Country’s largest private sector lender — ICICI Bank has hiked interest rates on auto loans by around 0.75 per cent from the first week of April, but said the move is not linked with RBI’s recent hike in statutory deposits to check inflation.

Auto loan prior to the hike was in the range of 13.5-14 per cent, which has gone up by 0.75 per cent during the month, ICICI Bank Group Business (Head) Vehicle Loans N R Narayanan told PTI.

“Rates have increased in between 50 and 75 basis points for certain segment of auto loans from the first week of April,” he said.

He added the decision to raise auto loan was taken in March, but it was kept on hold till the beginning of the new fiscal.