Thinking about buying a new car or to avail a personal loan! Now it is the right time when you should indulge in going for one.
The cut in the rate of interest has proved to be the monsoon bonanza for the consumer segment. Now customers going for a car loan, personal loan or housing loan will have to pay lower rate of interest in comparison to the interest rate paid earlier.
Any customer having plan in mind should take the advantage of the time and apply car loan online anytime during the day. There are a lot of car companies waiting for customers with attractive offers.
On the other hand, there are banks coming up with the exciting offers to attract more and more customers for personal loans up segment in the shortest period of time. People are found applying personal loan online at low interest.
Buying a car is not the only luxury in India, but families have to go through many discussions about which car will suit their needs and can fit in their budget. The decision of buying a new car is a big one and so you must consider a lot of things before you buy any car. As per the recent cash discounts offered by banks, availing car loans now is the right decision.
To boost car sales and to increase the demand in the market, various car companies have announced their car schemes like cash discounts, extended warranty, and free insurance, and free car services. With this, the biggest lender in the country, the State Bank of India has announced its waiver for the processing fee on the car loans.
This came ahead of the festive season, the time when people consider buying a car, owing to the demand. Ahead of the season, Maruti, Hyundai, Honda, Toyota, and Mahindra are coming forth with their huge car discounts on several models. Amongst all the car companies, Maruti is likely giving off by Rs. 70,000 on its popular models like Dzire and Swift.
On the other hand, Hyundai has announced a discount as high as 1 lakh on its popular car models like i10, Xcent, and Verna. Honda is also giving off discounts on several cars like its famous models of Amaze and City as high as Rs. 50,000. The low rate of interest has proved to be the major factor in increasing sale of cars in the country.
Not only car companies in India have announced discounts but the biggest moneylender, the State Bank of India has also announced discounts for customers using their services, the deal is that customers can avail 90% of the car?s on-road price at a fixed interest of as low as 8.7% without any escalation in the interest rate. The bank has also announced that a concession of 25 bps on the interest rate will be given to those customers who have applied for a car loan through the digital platform. This is a big announcement for the customers who want to buy a new car this festive season.
Some people are waiting for a decision on the Goods and Service Tax (GST) as that can impact the final price of the car to a considerable level. The customers are demanding a lower rate of the GST & taxes since that will provide necessary boost in the market. Companies are giving heavy discounts owing to clearing the stocks off the BS4 diesel models as well. Maruti Suzuki is also offering free 5 years up to 1 lakh km warranty on the BS4 diesel models of Swift, Dzire, S Cross and Vitara Breeza. Not only this, but diesel engine cars will be discontinued after April 1, 2020.
The auto sales have been falling every month in the last year. Not only this, but the sales went off by 31% in July 2019 to a two-decade low level. Companies and banks can expect increase in number of customers applying for a car loan or a personal loan on account of the unexpected deduction in the interest rate.