Car loans – Payday Loans And Beyond Sun, 22 May 2022 05:33:14 +0000 en-US hourly 1 Car loans – Payday Loans And Beyond 32 32 Westpac offers lower rates for auto loans for electric and hybrid vehicles Wed, 18 May 2022 14:02:00 +0000

“We expect demand for these vehicles to continue to grow, with many Australians already planning to make the switch.”

Non-bank lenders Plenti and Pepper Money have targeted the EV space, with the latter offering a comparison rate of 3.99%.

Although Westpac research showed more than two-thirds of Australians were put off by the cost of electric vehicles, Plenti released a report in March that showed electric vehicles could be cost-effective against internal combustion engines in 15 years when are associated with renewable energy sources.

Easing Household Fiscal Pressures

“We know that the majority of Australians are now actively considering an electric vehicle as their next car and this initiative will help them make the switch. Given that an average Australian household currently spends $3700 a year on petrol and diesel, the Purchasing an electric vehicle would ease the real pressure on the monthly budget,” said Electric Vehicle Council Director General Behyad Jafari.

Plenti’s research has shown that electricity bills could be as low as $230 per year when electric vehicles and green energy are bundled together. The emerging non-bank lender announced on Wednesday that it has reached a financing agreement with an electric vehicle manufacturer, after reporting its first positive result in cash, supported by growth in auto loans.

Its auto loan originations increased 177% to $639 million from a year ago, resulting in full-year net cash income of $500,000 and loan originations of $1.1 billion up 134% year over year. In the second half of this year, the cash profit was $2.7 million.

“Automotive remains the largest and highest growing vertical and is poised for accelerated near-term growth with the launch of commercial auto loans, financing deals in the electric vehicle market and the launch of a dealer point-of-sale program,” said Wilsons analyst John Hynds. .

Mr. Hynds warned that funding cost increases would take time to be passed on to lending customers, limiting projected cash profit for the first half of 2023 to $3.4 million.

“In the second half of 2023, expectations are for improved net interest margin and therefore stronger loan book growth and expected net income of $9.2 million,” he said.

RBI Rates | Home loan Wed, 04 May 2022 14:09:00 +0000 Home, personal and auto loan borrowers faced a sudden interest rate shock on Wednesday after the Reserve Bank of India announced an untimely hike in repo rates. The bankers ET spoke to are preparing to pass the hike on to their borrowers, marking the start of a nearly three-year cycle of rising borrowing costs.

“With today’s increase in the repo rate, loans linked to the repo rate will be repriced, as far as Kotak is concerned, our book is the most important in repo rate reference followed by the MCLR, so for us to pass on the RBI rate hike is fair and reasonable,” said Uday Kotak, MD, Kotak Mahindra Bank. As RBI rates are integrated into deposit rates, you will see MCLR-based loans being re-priced.

Currently, interest rates are at historic lows with home loans starting at 6.5%, car loans starting at 7% and personal loans starting at 9%. Bankers say interest rates could rise by up to 200 basis points, if inflation continues to break above the regulator’s comfort band.

“We believe the repo rate could be just over 6%, in which case we are seeing a 200 basis point rise over the next 12 to 14 months,” a banker said on the cover of anonymity. “We will need to be vigilant on interest rate sensitive sectors to ensure minimal credit slippages if interest rates rise disproportionately.”

Banks, in anticipation of an imminent rate hike, have already passed on rate hikes to borrowers. The State Bank of India, the largest lender, recently raised its marginal cost of lending rate by 10 basis points. A basis point is equal to one hundredth of a percentage point.

Bank of Baroda had increased the MCLR by five basis points across all durations while Kotak Mahindra Bank had increased its MCLR by five basis points across all durations. Banks and non-bank lenders have raised lending rates by up to 15 basis points over the past month due to tighter liquidity conditions and rising deposit costs.

“Looking ahead, given the hawkish rhetoric and the high likelihood of high inflation printing for April, the RBI will accelerate further hikes,” said Rahul Bajirao, chief India economist at Barclays. . “We expect the RBI to now offer a rate hike of at least 50 basis points at the June policy meeting. We see the RBI raising its key rates to 5.15% by August and we expect it to reassess macro momentum to gauge the need for further upside beyond that.

Bank Of Baroda cuts interest rates on car loans. Details here Mon, 02 May 2022 11:53:59 +0000

The Bank of Baroda on Monday announced a 25 basis point (bps) cut in its interest rates on car loans to 7% per annum from the previous rate of 7.25%.

