Axis Bank has slashed the car loan rates in Hyderabad, Bangalore & Chennai to 9% for all vehicles. It has also waived off the processing fees and this scheme is applicable upto the end of this month.
SBI had already started being aggressive in the Car loans market. In June 09, SBI had slashed its car loan rates to 8% for the first year and 10% for the next two years. For the remaining years, borrowers would be charged 25-75 basis points below the bank's PLR.
Axis Bank's rate in comparison are fixed for the complete tenure of the loan.
Similarly HDFC bank had reduced its rates by 50 basis points to 10.5-11% range.
