Report-The Auto loans rates are cut down by Banks

After a long and fruitful discussion by the governor of Reserve Bank of India, Mr. Raghuram Rajan, seems like the dart has hit the bull’s eye, as just a few hours later the central bank, asked the banks to hold on to the policy rates and lower the interest rates for the retail customers, Three of the major banks, cut down on the basic rate by 15-25 basis points.

 

 

The largest banking network in India, State bank of India, that hold on to 15 percent of the bank credit in the country, cut down its base rate by 0.15 percent to 9.8 percent. This would also bring down the Home and Auto loans for 9.95 percent from 10.10 percent. HDFC, the second largest lending giant, proposed a cut down of 9.85 percent, then later that evening ICICI the largest private bank announced a reduction of 0.25 percent to 9.75 percent. Other banks are also expected to follow the league, as they hardly have any options left.