 2015 Chevrolet Captiva costs Rs.25.13 lakh for the manual transmission model and Rs.27.36 lakh for the automatic transmission type. The all-new Chevrolet Captiva comes with a lot of stellar features, the main one being the “Cluster Ionizer” concept. The Cluster Ionizer will generate ions to deodorize and automatically purify the car interiors.
With jet-black interiors, Captiva is also equipped with third-row heating, electric parking brake, rain sensing wipers and sunroof. Loaded with six airbags, assist-equipped brake discs and traction control system, Captiva will make your ride safer. Powered by a 202-litre motor at 3800 rpm and 400 Nm of torque, the SUV offers flexi seating arrangement for 5+2 passengers.
With banks offering exclusive car loans for SUVs, you can also own a Captiva now. Also, check BankBazaar.com for customized car loan offers and try the car loan EMI calculator to plan your finances in advance.
Posted on 23rd March 2015
App-based cab companies have become household names in a short spell, thanks to their quick and impeccable service as well as reasonable fares. An innovative business model is designed to bring car drivers, investors and cab companies to an integrated platform- driver-cum-entrepreneur model. Service companies assist individuals to avail easy auto loan with nominal interest and flexible tenures on the condition that they work for the company. This is a win-win-win situation for everyone involved in all aspects.
Renowned companies such as Uber, Ola and Meru follow this model and continue to reap heaps of benefits. Unlike regular vehicle loans, applications referred by cab companies cover 90 percent of the road price of the car. Hence people from poor economic background who usually do not have any savings can easily become car owners and easily pay back the loan from the income made out of it.
Posted on 17th March 2015
Honda has paraded the brand new Jazz at the Geneva Motor Display, which is one of the most awaited inaugurations of the year. Honda presented the Jazz in the Japanese Domestic Market (JDM) at the end of 2013 and there were assumptions that it would be promoted in India the following year. Nevertheless, the humungous H has awaited this vehicle and it became their first launch in India this year.
The new Jazz is constructed on the similar light and unyielding stand as the forthcoming HR-V. It is longer than its precursor by 95mm as well with an extended wheelbase. This makes it even roomier than the existing model. Moreover it has a 354 liter boot space. Since the price has come down tremendously, Honda Jazz sells as much as its rivals Hyundai Elite i20, though it is not as sporty-looking as the latter. The expected price will range from 6 to 8.5 lakh.
Posted on 17th March 2015
Fiat India, curious to ramp up car sales has launched the “5*5”, aimed at luring prospective car buyers with charming benefits on its entire car range across varied segments. This concept is a combination of 5 key aspects of a Fiat car multiplied by 5 benefits of buying one.
The 5 distinctive facets are Italian styling, strong build quality, top class ground clearance, rich features and superior ride & handling. The 5 benefits of this scheme are 5.5% interest rate on car loans, 5 years warranty, 5 free services, 5 years roadside assistance and a chance to win couples trip to Italy. The Italian car maker is leaving no stones unturned to ensure success of this campaign aimed at ramping up car sales in various segments.
Posted on 12th March 2015
Mercedes Benz is geared to launch the 2015 B class facelift in India on March 11th, 2015. The revived B class will look elegant with new LED projector headlamps, logo etched grille along with a bumper that is redone with embedded stylish fog lamps in the front. In the rear section, the car has undergone considerable changes with new tail lamp graphics, remodeled bumper and integrated exhaust.
The German car maker has given equal prominence to the interiors with a new instrument cluster, a new infotainment system with an 8 inch screen, three spoke multifunction steering wheel and a host of other cosmetic changes. This facelift model made its global debut at the Paris Motor Show in October, 2014.
Posted on 12th March 2015
Hyundai, the Korean car maker is all set to uncover i20 Active, the crossover version of its famous i20 series of hatchback on March 17th. The model conforms with Hyundai’s Fluidic Sculpture 2.0 design philosophy.
