By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
BusinessLogrBusinessLogr
Aa
  • Home Beauty
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Reading: HDFC Bank not to follow SBI in cutting auto loan rates
Share
BusinessLogrBusinessLogr
Aa
Search
  • Home Beauty
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
BusinessLogr > Economy > HDFC Bank not to follow SBI in cutting auto loan rates
Economy

HDFC Bank not to follow SBI in cutting auto loan rates

deep
Last updated: 2015/12/22 at 7:00 AM
deep Published December 22, 2015
Share
3 Min Read
SHARE

HDFC Bank is not mulling a rate cut on auto loans offering in the near future, a senior official has said.

HDFC bank is not contemplating a rate cut even though SBI announced a reduction of up to 0.50 per cent in its auto loan offering earlier this month, Senior Executive Vice President and Business Head for Vehicle Loans Ashok Khanna said.

“Not immediately,” he answered, when asked if HDFC Bank will also take a cue from SBI and follow suit with a rate cut.

Khanna said his bank lends up to Rs 1,500 crore on vehicle loans a month, holding a share of 22 per cent in the market.

While announcing the rate cut, SBI executives had claimed that the bank held a 19 per cent share.

The SBI move, which also included a cut in its home loan rates, was prompted by the twin moves by the RBI over the past two months, wherein it announced a hefty increase in export credit refinance to 50 per cent and the one per cent cut in statutory liquidity ratio (SLR).

On asked for the reasons for not following suit, Khanna hinted at the size of SBI, which gives the country’s largest lender the liberty to cut rates.

When asked about the growth from the segment for HDFC Bank, Khanna said auto lending has been growing at 10 to 15 per cent for the bank on an annual basis and stressed that the growth this year is satisfactory.

Khanna said HDFC Bank usually charges anything from 11 to 13 percent for new cars while for the used vehicles, where it lends up to Rs 300 crore per month, the rates go up to 16 percent.

SBI’s rate for auto loans across tenures stands at 10.75 per cent, post revision.

Khanna said margins have come off from its highs for HDFC Bank within vehicles segment, wherein auto loans have fallen due to the overall gloom in the economy.

“Not as good as they were earlier, but not bad. You control your quality of business, you will not regret,” he said, when asked about the margins scenario.

[“source-businesstoday”]

 

You Might Also Like

body shop with loaner car

WHO says monkeypox has been spreading undetected as global cases rise to more than 550

FedEx Acquires TNT specific, method better delivery in Europe

Endurance International Completes Constant Contact Acquisition

BigCommerce, Xero Partnership adds Cloud Accounting to online Stores

TAGGED: HDFC Bank not to follow SBI in cutting auto loan rates

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
deep December 22, 2015
Share this Article
Facebook Twitter Email Print
Share
Previous Article Protect Your Riches
Next Article Banks to pay for cheque clearance delay

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • bmo harris express loan payment
  • payday loans that work with chime bank
  • find a loan shark on craigslist

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • bmo harris express loan payment
  • payday loans that work with chime bank
  • find a loan shark on craigslist

Recent Posts

  • The Essence of Public Storage Units
  • Guide to Retirement Planning: Putting Money Into the Future

FOXIZ

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?