Buying your dream car will be tougher due to the non-encouragement of banks. They feel auto loans segment is the reason for their high NPAs on their balance sheets. Henceforth only after ensuring repayment ability, they are going to sanction auto loans.
According to Mr. A Krishna Kumar, MD of SBI the strict move towards auto loan is a temporary act to stabilize their auto loan portfolio amongst the risks of high inflation, fuel price increase and the rising cost of four wheelers. HDFC and SBI are the foremost car financiers of India. Canara Bank and all other nationalized banks will soon follow their steps.
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