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Non-Tech : ICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (112)	2/11/2000 2:27:00 PM
From: Mohan Marette	Read Replies (1) of 494

Car finance cos slash rates by 2% overnight-ICICI leads the charge. Cry-baby Kotak Mahindra complaints. ======================== LEADING car financiers will, in the next few days, slash interest rates from 17-18 per cent to 15-16 per cent. The move has been primarily triggered by the new kid on the block -ICICI- which is offering an interest rate of 16 per cent on car loans. Industry experts view this as a serious move to corner volumes in a highly competitive market. Not to forget, the overall costs of funds too have come down. However, industry majors have been extremely critical of ICICI's move of "stealing customers" by "undercutting rate". According to Dipak Gupta, executive director of Kotak Mahindra Finance, rates are being pruned to maintain competition. "But undercutting does not help the market. All it will help is give the first person the benefit of lead time. It doesn't help the market grow. One will only see customers moving away from one loan-provider to the other," he said. Industry players cool: Page 10 economictimes.com

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