ICICI Bank, HDFC Grp raise auto loan rates, end teaser schemes

Posted on: Mon, 08 Mar 2010 18:56:22 EST

Symbols: IBN

Mumbai, Mar 04, 2010 (Asia Pulse Data Source via COMTEX) --

Country's two biggest private sector lenders ICICI Bank and HDFC Group Thursday hiked lending rates for auto loans and ended teaser (lower) rates for home loans, signalling that the days of cheap credit are coming to an end.

ICICI Bank raised interest rates for auto loans by up to 50 basis points, while rival HDFC Bank also increased the lending rates by 50-100 basis points with immediate effect.

"Auto loans rates have been raised by 0.25-0.50 per cent depending on segment and tenor with effect from March 5," an ICICI Bank spokesperson said. With this hike, lending rates for new auto loans will now be in the 9.75-11 per cent range.

ICICI Bank also withdrew its limited period special home loan offers or 'teaser' schemes, under which borrowers could avail housing loans at rates as low as 8.25 per cent.

Mortgage lender HDFC too confirmed to PTI that it is not continuing with the special home loan offer of lower interest rates which was valid only up to February 27.

The Reserve Bank of India had expressed displeasure at teaser rate as it discriminates existing borrowers against new ones. Under special schemes, pioneered by State Bank, borrowers were offered rates as low as 8 per cent for the first couple of years. Existing customers were not given this benefit.

Some bankers, including HDFC's Deepak Parekh had termed teaser rate as a gimmick. RBI had also said that customers would find it difficult to repay when rates go up after the initial period.

For full details on ICICI Bank Ltd. ADS (IBN) IBN. ICICI Bank Ltd. ADS (IBN) has Short Term PowerRatings at TradingMarkets. Details on ICICI Bank Ltd. ADS (IBN) Short Term PowerRatings is available at This Link.

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