Do you have a car of your own? Are you still commuting because of the high car amortization? Well don’t worry there is now an easy and a more affordable way of getting your car. It is through the SBI Ezee scheme for car loans.
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. This will make your dream a reality.
Thanks to the innovations of the experts behind SBI’s car loans. SBI has finally come up with the car loan scheme for financing new cars. SBI Ezee has been available since July 1 and will be available at interest as low as eight per cent for the first year.July 1 is State Bank of India’s (SBI) foundation day.
Moreover, these 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.
It is interesting to note that 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.
Loans will be at 8 per cent for first year and 10 per cent for the second & third
Basically, car buyers can get car 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, 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.
As regards to processing fee waiver, the SBI car loan card rates are 0.25-0.75 per cent 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. “During the last one year, SBI has marched ahead in the car financing space and is now the largest financier of new cars.
The bank has taken proactive steps to improve the number of cars sold with finance amounts and some of the car manufacturers started showing good growth from March 2009 onwards banking on the strength of the popular interest rate offer from SBI,” the release said.
The scheme has a long repayment period of seven years and no advance EMI. Besides, it offers the benefit of a free accident insurance cover for loan outstanding up to Rs 40-lakh.
There is financing up to 85 per cent on the on-road price of the car and interest is calculated on the daily outstanding balance, which reduces the interest burden on the borrower as against the monthly outstanding balance or flat rate basis as charged by a few others, the release added.
SBI has entered into strategic tie-ups with Maruti Suzuki India and Tata Motors and financing arrangements with all major car manufacturers including Hyundai Motors, the release said.
Please visit official website of SBI for more details.
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As a conclusion, there is actually no need for you to worry in getting your plans push through towards getting your first car ever through the ezee car plan. It must be clear however to these clients to check and balance their salary payslip and decide if getting the ezee car plan would be practical, as suggested by experts .if so, then by all means get now and apply for the ezee car loan only from the most trusted State Bank of India.
