Hyderabad, Dec 20: HDFC Bank, the leader in car loan sector, on Thursday launched two options of Step-up EMI or Balloon Repayment under custom-fit car loan schemes # AapkeHisaabSe for aspirational India, here.
Addressing a press conference on the occasion, Madhusudan Degde, Branch banking Head (South) and Mayur Mulani, NdSM, Branch Channel, Auto Loans, said ''With this new offer, we are expecting to grab 15 per cent market share against the current market share of 33 per cent in car loan segment.
''As part of the options offering, customers will now be able to buy cars at lower EMI (up to 24 per cent under the Step-up EMI in first three years and up to 30 per cent under the Balloon repayment programme),'' they said, adding that the unique product is available for all categories of cards, from standard to premium.
According to Mr Mulani, ''We are offering not just lower EMIs, but also 10 minute approvals, longer tenures and also insurance in the form of Suraksha Kawach.
''Under the Step-up plan, customers can start repayment of car loan with up to 24 per cent lower EMIs in the first three years and gradually increase the EMI, while Balloom Repayment allows customers to pay up to 30 per cent lower EMIs through-out the tenure and a larger lump sum amount at the end of the term,'' he added.
In the both schemes, the interest will be between 9 to 10 per cent, while zero foreclosure charges and up to 100 per cent funding was also on offer, they said. (UNI)