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The State bank of India has reduced interest rates on Car loans to 10 per cent (from 11.5%/12%)for a period of one year for all new borrowers.
Interest Rate will be reset after the freeze period at the applicable card rate contracted as on the date of sanction under the respective new car loan schemes. The new car loans will be on offer for a limited period from February 23, 2009 until May 31, 2009 across India and the interest rate will be reset on these loans at the contracted rate after June 1, 2010.
Under the prevailing scheme, SBI has two slabs – upto Rs. 7 lakh and above Rs. 7 lakh with repayment tenure ranging from 3 to 7 years.
The new rates will be applicable to all customers availing loans between 23 February and 31 May 2009, the bank said.
SBI, Sole Agent for NANO Car :
SBI, on 20th February, 2009 has been appointed as the sole booking agent for Tata Motors’ upcoming model-Nano, even though the company did not divulge any details of the booking process. A formal announcement to this effect is slated in the next 15-20 days. Initially, the SBI will distribute the prospectus in 100 select branches. The booking is expected to start by the end of this month and the initial amount will be Rs. 70,000 per car.
Source : The Times of India