Tata capital, a subsidiary of Tata group company, has announced attractive rates on its auto loans.
A press release said "Tata Capital auto loans will be offered at very attractive rates to the discerning customer. Customers looking out for a quick and hassle-free way of getting an auto loan will now be able to avail the same through Tata Capital's offices across leading markets in India."
According to the new offer, fresh car loans would be available at rates as low as 10.5 percent. Besides this, there would be a special waiver on processing and foreclosure charges. The release added that the offer would be available till October 31 on all fresh auto loan proposals.
Jamshed Daboo, tata capital's consumer finance and advisory business head said "While taking an auto loan seems simple enough, people are often left wanting for relevant advise and available finance options. Our well-trained advisory team will empower our customers with accurate information to help them take informed decisions."
The rise in demand in auto loans led to a record 3400 crore loan disbursal. (5th oct) In September, the top eight financiers disbursed loans amounting to Rs 3,400 crore. This is the highest for a month in the previous two years.
The disbursement in the month of September was 25 percent higher than the average of the preceding four months. Auto financier, HDFC observed an increase of 40% in the disbursement of auto loans over the previous year. Other banks like Canara bank, PNB, SBI, Kotak Mahindra bank also saw an increase of 25-35%.