Second largest private bank in the country, HDFC Bank has decided to keep its interest rates on auto loans unchanged. Earlier this month SBI had reduced the interest rates on its home loan by 50 basis points, and many had thought that it would bring a similar reaction from the industry.
HDFC's senior VP and business head for auto loans Mr. Ashok Khanna stated that the bank is not looking for any concessions on auto loans in the near future. Further adding that the bank disburses Rs. 1,500 crore of auto loans, which is 22% of the total market, making them the leader in auto loans.
SBI had reduced the interest rates on loans after the RBI had announced one percent cut in statutory liquidity ratio (SLR). At present, SBI lends auto loans across all tenures at 10.75%, while HDFC Bank's auto loans range from 11% up to 16% for used car loans.
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