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Finance Minister Urges PSU Banks to Boost Credit Growth, Maintain Profits

  Finance Minister Nirmala Sitharaman, in a meeting with heads of Public Sector Banks (PSBs) on Friday, urged them to leverage the Reserve Bank of India’s recent  50 basis points rate cut  to accelerate lending towards the productive sectors of the economy. Sources reported that the Finance Minister asked PSBs to maintain the profitability momentum in  FY26 , building on their strong performance last year. The cumulative net profit of 12 PSBs surged to  Rs 1.78 lakh crore in FY25 , marking a 26% rise compared to the previous fiscal. In absolute terms, this meant a profit increase of about  Rs 37,100 crore . Sitharaman also emphasised the importance of financial inclusion, directing banks to onboard more customers under government schemes to ensure broader credit outreach. On  June 6 , the RBI’s monetary policy committee, led by Governor Sanjay Malhotra, cut the benchmark repo rate by  50 basis points to 5.5% . The minister highlighted that PSBs sh...
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Best Car Loan Deals for the Festive Season: Top Banks Offering Low Interest Rates

HDFC Bank shares to attract $1.8 ...


As the festive season approaches, including Ganesh Chaturthi, Navratri, and Dussehra, several banks are offering attractive car loan rates. If you’re planning to buy a car during this period, here’s a roundup of banks providing some of the lowest interest rates on new car loans. According to data from Paisabazaar.com, interest rates for a Rs 5 lakh car loan with a five-year term range from 8.45 percent to 9 percent across the top banks.

  1. UCO Bank: Public sector lender UCO Bank offers the most competitive rate at 8.45 percent for a Rs 5 lakh car loan with a five-year tenure. The EMI for this loan would be approximately Rs 10,246.

  2. Union Bank of India: Union Bank of India, along with Canara Bank and Bank of Maharashtra, charges an interest rate starting at 8.7 percent for a Rs 5 lakh car loan over five years. This results in an EMI of about Rs 10,307.

  3. Punjab National Bank: Both Punjab National Bank and South Indian Bank offer car loans starting at 8.75 percent. For a Rs 5 lakh loan with a five-year term, the EMI will be around Rs 10,319.

  4. IDBI Bank: IDBI Bank provides car loans at an interest rate of 8.8 percent. The EMI for a Rs 5 lakh loan over five years will be approximately Rs 10,331.

  5. Bank of India: Bank of India, along with Indian Overseas Bank and Federal Bank, offers loans starting at 8.85 percent. The EMI for a Rs 5 lakh loan over five years will be about Rs 10,343.

  6. Bank of Baroda: Bank of Baroda charges an interest rate of 8.90 percent, making the EMI for a Rs 5 lakh car loan with a five-year tenure approximately Rs 10,355.

  7. State Bank of India (SBI): SBI, India’s largest bank, has an interest rate starting at 8.95 percent. For a Rs 5 lakh car loan over five years, the EMI will be about Rs 10,367.

  8. IDFC First Bank: IDFC First Bank offers car loans starting at 9 percent, with the EMI for a Rs 5 lakh loan over five years amounting to approximately Rs 10,379.

  9. ICICI Bank: ICICI Bank charges an interest rate starting at 9.10 percent. The EMI for a Rs 5 lakh loan with a five-year term will be around Rs 10,403.

  10. HDFC Bank: HDFC Bank offers car loans at 9.20 percent. For a Rs 5 lakh loan over five years, the EMI will be approximately Rs 10,428.

These figures are based on data collected from the banks’ websites as of August 14, 2024. The banks are listed in ascending order of interest rates, with the most favorable rate at the top. Note that the EMI calculations assume no additional processing or other charges. Rates are indicative and may vary based on the bank’s specific terms and conditions.

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