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.