The car loans in the country are all set to get costlier as lenders in India are likely to increase the interest rates. It is to be mentioned here that RBI has recently tightened the interest and now the car loan providers are expected to follow by hiking the car loan interest rates. Leading auto loan providers like HDFC, Kotak Mahindra Prime and ICICI Bank will be taking a decision in this regard by next month.
According to a statement given by a senior executive of HDFC Bank to ET, "A final decision will be taken from April on-wards as we want to finish our pipeline of our cases for March, before altering future interest charges."
At present, the interest rates of Private Banks fall in the range of 10.5-14-5 %. On the other hand, the PSU banks such as SBI, Canara Bank and Bank of Baroda and Punjab & Sind Bank charge rates ranging from 9.25-12 %. Following this hike, the interest rates of both of the sectors will see a substantial increase.
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