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Bank hard-sell & cheaper loans drive auto financing SECTIONS Share Synopsis Auto financiers and dealers say the current buzz is led by the aggression of PSU lenders, which are offering rates lower than private financiers. However the uptick is restricted only to passenger vehicles and not two-wheelers and commercial vehicles. TNN (This story originally appeared in on Jan 11, 2021)Chennai: Cheaper loans, aggressive options from public sector banks and a general reluctance to use cash for cars has led to an increase in auto financing penetration in passenger vehicles from 75% at the beginning...

(Representative image) CHENNAI: Cheaper loans, aggressive options from public sector banks and a general reluctance to use cash for cars has led to an increase in auto financing penetration in passenger vehicles from 75% at the beginning of 2020 to around 80% now. Auto financiers and dealers say the current buzz is led by the aggression of PSU lenders, which are offering rates lower than private financiers. However the uptick is restricted only to passenger vehicles and not two-wheelers and commercial vehicles. ICICI Bank head (secured assets) Ravi Narayanan said: “In addition to various ...