Processing fees and rules of top lenders listed to help you make a decision
Toyota Kirloskar Motor on Friday said it has signed a memorandum of understanding (MoU) with Union Bank of India for providing vehicle financing solutions. Under the partnership, customers can get up to 90 per cent financing on the on-road price of any Toyota vehicle purchased for private use, exempting them from any foreclosure, or part-payment charges, the company said in a statement. Besides, private vehicle customers can opt for flexible tenures up to 7 years with interest rates starting from 8.8 per cent per annum. At present, commercial vehicle customers can opt for flexible tenures up to 5 years with competitive rates, it added. "This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable," Toyota Kirloskar Motor (TKM) Vice President, ...
Processing fees and rules of top lenders listed to help you make a decision
Stock down 5.5 per cent at close on BSE
Processing fees and rules of top lenders listed to help you make a decision
Banks offer a range of interest rates, starting as low as 8.45 per cent from UCO Bank and going up to 14.85 per cent at City Union Bank.
The growth in AUMs will be driven by rising demand for commercial vehicles, cars, utility vehicles, and two-/three-wheelers
Bajaj Finance is already into used car financing and is in the process of tying up with dealers for new four-wheeler financing
Vehicle loans outstanding increased by 22 per cent year-on-year to Rs 5.09 lakh crore in May, notwithstanding the Reserve Bank's rate hike spree in 2022-23. As per the latest RBI data, the total vehicle loan outstanding climbed from Rs 3.65 lakh crore in May 2021 to Rs 4.16 lakh crore in May 2022, and further to Rs 5.09 lakh crore as of May 19, 2023. The annual rise in loan outstanding was only 14 per cent in May 2022. The RBI started raising the interest rate in May last year to check inflation in the wake of the Russia-Ukraine war and cumulatively increased the repo rate (benchmark interest rate) by 250 basis points in six tranches before pressing the pause button at the beginning of the current fiscal. The retail sales data collected by the Federation of Automobile Dealers Associations (FADA) also reflects rising sales of vehicles across various categories in June. According to FADA, the auto retail sales in June demonstrated a 10 per cent year-on-year growth, encompassing posi
It makes sense to go for bank gold loans if customers are borrowing larger ticket sizes, like Rs 10 or Rs 15 lakh, and for a longer period
Honda Cars India (HCIL) on Friday said it has tied up with Indian Bank to provide vehicle finance for its customers. The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process, the company said in a statement. The customers can avail financing benefits across over 5,700 branches of Indian Bank and HCIL dealer network across the country, it added. ********* MBRDI, Mercedes-Benz India partner for electric vehicle module course at RV College of Engineering * Mercedes-Benz Research and Development India (MBRDI) on Friday said it has partnered with Mercedes-Benz India to introduce an all-new electric vehicle module in its Advanced Diploma Automotive Diploma (ADAM) course offered at RV College of Engineering in Bengaluru. MBRDI has also contributed a high-tech EV lab to upskill the talent pool in the country and support the industry as it transitions towards electric mobility, the company said in a statement.
The rise in credit was largely driven by housing and vehicle loans segments
Housing and vehicle loans lead surge in retail credit, which was up 19.6% YoY
India's post-pandemic recovery appears to be shaping up like the letter K, widening the inequality among states. Part 2 of the series examines consumption, represented by passenger vehicle sales
Shareholders of two lending companies clear plans to sell loan assets up to Rs 14,500 crore.
OTO, founded in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia, has facilitated in sale and financing of over 11, 000 vehicles, of which approximately 2, 700 vehicles are electric
Pegs credit growth at about 15%, based on a GDP growth projection of 7-8%
Drop in collection efficiency to materially impact vehicle financers' asset quality, as rising fuel cost would reduce borrowers' ability to service debt
Credit to large companies contracted 2.9%, but that to medium enterprises grew 16.7% YoY. Overall credit to industry had grown at 3.4% in October 2019
The lockdown, which impacted the movement of vehicles across states, and subdued economic growth in the last few years impacted sales of commercial vehicles