Mumbai, Jun 29: For the millions of Indians who dream of buying a car, State Bank of India's (SBI) new car loan scheme called 'SBI Ezee' comes as good news.
SBI on Saturday, Jun 27 revealed the plan to launch the car loan scheme for financing new cars. SBI Ezee will be effective from Jul 1 and will be available at interest as low as eight per cent for the first year.
Car buyer will be able to avail loans at reduced rates of 8 per cent per annum fixed for the first year and 10 per cent per annum fixed for the second and third year and Equated monthly installments (EMIs) for a SBI car loan for Rs 1 lakh will be Rs 1,559 in the first year and Rs 1,647 in the second and third year, a company statement said.
The bank that moved ahead in the car financing arena, has set car loan card rates are 0.25-0.75 per cent below the bank's PLR. Apart from a lot of other benefits, this Ezee Car Loan Scheme will have a full processing fee waiver during the scheme period.