Interest for Nano loan lower than regular car loan
Not only the customer but also the financers of the Tata Nano are eager to grab the opportunity ahead. Tata Nano financiers are planning discounted interest rates which are tipped to figure at 50 to 150 basis points lower than regular car loan rates. So far, Kolkata-headquartered UBI has decided to offer loans at as low as 9% a year for purchasing the small car. The rate is a hefty 100 bps lower than UBI s card rate for car loans at 10%.
Ritesh
Published On Apr 09, 2009 18:04 IST
Published OnApr 09, 2009 18:04 IST
Last Updated OnApr 09, 2009 18:04 IST
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Chennai-based Indian Bank has pegged its interest rate for Tata Nano at 11%, which is 75 bps lower than its regular car loan rate. Both UBI and Indian Bank offer car loans at a fixed rate. Canara Bank s interest rates will hover between 9.5-11.5% for varying tenures, while BoI will charge 10.25-10.75% per annum. Apparently, banks are taking all these steps to avoid missing out on the opportunity to score big in terms of car loan business as well as publicity.
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<p>Having worked as an Auto Journalist for the past 5 years, Ritesh is keenly passionate about digging more on automobiles and things related. His journey as a journalist so far consists of different profiles that helped him groom on various platforms within the automobiles industry. He kept rolling on technical experience during his career as a Road Test Editor, which finally took him to a level where he turned to be an Editor-in-Chief of CarDekho.com, India's no. #1 automotive giant. </p>
<p>Another side of his creative life is easily visible the photography that he carries out in order to serve the CarDekho news readers with the latest and natural pictures of newly launched cars. Additionally, he is the one who foresees all auto news articles that are to be published making it sure that CarDekho readers get the latest and the best automotive news first. "Life is a highway, keep driving", Says Ritesh.</p>Read more
