The US Congress approved legislation to give US carmakers $15bn of seven-year loans out of $25bn of funds already approved in 2007 to help the companies make more fuel efficient cars. The loans will have a 5% interest rate for five years and 9% for two years thereafter, and the package will include some $3bn of warrants, according to Dow Jones.

In Congressional testimony, the three carmakers had asked for $34bn of loans in addition to the release of the $25bn of funding promised last year.

2 Dec 2008 -

Teaser loan