Customers are cancelling approved car loans. This is because of the Goods and Services Tax (GST) rate cut on passenger vehicles. The 56th GST Council approved reducing the rate for cars up to 1,200 cc to 18 percent. The new rates will be effective from September 22. Borrowers are opting for fresh loans after the rate cuts.
from Banking/Finance-Industry-Economic Times https://ift.tt/pZVxbcP
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