In this economy downturn, as most of the people have refrained from buying houses and cars, the banks and lending institutions have reduced the interest rates on these kind of loans trying to boost the market.
But even now most of the people are not ready to put down their money in such loans at the current market conditions. As a desperate move, some banks such as HDFC have reduced interest rates by around 50 basis points thereby making the interest rates available by 0.5% lower than the previous rates.
This is following the 4 % VAT cut by the government on electronic goods and cars. It seems everyone wants people to spend more so as to improve the economy.
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