Buying a car usually ranks second only to purchasing a house or property in terms of significant financial investment. The 20/4/10 car buying rule is a popular financial guideline that assists car buyers in making wise financial choices.
RBI's decision to hike the repo rate sets the stage clear for banks, housing finance companies and other lenders to hike the interest rate on all kinds of loans including home and auto.
State-owned Bank of Baroda,( New Delhi) on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective February 12. The reduction will make home, auto and other loans cheaper for new borrowers.
Home loans will be available at a rate of 8.30 per cent while automobile loans can be availed at a starting interest rate of 8.70 per cent, SBI said.
Mumbai: State-run Bank of Maharashtra on Friday trimmed its base rate by 25 basis points to 10 per cent, effective Monday, following its larger peers, which will bring down the cost of home, car and
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