In a statement, the bank further said that it has also reduced processing fees to a fixed level. 1,500 (plus GST) for a limited period until the end of June this year.

“There is a reduction in processing fees of 1,500 for a car loan and it is applicable until June 30, 2022,” the bank said.

The new rate and the preferential processing fees are applicable for the purchase of a new car. This rate offer is tied to the borrower’s credit profile, the bank said in a statement.

The bank in April cut the lending rate for home loans by 25 basis points to 6.5% until the end of June next month. This rate is available for all loan amounts and is linked to the borrower’s credit profile.

BoB had said the new rate is available to customers applying for new home loans as well as balance transfers. It is available for all loan amounts and will be offered to borrowers with a Cibil score of 771 and above.

HT Solanki, Managing Director – Mortgages and Other Retail Assets, Bank of Baroda, said: “While the pandemic and subsequent lockdown have impacted the automotive segment, we have since seen a steady increase in demand for car loans as the economy has opened up and people are keen to travel in their own vehicles.The lower interest rate for the Baroda car loan and reduced processing fees will allow consumers to easier and cheaper to buy the car of their choice.”

He further added that to simplify the process of getting a car loan, Bank of Baroda also provides a seamless digital platform to apply for loan, receive sanction and disbursement for its pre-approved clients.

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Vehicle financing in 30 minutes Thu, 28 Apr 2022 06:11:00 +0000

“Xpress Car Loans” from HDFC Bank: financing a vehicle in 30 minutes

New Delhi: A few days after announcing its merger with HDFC, HDFC Bank seems to have jumped on the fast delivery wagon. At a time when several companies are making headlines for their 10-minute delivery, India’s largest private sector bank is now delighted to provide a car loan in just 30 minutes!

After home loan, auto loan is the second most important thing a customer borrows money for and bets on the number, HDFC Bank provides end-to-end auto loans to customers within 30 minutes through an online platform. line.

Xpress car loans

Coined “Xpress Car Loans,” the nation’s largest private bank is offering a fast car loan through a digital interface that it claims is an industry first and likely one of the first such offerings in the world.

For a potential car buyer, the average time it takes to get a car loan is currently around 48-72 hours.

Through its online quick lending service, HDFC Bank plans to distribute Rs. business. In addition, the bank also plans to do the same for two-wheel loans.

“We believe this is a game-changer for the industry as a whole,” said Arvind Kapil, national head of retail assets at HDFC Bank, adding that the service could redefine how easy it is to use a car loan, by particularly in semi-urban and rural areas of India.

“We aim to attract at least 20-30% of our existing customers and non-account holders through Xpress Car Loans,” he added.

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According to the private lender, 55% of potential car buyers want to reduce physical contact. Auto loan disbursements in semi-urban and rural areas are growing 40% annually, according to the company.

Mortgage lender Housing Development Finance Corporation (HDFC) announced on April 4 that its board of directors had approved the merger of its wholly-owned subsidiaries HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank Limited.

]]> Maruti Suzuki, Indian Bank to offer car loans Wed, 27 Apr 2022 05:41:12 +0000

Maruti Suzuki India Limited (MSIL) and public sector lender Indian Bank have teamed up to provide auto loans to customers and facilitate financing, the company announced on Wednesday. Maruti Suzuki customers can avail the loans at over 5,700 Bank of India branches in metropolitan, semi-urban and rural areas.

With this, Maruti Suzuki customers will be able to avail loans of up to 90% of the car’s on-road price, in addition to no processing fees, free accidental insurance coverage up to Rs 30 lakh, a free FASTag and a repayment term of up to 84 months.

This program is available until June 30, the company said.

“About 80% of retail sales in the automotive industry are through finance and to enable our customers to make car buying decisions, Maruti Suzuki has initiated several partnerships with banks and NBFCs in the public and private sectors. We strongly believe that this partnership with Indian Bank will go a long way towards meeting the diverse financial needs of our customers,” said Shashank Srivastava, Senior Executive Director (Marketing & Sales) at MSIL. Srivastava added that customers will also benefit from an attractive interest rate and personalized EMI options.

Shanti Lal Jain, Managing Director and CEO of Indian Bank, said, “We are committed to making the auto finance experience more convenient for the customer, and a variety of interest rate options will be available for simplify the financing process. .”

