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SBI car loans at 8% for 1st yr, 10% for 2nd, 3rd

Mumbai, June 29, 2009

State Bank of India, said that it was launching a new car loan scheme for financing new cars on July 1, called SBI Ezee Car Loan Scheme.

July 1 is State Bank of India's (SBI) foundation day. Car buyers can get car loans at reduced rates of 8 percent per annum fixed for the first year and 10 percent per annum fixed for the second and third year, a press release issued here said.

Equated monthly installments (EMIs) for a SBI car loan for Rs 1-lakh will be as low as Rs 1,559 in the first year and Rs 1,647 in the second and third year, the release said.

The interest rate will be reset from the fourth year at the card rate contracted as on date of sanction, depending on the tenure of the loan.

The SBI car loan card rates are 0.25-0.75 percent below the bank's PLR, the release said.

The SBI Ezee Car Loan Scheme will have a full processing fee waiver during the scheme period.

SBI, which had introduced a special 10 per cent per annum fixed interest rate for the first year from February 23, has now extended it up to September 30.

This follows the tremendous response the scheme has evoked, the bank said.

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