Loans : Key to convert your dreams into reality
In the current scenario, hectic schedules and longer distances to the workplace is leading to the increase in number of private vehicles on the road
. Due to the 24 hr work culture, people have odd work timings which forces them to commute on their own vehicle. As per facts and figures, the automobile industry in India happens to be the ninth largest in the world following Japan, South Korea and Thailand. Last year, in 2009, India emerged as the fourth largest exporter of automobiles. Meanwhile, several Indian automobile manufacturers have spread their operations globally as well. For those individuals who prefer to travel more economically besides getting to their destinations faster, a two-wheeler is as much a boon as it is to a car owner. With newer models coming out each year, the options available to the customer are both attractive as well as convenient. Many companies are foraying in two wheeler segment due to its low penetration in the country with more than 31 two-wheelers per 1000 citizens provides immense scope for the growth of the market. The two wheeler segment has played an important role in giving a push to the automobile industry in India. Two-wheeler sales in the country have sky rocketed in the recent years and the annual sales of motorcycles in India expected to cross the 10 million mark by 2010. Many automobile companies have tied up with the major private and public banks who provide instant
two wheeler loan at an attractive interest rate. Due to tough competition in this market, banks are providing 95% of loan over the ex-showroom price of the vehicle which ranges between Rs.20,000 to Rs.1,50,000 for a period of 1-3 years depending on the terms and conditions. Private banks are offering two-wheeler loan at a nominal interest rate of 13-15% with less documentation and hassle free loan availability. Many banks are providing special offers and benefits with easy repayment options over two-wheeler loan for their account holders. However, when it comes to comfort commuting, car is the best bet to place money on. Everybody has a dream to own a car. With car loan, one can easily convert its dream into reality. India is an emerging market for the small cars and companies are launching their new and well known models in the market. Banks are providing 100 % finance on the car with flexible repayment options ranging from 12 to 84 months. One can easily get a
car loan within 48 hours of applying date with less documentation. With the initiative of India's largest private sector lender, ICICI bank to cut auto loan rates, other banks are also following the path. Axis bank has reduced the loan rates with a 50-75 basis points (bps) cut. Earlier, ICICI bank had cut loan rates by 25-50 bps to 9.5-11.5 per cent. Another largest player in the auto loan market, HDFC bank offers loans at 9-11 per cent depending on the category of the vehicle and the tenure of the loan. With this race amongst the lenders, car loan seekers have a good opportunity to opt for the best car loan deal.
Loans : Key to convert your dreams into reality
By: Ankit
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