The partnership comes after Maruti Suzuki announced a price hike starting April 18. He added that the weighted average increase across all models is 1.3% – ex-showroom price (Delhi). The company had said it was raising prices due to an increase in the cost of several inputs. MSI had already raised vehicle prices by around 8.8% from January 2021 to March 2022 due to steadily rising input costs.

Maruti Suzuki has retail finance links with 37 financial institutions, including 12 public sector banks, 11 private banks, seven NBFCs and seven regional rural banks.

Also Read: Maruti Suzuki To Raise Vehicle Prices From April 18; details here

IMB Personal and Auto Loan Review Fri, 22 Apr 2022 03:04:28 +0000

IMB offers digital banking and online lending options. Compare personal and auto loans from the building society.

First established in 1880 as the Illawarra Mutual Building Society, IMB has extended its reach over its 142 year history, with branches now serving areas beyond Illawarra including Sydney, Newcastle and the Hunter, Melbourne and the ACT. Considered the third largest building society in Australia, IMB combines a wealth of experience with a member-driven mindset to deliver better banking value. It provides customer support in an onshore contact center.

IMB Personal and auto loans

IMB offers secured and unsecured personal loans for a number of uses ranging from $2,000 to $75,000 depending on the loan. These uses include:

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of April 23, 2022. See disclaimer.

Secured personal loan

IMB’s secured personal loan offering allows clients to borrow up to $60,000 over terms of one to five years. Since this loan is secured, IMB allows clients to put up an asset such as a new or used vehicle as collateral to borrow for various purposes.

The main advantage of a secured loan is that the interest rate could be much more competitive than unsecured financing. The downside though is that the loan is asset-linked and there might be more restrictions on how you use the loan.

Unsecured personal loan

IMB’s unsecured personal loan offering allows clients to borrow up to $30,000 without the need for any asset as collateral. Loan terms for unsecured personal loans range from one to five years.

The main advantage of an unsecured loan is that it is not tied to an asset and can be more flexible in how the loan is used. However, the downside is that unsecured loans often attract higher interest rates.

See also: Debt consolidation explained

New car loan

IMB offers customers new car financing for up to $75,000 on loan terms of one to seven years. To be eligible for financing, the car you want to buy must not be more than two years old. Terms are available from one to seven years, and there are no penalties for early payments.

Car buying service

Emerging as a popular option when buying cars, a car buying service essentially takes the legwork out of getting to dealerships. Through IMB you can seek help from a car buying service, using National Car Search Australia. This means that through IMB, you can get a car loan and arrange a hassle-free car search and delivery all in one place.

The cost of the service is usually built into the final sticker price, however, as car buying services can access fleet prices and it’s their job to negotiate, the cost savings could be worth it. sadness.

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of April 23, 2022. See disclaimer.

IMB Wedding Package

A unique offering from IMB, this package allows customers to bundle a secured or unsecured personal loan, an Everyday Unlimited account and a Reward Saver account – two other banking products offered by IMB. This package allows customers to enjoy reduced fees and convenient access to funds to help plan their special day.

Read more: The different types of personal loans explained

Features of IMB Personal and Auto Loans

Flexible loan amounts

IMB offers clients the flexibility to fund an amount to meet their needs, from $2,000 to $75,000.

Additional refunds free of charge

Clients looking to get their loan ahead of time by making additional repayments will not be charged on any of IMB’s personal loans. This can help save the total interest paid over the term of the loan.

No monthly fees

IMB personal and auto loan customers will not be charged a monthly account maintenance fee.

Insurance Options

Loan repayment insurance can be added to IMB personal loans to ensure clients are protected if they are unable to make repayments. This is an optional extra on all IMB personal loan products.

Am I eligible?

To be eligible for any IMB personal loan, the following conditions must be met:

  • Applicants must be over 18 years old.

  • Applicants must have a monthly income.

  • Applicants must be Australian citizens or permanent residents.

  • Applicants must have a good credit history.

  • Applicants must use the loan for personal purposes only.

What do I need to provide to qualify for an IMB personal or auto loan?

To obtain an IMB personal loan, you may need to provide the following information and documents as part of your personal loan application:

  • Your personal data, including name, address and date of birth.

  • A driving license or passport details.

  • Proof of your address – for example, a utility bill.

  • Proof of your income in the form of payslips or bank statements.

  • Details of your daily expenses and any other debts.

Image by Bayley Clark via Unsplash

Review of SocietyOne Personal and Auto Loans Wed, 20 Apr 2022 08:03:44 +0000

Australia’s first peer-to-peer funding platform aims to provide a better deal for borrowers and investors.