This urban crossover will retain the feel of its hot selling mate, the i20, coupled with aggressive designing. With drooling features like projector headlamps, roof spoiler and roof rails, new rear fog lamps, it is likely to come with a 17 inch sporty looking alloy wheels. In the interior section, the i20 active is expected to undergo substantial changes to sync with its exterior SUV looks.
The i20 Active crossover design is the brainchild of Hyundai’s design studio in Russelsheim, Germany & is expected to be on the price band of 6 -8 Lacs. This new offering from Hyundai is likely to stir up some stiff competition in the Indian crossover car segment.
Posted on 10th March 2015
Renault has rejigged Pulse, its small car offering in India to launch the revamped version at Rs. 5.03 Lacs (ex-showroom Delhi). The new Renault Pulse 2015 gets steering mounted controls, automatic headlamps & height adjustable drivers seat. In addition, Pulse has also undergone cosmetic changes inside the cabin with a dual tone dashboard.
The 2015 version gets a thumbs up for its superior security & techno add ons such as1.Smart key access
With so many top end features, Pulse 2015 promises to be a leading feature rich car in the hatchback segment. The French car maker is due to launch two MPVs and a small car during the first half of 2015, adding more horses in its stable.
Posted on 6th March 2015
Lately, the Reserve Bank of India (RBI) has been full of surprises. Continuing this trend, the apex bank has slashed the key policy rate by a mammoth 25 basis points, a move that will force banks to drop the interest rates on their loan products, including the lucrative segment of car loans. Henceforth, the policy repo rate will stand at 7.5% and the update will come into effect immediately. Earlier, the rate stood at 7.75% and there had been rife discussions about the inevitability of such a development.
However, the Cash Reserve Ratio (CRR) remains unchanged of scheduled banks at 4% of net demand and time liabilities (NDTL). Plus, the daily variable rate repos and reverse repos will continue as usual to aid in smooth liquidity. This update from RBI comes as a real shocker- the quantum of which differs from banks that supply the loans to customers who enjoy them (at a lesser interest rate, of course).
Posted on 4th March 2015
1.Alloy wheels, that used to be a standard feature for all its models has now been replaced with steel wheels. However, alloys are still available with Zest XT variant as a standard feature.
2.The intriguing 3 Years Zero Maintenance Plan(Silver pack) on all the Zest variants is now reinstated with a standard warranty of 2 years.
3.Customers can go for an extended warranty( 4 years) by paying an upfront fee of just Rs.8000.
4.Prices have been hiked in the range of 4 - 5 % on both Revtron (petrol) and Diesel variants.
For the prospective hatchback car buyers, this must not really be a bother considering the gamut of features Zest still retains, making it a desirable family car in India.
The X7 has been in the news for quite some time now. It did not hit the roads in 2014 despite BMW’s best efforts but it is expected that the SUV will be available globally, inside a couple of more years. The model X7 has been spotted testing on international roads many a times and this is fueling these widely spread speculations. X7 will be the largest Sports Utility Vehicle (SUV) to be produced by BMW. With higher centre of gravity and a longer wheelbase platform, this model is all set to outperform the other SUVs. Even though the official information is yet to be released, X7 is expected to go on world-wide sale by 2017. There’s good news too- with a lot of banks offering car loans up to 90% of the ex-showroom price, owning a BMW need not be just a dream now. Also, you have time until 2017 to plan the finances accordingly. And if you cannot wait- check out varied car loan.
27th February 2015
As a good news to consumers, State Bank of Hyderabad has reduced its interest rates for gold and car loans offering special loan packages with renewed interest rates. The interest rate for the car loan campaign which was launched in October 1, 2014 has been slashed by 20 basis points from 10.50 per cent per annum to 10.30 per cent per annum. Adding to this, rates falling under the Combo car loan campaign have been reduced by 15 basis points from 10.40 per cent per annum to 10.25 per cent per annum.
Gold will be more attractive to SBH customers, with the bank also lowering the interest rates levied on gold loans to 10.50 per cent per annum. The gold loan campaign launched in September 8, 2014 has been extended till March 31, 2015. SBH reiterated the fact that these offers are available only for a short period of time and all types of customers are eligible to apply for them. Further, the bank is also waiving of the processing fees normally charged on these loans, as an added benefit to customers.
