Quote:
ICICI Bank is said to have cut interest rates on car loans to 9.75-10.5% from 10.5-11.5%. As these are rack rates, the customer may now get a loan at around 9%, as dealers pass on some of their commissions to customers.
The new rates, which is 50-75 basis points lower than rivals such as HDFC Bank and Axis Bank, may force other lenders to cut their rates to avoid losing market share.
Source - economictimes.com
