Car Loans

* State to subsidise car loans with $55 mln in budget funds

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The “Credit Score Enhancement Program” would give up to $3,000 for use on car loans, credit card balances or other debts. City officials believe it could provide the slight boost in credit scores some applicants need.

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Domestic auto major Tata Motors welcomed State Bank of India’s move of freezing interest rates on new car loans at 10 per cent for one year and said that this should help increase automobile sales.

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Mumbai, Feb. 20 State Bank of India has taken the lead once again. This time, the country’s largest bank has frozen interest rates for a year on new car loans at 10 per cent and loans to farmers against warehouse receipts at 8 per cent.

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SBI said it will freeze interest rates on new car loans at 10% for a period of one year.

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SBI announced that it cut lending rates on car and farm loans for a year to boost demand. The bank will charge 10% on car loans and 8% on farm loans. The Bank had previously charged interest rates of 10.5% to 14.25%.

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The country’s largest public sector lender, State Bank of India, today said it will freeze interest rates on new car loans at 10 per cent for a period of one year.

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NEW DELHI: After cutting its home loan rate by almost 3 percentage points to 8%, the country’s biggest bank, State Bank of India has cut its car loan rate also by 1.5 percentage points to 10% under the floating interest rate scheme.

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Slashes lending rate on farm loans to 8 per cent

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The bank also slashed lending rate on credit to farmers against cold storage and warehouse receipts to 8 per cent, a bank release said.The new rates will be applicable to all customers availing loans between February 23 and May 31, 2009, the bank said.

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