Launched in 2012, SocietyOne offers a modern alternative to traditional lending. Normally with a loan whatsoever residence, auto or personal, a bank or lender will provide funds to finance the loan. Where SocietyOne differs is that it does not provide loan funding; instead, it matches borrowers with willing investors. This is called peer-to-peer lending, or P2P.

In January 2021, SocietyOne passed the $1 billion lending milestone with its success leading to a merger with ASX-listed digital lender MoneyMe in early 2022. Using MoneyMe’s diverse product set and its ability to deliver world-class customer experiences, SocietyOne is now looking to become Australia’s leading non-bank lending provider.

SocietyOne Personal and Auto Loans

SocietyOne offers secured and unsecured personal loans from $5,000 to $70,000 for a number of uses, including:

  • Vehicle purchase

  • Debt Consolidation

  • Home renovations

  • Holidays

  • Wedding expenses

  • Medical bills

  • Tuition

Check out some of SocietyOne’s personal loan offerings below.

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate, rates correct as of April 21, 2022. See disclaimer.

Features of SocietyOne Personal and Auto Loans

Custom interest rates

SocietyOne offers personalized interest rates, which means borrowers will receive interest rates tailored to their current financial situation based on factors such as credit history, credit rating, employment status, cash flow and loan amount. Borrowers considered low risk with a good credit rating and track record can expect a lower interest rate compared to other types of borrowers.

Read more: Guide to Subprime Personal Loans

Term flexibility

SocietyOne personal loans can be repaid fortnightly or monthly with terms up to five years for unsecured loans and seven years for secured loans.

Free monthly fee

Aside from a loan origination fee of up to $595 depending on the factors mentioned above, SocietyOne personal loans are free of monthly fees and prepayment charges.

Charges apply for late or late payments as well as the inability to process the direct debit from your account.

digital only

SocietyOne is a digital platform, which means it uses digital technologies as opposed to physical outlets to speed up the loan process. The application takes about five minutes and you will get your personalized rate in less than a minute.

Direct lenders

Investors can view borrowing applications available on SocietyOne’s secure platform. All of this is anonymous and the platform is secure. SocietyOne simply minimizes risk by managing the funds and servicing of each loan.

Am I eligible?

To be eligible for a SocietyOne personal loan, the following conditions must be met:

  • Candidates must be at least 21 years old.

  • Applicants must be employed and earn at least $30,000 per year through employment (Centrelink cannot be your primary source of income).

  • Applicants must be Australian citizens or permanent residents.

  • Applicants must have a good credit history.

  • Applicants must use the loan for personal purposes only.

What do I need to provide to receive a SocietyOne personal or car loan?

To obtain a SocietyOne personal loan, you may need to provide the following information and documents as part of your personal loan application:

  • Your personal data, including name, address and date of birth.

  • A driving license or passport details.

  • Proof of your address – for example, a utility bill.

  • Proof of your income in the form of payslips or bank statements.

  • Details of your daily expenses and any other debts.

If you are applying for a secured personal loan, you will also need to provide details of the asset to be used as collateral as part of the verification process.

The documents required depend on your ownership of the vehicle, but it will be helpful to have these things handy:

Image by Hannah Busing via Unsplash

Best home loans, personal loans and car loans Wed, 20 Apr 2022 04:34:00 +0000

At Lifehacker, we independently curate and write things we love and think you’ll love too. We have affiliate and advertising partnerships, which means we may earn a share of sales or other compensation from links on this page. BTW – prices are correct and items in stock at time of publication.

If the federal budget announcement late last month and the conversation about the general cost of living have you thinking about your finances, you are certainly not alone.

There’s no better time than the present to prioritize saving where you can, so if you’re looking to buy a home, refinance your mortgage, or buy your next set of wheels, this overview of the best financing options could help you with your comparison.

Home loans

A new month means another Reserve Bank of Australia (RBA) board meeting has come and gone, with the cash rate held at 0.10% once again.

While this may be music to the ears of mortgage holders across the country, Australia’s big four banks are planning that the RBA will start raising the national cash rate from June this year, with further increases to follow.

Although there is no guarantee that the cash rate will increase in the coming months, it doesn’t hurt to be prepared. Budgeting for an interest rate hike before it happens will ensure you are prepared when it inevitably does.

And if you’re looking to refinance your current mortgage or buy a new home, be sure to compare your options based on not just the interest rate, but other features that are important to you.

