NEWS & ADVICE : CAR LOANS
Govt asks PSBs to raise loan tenors not EMIs
By Vaibhav Aggarwal
Aug 24, 2011
Print    Email    RSS   

Increasing interest rates are set to burden borrowers in the prevailing scenario. Government has therefore asked public sector banks to show slight leniency to the borrowers. The government has advised that borrowers be given an option to choose from either increasing tenor of their loan or increasing EMIs.

According to sources, there has been a 15% rise in EMIs of borrowers following the rate hike scheme. The finance ministry has thus asked banks to offer this option to banks.

"It is in the borrower's interest to stick to a shorter term so that the principal amount keeps decreasing. So, unless you are absolutely strained for funds, it is advisable to increase the EMI," said a banker.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Selecting the appropriate car loan
Insider secrets of Car Loans in India
Used Car Loan Melas in India
Bank loans that could glitter for you
J&K Bank raises PLR


Lonavala Caℓℓ Girℓs 9765946980 / 9970712349...
how to got car loan statement from hdfc bank
i want to check my sbi car loan balance

NEWS THIS WEEK
SBH bank extended its Car and gold loan campaign till 31st March, 2015. Feb 11, 2015
KVGB bank signed MOU with TATA Motors Feb 10, 2015
SBH bank extended its scheme offering concession to loan defaulters Feb 2, 2015
Karnataka Bank tied up with TVS motors to Assist Auto rickshaw buyers Jan 27, 2015
RBI extended the Directions issued to Amanath Co-operative Bank for a period of six months Jan 22, 2015
News Archive