SyndicateBank has tied up with Maruti Suzuki India Ltd to extend car loans to its clientele base of over 30 million.
Syndicate Bank General Manager, Preetham Lal, said: “This is being done to boost our car loan portfolio.”
The bank has reduced the rate of interest on car loans to base rate plus 0.15 per cent (at present 10.4 per cent) and has also slashed the processing charges by 50 per cent of the actual charges to extend the benefit to the prospective borrowers.
The auto loans can be repaid in 84 months. The bank is offering finance up to 95 per cent of the on-road price of the vehicle without any guarantor. The offer is valid up to January 15, 2014.
anil.u@thehindu.co.in