Old generation private bank, Federal Bank has cut the interest rate on car loans to 10.45% and set up a National Auto Loan Hub, which will ensure speedy processing and turn-around-time of less than a day, said a press release issued by the bank. The Hub will function as a single window for processing and sanctioning of auto loans.
The central hub has started operations and is currently handling all applications from Kerala. The bank proposes to spread its operations country wide.
Federal Bank is entering into tie-ups with leading auto manufacturers and dealers across the country, to offer best of services to prospective auto-clients. The launch of an online facility to give spot sanctions for car loans too is in the pipe-line, the release said.