Some of RateCity’s lowest home loan rates at the time of writing include:

· Pacific Mortgage Group variable from 1.87% (comparative rate 1.87%)

· Hume Bank myBlue 2-year fixed from 2.64% (comparison rate 2.18%)

· variable intro 24 months from 1.85% (comparison rate 2.21%)

· Variable refinancing of Nano home loans from 1.99% (comparison rate 1.99%)

· Suncorp variable special offer from 2.02% (comparison rate 2.03%)

Personal loan interest rates

Australians are taking advantage of the lifting of COVID-19 travel bans by visiting loved ones in Perth and New Zealand and resuming international travel to many other parts of the world.

While some have managed to save money for this occasion, others finance their trips with a personal loan. In fact, the latest lending indicators from the Australian Bureau of Statistics show that new fixed-term personal loan commitments rose 6.5% in February, with travel and holidays contributing to the rise.

If you’re looking for a personal loan to take on your own trip, or for a variety of other reasons, here are some of RateCity’s lowest personal loan rates at the time of writing:

Car loans

Buying a new car these days can take a bit of patience, with global supply chain issues for microprocessor units set to continue until next year, further delaying the arrival of new cars in Australia.

Some popular car models, like the Toyota Rav4 Hybrid, have waiting times of up to 12 months. But if you’re aiming for something less in demand, you might not have to wait that long.

Either way, getting financing for your next vehicle should be a much faster process. Just be sure to compare your options before deciding what’s right for you.

Some of RateCity’s lowest home loan rates at the time of writing include:

Business News | Home and auto loans get expensive as SBI, Axis Bank and others hike lending rates Tue, 19 Apr 2022 07:00:00 +0000

New Delhi [India]Apr 19 (ANI): The country’s largest lender, State Bank of India (SBI), and other government and private banks including Axis Bank, Bank of Baroda and Kotak Mahindra Bank increased their lending rates on Tuesday benchmark up to 10 basis points or 0.10 percent.

This will make home, car, personal and other loans more expensive. The equivalent monthly payment (EMI) for different categories of loans will increase.

Read also | South Africa says Durban port functional after flood devastation – Latest tweet from Reuters.

The State Bank of India has increased its marginal cost of funding based lending rate (MCLR) by 0.10% across all tenors, according to data available on the SBI website.

Bank of Baroda increased its one-year MCLR by 0.05%.

Read also | Barcelona Open: Qualifier Carlos Taberner surprises Sebastian Korda in the first round.

Private sector lenders Axis Bank and Kotak Mahindra Bank also raised one-year MCLR rates.

Banks raised their lending rates for the first time in about three years. Other banks are also likely to increase their lending rates in the coming days. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

After SBI, Kotak Mahindra Bank Hikes MCLR; Home and auto loans are expected to increase Tue, 19 Apr 2022 05:48:54 +0000

New Delhi: Following the State Bank of India (SBI), Kotak Mahindra Bank raised the marginal cost of lending rate (MCLR) by five basis points across all tenors. The new MCLR rates took effect on April 16, 2022. This could result in increased home, auto and other loan EMIs for current and future borrowers.Also Read – RBI Grade B Recruitment 2022: Last date to apply for 294 positions today. Apply at

Lending rate based on marginal cost of funds

Tenor Reference Rate
Overnight K-MCLR Y/N 6.65%
A month K-MCLR 1M 6.90%
Three months K-MCLR 3M 6.95%
Six months K-MCLR 6M 7.25%
One year K-MCLR 1Y 7.40%
Two years K-MCLR 2Y 7.70%
Three years K-MCLR 3 years 7.90%

Earlier on Monday, the SBI raised the marginal cost of lending rate (MCLR) on loans at all maturities by 10 basis points. One basis point equals one hundredth of a percentage point Read also – SBI customer alert! EMI for home, auto loans are likely to be expensive as the bank increases the MCLR. Details inside

For the uninitiated, banks will need to set interest rates for different types of customers based on the MCLR. Taking into account the repo rate and other lending rates, banks revise the MCLR on a monthly basis. Read also – Diego Maradona and India’s inflation problems: a special link | Explain

Five reference rates are required for different durations ranging from 1 day to 1 year. Banks are free to set rates for terms longer than 1 year. Banks cannot lend below MCLR, but there are some exceptions. For deposit loans and loans to employees of the relevant bank, banks can lend below the MCLR.