It’s raining discounts

With the festive season starting there is reason for customers to rejoice as both, car companies and banks, are ready with goody bags, to lure customers to loosen their purse strings. The sector which already saw signs of revival in the month of August may see some more traction during this festive season with discounts and offers pouring in. In September, Maruti Suzuki reported a 33.9%  sales growth as compared to September 2019. This buoyancy coincides with the benign interest rate scenario in the country after the Reserve Bank of India’s cumulative 115 basis points (one basis point is equal to 0.01 percentage point) rate cuts. The interest rates for the car loans in India start at as low as 7.10% per annum based on your credit rating and you can avail a car loan which finances up to 100% of the on-road price of the car.  According to BankBazaar, a neutral marketplace for financial products with multiple offer comparison from different banks and insurance companies), if you are planning to join the bandwagon, several banks are willing to offer rates between 7.10-7.7% for an INR 10-lakh loan with a seven-year tenure. Like most retail loan categories currently, it is the Public