Interest for Nano loan lower than regular car loan

Not only the customer but also the financers of the Tata Nano are eager to grab the opportunity ahead. Tata Nano financiers are planning discounted interest rates which are tipped to figure at 50 to 150 basis points lower than regular car loan rates. So far, Kolkata-headquartered UBI has decided to offer loans at as low as 9% a year for purchasing the small car. The rate is a hefty 100 bps lower than UBI s card rate for car loans at 10%. Chennai-based Indian Bank has pegged its interest rate for Tata Nano at 11%, which is 75 bps lower than its regular car loan rate. Both UBI and Indian Bank offer car loans at a fixed rate. Canara Bank s interest rates will hover between 9.5-11.5% for varying tenures, while BoI will charge 10.25-10.75% per annum. Apparently, banks are taking all these steps to avoid missing out on the opportunity to score big in terms of car loan business as well as publicity.

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