18th February 2015
2015 has started on a high note for the Indian automobile sector, with car sales in January having dwarfed the numbers set a year ago. The primary reason for this rests in the lowering of fuel prices that translates into lower vehicle ownership costs. Further, RBI’s recent action to slash the key policy rate, and prospective hopes that more cuts are in order, has impacted the interest rates applicable to car loans in sufficient degrees to renew the demand for cars. Individually, Maruti Suzuki has reported a 9% hike in domestic sales to account for 105,559 units, Hyundai with a 4% increment at 34,780 units, Honda accounted for a 17% boost at 15,714 units and Toyota Kirloskar notched up a 16% upswing to sell 12,650 units in January 2015. Tata Motors, accounting for sharp loses in the last two years, also enjoyed the January revival- selling 13,047 units and notching a 19% hike in sales figures. All these major automobile manufacturers are hopeful that as the year progresses, the numbers will only get better.
12th February 2015
The planned policy review was slated for February 3, however the Reserve Bank of India (RBI) jumped the gun and imposed a deduction of 25 basis points on repo rates (also called lending rates) as of January 15, effectively dropping down the rate to 7.75%. This translates into a definite probability that car loans as advertised by various Indian banks will also witness a corresponding reduction in interest rates. But, this is just half the story. Most industry experts, including influential names like Morgan Stanley expect this rate to fall further, a full 125 basis points over the next 12 months (taking the overall haul to 150 points). These experts are pointing to subtle hints that indicate that the RBI is at the start of a serious rate cut cycle. This will reduce the cost of capital for banks that in-turn will cause the fall in lending rates across various portfolio products, including car loans. The timing of these cuts however, will depend of the bank’s individual perception of the situation.
10th February 2015
While the country may be rejoicing over the current repo rate cut by the RBI, car industry players think that the rate cut not only is too late but is too small as well. They were anticipating a rate slash of at least 0.5% since the last repo rate cut had happened 20 months ago in the year 2013.
However, experts feel that it is not the actual cut that matters rather the direction which the rate took that is more significant. This is because a cut in rate signals a positive movement of the economy and a step towards reducing the inflation rate which has been riding considerably high for the past few years.
The banks and other credit providers are now expected to take cue from RBI’s move and start to reduce rates so that demands for credit improve. Also, if the economy continue to do well, RBI is expected to reduce the repo rate further thereby providing greater relief to the customers.
2nd February 2015
Have you been holding back the decision to buy a new car? Now is the right time to start planning again. With a bunch of new cars set to hit the Indian roads in the year 2015, you can choose from a new array of car models and own your dream car. Here are a few cars that are coming your way in 2015.
Tata Bolt: This hatchback from Tata Motors will be out in late January. With this car, Tata is hoping to grab a comfortable place for itself in the hatchback segment. The car is loaded with new features like satellite navigation and projector headlamps. The introductory base price of this car is Rs.4.2 lakhs.
Mercedes Benz CLA Class: The latest from Mercedes is a compact luxury sedan which will be out in January. The car will be launched in both Petrol and Diesel variants. This CLA class will be priced lower than the GLA class of Mercedes.
Datsun Go+: Datsun Go was launched last year in the Indian market. The company is geared up to launch the enhanced Go+ model this year. The new model is said to produce more linear power delivery however, the car isn’t loaded with too many features. The prices start at Rs.3.6 lakhs since even the highest range model doesn’t come with features like airbags, ABS and alloy wheels.
30th January 2015
For all you fans of sporty cars, Mercedes has sent into production the all new CLA Shooting Brake model which essentially is a sporty sedan. The first batch of the car is being manufactured at Kecskemét, Hungary and is set to hit the roads in March 2015.
The model is available in a variety of engine variations like 2.1 liter-four-cylinder diesel, a 1.6-liter four-cylinder and a 2.0-liter petrol. Among all these models there is one range topping CLA Shooting Brake car too which has 2 liter-four-cylinder engine that develops a high torque and is connected to a seven-speed AMG SPEEDSHIFT dual-clutch transmission which enables instant accelerations as high as a speed change of 0 to 100 km/he in just about 4.7 seconds.
