IDBI Bank revises home loan and auto loan rate for festival season

IDBI Bank has waived the processing fee for loan amounts upto Rs25 lakh. The bank has also reduced the existing floating home loan rates by 25–50 bps

IDBI Bank reviewed its home loan rates in view of market scenario, competition offerings and providing some benefits during festival season. All new borrowers would be given an option of either fully floating rate or a combination of fixed and floating rates. The processing fee for loan amounts up to Rs25 lakh has been waived. The Bank has also reduced the existing floating home loan rates by 25–50 bps. The composite fixed floating home loan scheme and revised floating rates home loan scheme are as under: 

 The rates after 1-2 years in case of fixed/floating rate of interest scheme would be linked to Bank’s Base Rate (BBR) as given in column 4 above. 

IDBI Bank has also decided to offer concession of 100 bps in rate of interest for all segment of loans as well as 100% waiver of processing fee for auto loans. All the offers are applicable to the new loans sanctioned between 15 October 2011 to 31 December 2011.
 

 

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Hyundai launches Eon, starting at Rs 2.7 lakh

“Hyundai Eon has been specifically built keeping in mind the varied Indian conditions and special requirements of the customers” Hyundai CEO

Korean auto major Hyundai Motor Co today launched entry level compact car Eon that has been developed specifically for the Indian market, at an introductory price of between Rs2.69 lakh and Rs3.71 lakh (ex-showroom Delhi).

The company, which operates through wholly owned subsidiary Hyundai Motor India Ltd (HMIL), said the car has been designed and developed keeping Indian consumers in mind.

"Eon has been specifically built keeping in mind the varied Indian conditions and special requirements of the customers here. It will further expand our market share in the fast-growing small car segment in the Indian market," HMIL managing director and CEO HW Park said.

The Eon, which will compete with Maruti Suzuki India's best selling model Alto, is powered by a 814 cc petrol engine. Alto is priced between Rs2.32 lakh and Rs3.17 lakh (ex-showroom Delhi) and is the best selling car, averaging about 20,000 units a month.

HMIL has invested Rs900 crore on the development and production facilities for the Eon. HMIL senior director marketing and sales, Arvind Saxena, said the company has plans to produce up to 1,50,000 units of the Eon on a 12 month basis.

Asked about export plans, Park said: "Later on we may consider exporting the Eon to markets in South America and South Africa but the present focus is on the Indian market."

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Hitachi opens first R&D centre in India

Hitachi to expand IT and social infrastructure business related operations and pioneer new business areas

Hitachi, Ltd announced the opening of the Hitachi India R&D Centre in Bengaluru, India. This is the first research base for the Hitachi Group in India, as part of its efforts to promote efficient business development based on local needs in the rapidly growing Indian economy.

The new R&D Centre will be directly operated by Hitachi India Pvt. Ltd., the regional headquarters for Hitachi Group operations in India, and will conduct research and development focusing on Information &Telecommunication systems and social infrastructure business. In order to support the entry and expansion of Hitachi Group companies in India, the researchers will study the local market need, and promote market-oriented technology research & development to improve and enhance current products, as well as conduct regional research founded on regional needs to pioneer new business areas.
Further, offshore-oriented research will be conducted in collaboration with universities and corporate entities in India to achieve efficient advanced research.

The Hitachi India R&D Centre will start with about 10 researchers, aiming to double this number by FY2015 through local employment, in order to contribute to business growth and pioneer new business areas in India based on local research.

In April 2011, Hitachi undertook an overhaul of its R&D structure to create an organization for the global expansion of Hitachi’s Social Innovation Business by reorganizing and integrating its eight domestic laboratories into three laboratories and increasing its overseas research personnel. In June 2011, Hitachi set out a “New globalization plan” based on six centres located worldwide, in Japan, North America, Europe, China, South-east Asia and India, and targets a Hitachi Group consolidated revenue in India to increase to approximately200 billion yen in the next few fiscal years from the FY2010 revenue of approximately 90 billion yen. Local production and joint businesses with local partners have already commenced in business areas such as construction machinery, air-conditioning equipment, thermal power generation, and information control systems. The launch of the Hitachi India R&D Centre is part of Hitachi’s efforts to promote the localization of research, as well.

Efficient offshore-oriented advanced technology development will be promoted through collaborations with the academic institutes in India, as well as working with offshore vendors and talented human resource in India. Collaborations with the Indian Institute of Technology Hyderabad (IIT-H) and the Indian Institute of Science (IISc) , Bengaluru, are already underway, and the establishment of the Hitachi India R&D Centre will serve to facilitate cooperation with local universities and corporate entities.

The new Hitachi India R&D Centre will focus its activities in India but will in the future conduct R&D for the Asian Belt Zone in collaboration with Hitachi Asia R&D Centre, based in Singapore.

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