Syndicate Bank, a state-run bank, has reportedly tied up with Maruti Suzuki, country's largest car manufacturer, to extend car loans to its clientele base of over 30 million. The bank has decided to reduce the rate of interest on loans for Maruti Suzuki's cars to base rate plus 0.15%, which at present stands at 10.40%.
Apart from this, the bank has also lowered the processing charges on car loans by 50% in order to extend the benefit to the prospective borrowers. The auto loans can be repaid in 84 months. Moreover, the bank is offering an option in which buyers can get a loan on the vehicle of up to 95% of the actual on-road price without having any guarantor. The offer is valid till January 15, 2014.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
Apart from this, the bank has also lowered the processing charges on car loans by 50% in order to extend the benefit to the prospective borrowers. The auto loans can be repaid in 84 months. Moreover, the bank is offering an option in which buyers can get a loan on the vehicle of up to 95% of the actual on-road price without having any guarantor. The offer is valid till January 15, 2014.
Syndicate Bank has reported a rise of 1.46% in its net profit at Rs 470.12 crore for the quarter ended September 30, 2013 as compared to Rs 463.37 crore for the same quarter in the previous year. Total income of the bank increased by 6.69% at Rs 4850.35 crore for quarter under review as compared to Rs 4546.33 crore for the quarter ended September 30, 2012.
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