The rate cuts post the demonetization of high-value currency notes have not only led to a fall in the home loan rates, but also in the rates of auto loans, bringing cheers to all those willing for an affordable car ownership. With over Rs. 15 lakh crore back into the banking system due to the demonetization drive, banks started slashing MCLR and have thus eased the floating auto loan rates. Basically, the interest rates now range between 8.75% and 13% p.a. The average car loan interest rate was ranging between 9.50% and 15% per annum for most vehicles in 2007.