State Bank of India will be launching a new car loan scheme ‘SBI Ezee’ for financing new cars on July 1. As per this scheme, SBI will charge interest rates as low as 8 percent for the first years of the car loan repayment tenure.
According to this new car buyers can get loans at reduced rates of 8 percent per annum and 10 percent fixed interest rate for the second and third year. The interest rates would be reset from the fourth year at the card rate from the date of sanction of loan. The new interest rates would depend on the tenure of loan.
The card rates on SBI car loans are 0.25-0.75 percent below the bank’s prime lending rates (PLR). The SBI Ezee car loan scheme will attract waiver of the full processing fee, during the scheme period.
As per reports in the leading financial daily, the new scheme would make car loan EMI cheaper than ever before. On a loan of Rs 1 lakh the EMI would be as low as Rs 1,559 in the first year and Rs 1,647 in the next couple of years.