This CLA Shooting model is open for booking now and the first batch will most likely be rolled out of the manufacturing unit in the month of March.
28th January 2015
With India all set to become the world’s third largest car market by next year, Kia Motor’s CEO has hinted at setting up a car factory in the country to offset diminishing sales in China and Russia.
Currently, Kia Motors, which is a subsidiary of Hyundai Motors does not have any manufacturing unit in India and attracts high import taxes which has resulted in negligible sales of Kia cars in the country. While growth in Russia and China are slowing down, India is the market that the company is looking forward to for boosting sales volumes and profit margins. As to the time and location of opening up of the factory, there is no clear information as of now.
28th January 2015
Existing Home and Car Loan borrowers can breathe a sigh of relief as loan rates are set to go down with the latest slash in the repo rate by RBI. The repo rate has been cut down by 25 basis points which means a decrease of 0.25% in the existing interest rates on car and home loans. All banks are yet to reveal the dropped rates however, banks like Union Bank of India have already announced the cut.
A lower rate of interest will mean a lower EMI for prospective borrowers and will mean a reduced loan tenure for existing customers who are paying off their loans via monthly installments. For example, if the interest rate comes down from 10.25% to 10.00% for a 20 year home loan of 25 lakhs, then the EMI will come down by about Rs.418 per month.
The Reserve Bank of India has said that inflation is expected to remain low at just under 6% till January 2016. For an existing home loan borrower, either the EMI or the tenure can come down. However, for car loan borrowers, since most car loans are sanctioned at a fixed rate of interest, only new car loan customers are set to profit more in terms of reduced rates.
22nd January 2015
Ford India’s launch of its new Figo model may happen ahead of the expected launch date going by recent developments. Speculations began when sales of Ford India’s top-selling brand dipped significantly at the end of 2014, hitting only about 10% of its usual monthly figures at 151 units. This led industry observers to believe the old model is being phased out to make way for the new version which was initially set for a March 2015 launch.
Although the auto major hasn’t yet made any formal announcements, rumours are doing the rounds based on the fact that the new model is already in its testing phase which includes test production. Manufacturing of the new Figo is said to take place at the Sanand unit in Gujarat, slated to begin operations in the upcoming months.
13th January 2015
2014 marked a good year for Volvo cars which achieved record sales of 465,866 units. This represents an annual growth of 8.9%. Monthly sales have been increasing consistently for the Swedish auto major over the last year and a half and this trend is expected to continue into the coming year as well. While this growth can be attributed to the company’s key geographical drivers i.e. Western Europe and China, Volvo is pushing to expand its reach and make a mark in all markets, the world over. It aims to achieve its targets by revamping its product line with strong focus on technology and design.
These figures are very encouraging considering 2014 was a year which saw many luxury auto brands such as Rolls Royce Motor Cars of BMW AG, McLaren and Bentley, to name a few, work towards greater sales numbers.
12th January 2015
German auto major, Volkswagen, has its wheels in motion with a number of new products in the making. Of these, the supposed launch of the latest model of the Volkswagen Phaeton has the global auto industry talking. This hitherto underappreciated luxury car is set to hit markets at the end of 2016 with an array of creditable features and is expected to outshine preferred luxury brands such as Mercedes, Audi and Lexus among other competitors.
The Volkswagen Phaeton already boasts great attributes. However, it has, so far, failed to elicit the desired customer response, generally being outdone by other high-end sedans in its segment. However, the new model, based on cutting-edge technology, is set to top even the Mercedes-Benz S-Class in terms of comfort. It will also leverage technology for safety and improved driving experiences with suspension systems that monitor and adjust to road conditions through the use of sensors and cameras.
Volkswagen also has plans for new models in other segments to be launched in various geographies across the world. If implemented as per plan, new models, mainly SUVs, could find their way to India in the coming years.
12th January 2015