In recent years, car prices have risen sharply, leading to a sharp decline in sales, largely due to the inability of people to afford such expensive cars. Now the government has announced a new 'car financing scheme' to deal with the situation, under which interest rates will be reduced. The new interest rate is likely to be 5 to 6 percent.
An official of the Ministry of Industries and Production said, “The government is formulating a new autopolicy in which buyers of 850 cc to 1000 cc vehicles will be given more tax breaks. It is currently being proposed that the interest rate should be 5% for 1000 cc vehicles and 6% for larger vehicles. The new policy will be finalized by the end of next month.
