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Auto loan News
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Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI.
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Canara Bank also added that existing borrowers of the Bank shall have an option to switch over to interest rates linked to MCLR other than Fixed Rate Loans.
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Farmers should also dream big, he said.
He has applied for a loan of Rs 6.65 crore to purchase a helicopter.
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However, the higher EMIs will only be applicable to the borrowers who have availed loans on MCLR.
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Auto loans available at the lowest rates.
Processing fee waived on auto loans.
Loans up to 90 percent of the on road car price.
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Thousands of offers available on various brands and e-commerce platforms.
Offers also available on banking products including loans, credit cards, savings and current accounts.
The offers are available from today.
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On-the-go digital financing option 24x7
Loan approval of up to 100% on-road price of two-wheelers
No physical documents required.
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HDFC Bank offering illustrative benefits to rural customers.
Offers for retail as well as business customers.
HDFC tapped over 3,000+ hyperlocal merchants and traders.
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50% off on the processing fees on auto, personal, biz growth loans.
Zero processing fee on two-wheeler loans.
Customers can avail cashback of up to Rs 7000 on Apple products.
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In December 2018, the RBI had proposed that floating interest rates on personal, home, auto and micro and small enterprises (MSEs) loans should be linked to external benchmarks like repo rate or treasury yields, from April 1, 2019.
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Banks are reluctant to cut deposit rates in the fiscal year`s last quarter, as they are keen to shore up their books while not losing hefty deposits.
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The final guidelines to link the interest rate to external benchmarks will be issued by the end of this month.
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Currently, banks follow system of internal benchmarks, including Prime Lending Rate (PLR), Benchmark Prime Lending Rate (BPLR), Base rate and Marginal Cost of Funds based Lending Rate (MCLR).
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Banks switched to MCLR as their new benchmark lending rate from June last year, replacing the base rate system for new borrowers.
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Urjit Patel-led 6-member Monetary Policy Committee, which had in its first policy review cut interest rate by 0.25 percent in October, belied expectations to keep benchmark repo rate unchanged at 6.25 percent unanimously.
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In the first monetary policy review under RBI Governor Urjit Patel, the interest rate was today cut by 0.25 percent to six-year low of 6.25 percent in a unanimous decision by the new rate-setting panel MPC.
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Delinquency rate in auto loan asset-backed securities (ABS) in India is set to improve in 2016 as growth prospects of the economy get getter, US-based Moody's Investors Service said today.
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