Bangalore: In a move that could intensify competition in the car loans segment, Axis Bank has cut its interest rates by around 150-200 basis points (bps) in select markets. The bank has started offering interest rates of nine percent across all car models in Hyderabad, Chennai and Bangalore. The bank has also has waived processing fees, and the rates are valid till the end of the month. State Bank India (SBI), in late June, had slashed interest rates to eight percent for the first year and 10 percent for the next two years, reports The Economic Times. For the remaining years of the loan, borrowers will be charged an interest of 25-75 bps below the bank's prime lending rate. However, unlike SBI, the rates of Axis are fixed for the tenure of the loans. The rate card of Axis Bank for internal customer is between 9.5-10 percent while for external customers it's between 10.5-11 percent. "We only entered the market when rates were rational. By nature, we are not aggressive or irrational. We offer a marginally better interest rate to our own customers than new to the bank customers," said Hemant Kaul, Executive Director of Axis Bank.