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Car firms, banks drive together

Call it the rate hike effect. Anticipating the fall in auto finance and sales due to rising interest rates, auto firms, dealers and financiers have joined hands to provide loan at a lower rate in some caes and value-added services in others, to retain prospective buyers.

While Hyundai Motors India Ltd (HMIL) has tied up with HDFC Bank and ICICI Bank to offer loan at 8.99% on Santro models against the existing rates of 15.25% of HDFC Bank and 15.50% of ICICI Bank, Honda Siel Cars India Ltd (HSCI) is in talks with nationalised banks that offer a lower rate as compared to other auto financiers in the market.

“We are talking to many nationalised banks for an alliance as they are willing to offer loans at an attractive rate due to their limited presence in auto finance segment,” a Honda spokesperson said.

This means a win-win situation for all. While, customers can save up to Rs 1,000 per month on their EMI on a loan of Rs 3 lakh for a period of three years, auto manufacturers may see a spurt in sales and auto financiers can expect more customers walking in afresh.

This despite the fact that the trio — manufacturers, dealers and auto financiers — will have to put in around Rs 10,000 each to compensate for the lower interest rates. While the banks are doing this by lowering thier interest rate by 100 basis point, dealers will do away with their commission and the maufacturers may let go of free insurance schemes during the offer period.

“The move will enable manufacturers and dealers to liquidate their stocks along with enhancing the number of buyers at their outlet,” says Rajan Pental, senior vice-president HDFC Bank, adding that this in turn will mean more business to the bank.

Adds N Ravinarain, group business head (car and commercial loan), ICICI Bank: “It will help boost the sentiments of individuals who had deferred their decision to buy a car due to the rising interest rates since December.”

While, there has been no announcement from other auto manufacturers so far, sources say that auto giants like Maruti Udyog Ltd (MUL) and Tata Motors are also in talks with banking majors for similar tie-ups.

Posted in loan, quick loan, used car loan, bank loan, car title loan, car finance loan | Comments(0) July 2007



Banks cool off to home loans

Finally, the commercial banks have waken up to the home truths. Concerned over an ‘asset bubble’ on top of a recent warning from the RBI, commercial banks has slowly started going slow on the hosuing loan portfolio. In fact, they are working overnight to slow down their growth rates in the segment.

According to industry experts, housing loan portfolio of most of the public sector banks were growing by about 35% to 40% year-on-year. Recently the Reserve Bank of India (RBI) has asked the banks to focus on productive sectors like infrastructure, small and medium enterprises (SMEs) and curtail the credit offtake to unproductive sectors like commercial real estate, credit card spends, second and third housing loans, clean loans and personal consumption loans. The idea is have a check on the bad debts.

This has forced banks which have grown their home loan books significantly to restrict the advances to the sector. On the other hand, the hardening of interest rates have also slowed down the demand for housing loans as customers are averse to taking loans at higher rate of interest. They are hopeful of the rates moving southwards in the near future.

K Ramakrishnan, chairman and managing director of Andhra Bank said, “as such there are no problems with the credit offtake in the home loans. What has actually happened is that banks have suddenly started restricting their growth to 20% to 25% as against the 35% to 40% growth they had registered earlier. If a customer walks in for his or her first housing loan then banks extend credit. But if it is the second or third housing loan, then it is treated as a commercial deal and banks are hesitant to offer loan. The lull in the home loan segment is because the focus is slowly shifting to productive sectors from the unproductive sectors. At our bank, we will continue to lend to productive sectors but will go slow in the case of unproductive sectors”.

Posted in home loan, loan, online loan, fast loan, home improvement loan, quick loan, home owner loan, mobile home loan, bank loan | Comments(0) July 2007



Quick Payday Loans – The Better Alternative

The quick payday loan has become something of a rage in recent years. The loan’s details are splashed all over the world wide web and you can access one very easily, sitting in your own house. The best payday loans are found online, where you are able to compare the rates of interest charged by each lender as well as compare the ratings of each of them. This will give you a fair idea of whom you are borrowing from.

To make the best of your quick payday loan, make sure you read the fine print. When the formalities are completed you can sometimes get your loan in a matter of hours. Easy payday loans have only become easier with lenders switching from the faxing system to the method of having to transfer your documents online, over a safe server that does not disclose your identity and is encrypted. For this reason these loans are also known as no fax payday loan. Moreover, the amount to be loaned and to be returned is accessed through the computers and all transactions are through electronic transfers. This makes your quick payday loan even more convenient.The cash advance that your quick payday loan makes to your account, may vary from $100 - $1000. in fact you maybe surprised how much some lenders are willing to lend you depending on your salary. It is up to you to take only the bare minimum that you require and then pay it back on time. Insist on clearing your loan as soon as possible, which should not be a problem owing to the fact that these are short term loans.

Posted in Uncategorized, payday loan, loan, quick loan, loan rate, payday cash loan, quick payday loan | Comments(0) June 2007