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Interest charged on car loans by SBI

 For car loans, the State Bank of India (SBI) has introduced interest rate of 8% per annum fixed for the 1st year and 10% per annum fixed rate for the 2nd and the 3rd years. From the 4th year, the interest rate will be reset to the normal car loan rates. 



The decision to reduce the rate was taken on 21.06.2009 and was implemented from 01.07.2009. 



State Bank Advance Rate (SBAR) has been revised downwards by 50 bps from 12.25% p.a- to 11.75% p.a. with effect from the 29th June, 2009. The revised rates SBAR is applicable to all new as well as existing advances, including existing term loans (other than existing fixed interest rate loans). In addition, interest rates have been reduced for home loans @ 8% per annum fixed for the first year. The SBI is also offering reduced interest rates on SME loans. 



This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today. 



 10 Replies

advchennai (Advocate)     22 July 2009

I feel that the Government should step in and direct the private sector banks to reduce the rate of interest on credit cards too. At present a whopping 35-40 % is charged. 

Y V Vishweshwar Rao (Advocate )     22 July 2009

Dear N P Shah , this inforamtion is Very useful to all the Banks borrowers !

malik (fdg )     19 February 2012

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Mike B (advocate)     06 July 2014

Buying a vehicle is one of the biggest expenses we face in life. Most buyers chose to get car loans to finance it. It is really significant to a lot of people. I have found a site that may help you with this. You can pick whatever loan is going to work best for you. Here it is: Car Loan Rate.
 

Tally (Manager)     23 July 2014

The decision by the State Bank is pretty reasonable and we know that most of the car owners and vehicle owners are happy with an interest rate of 8% per anum. Car leasing companies and sellers might want to rethink their  strategies. after reading this. law papers on car loans and other key factors. 

Tally (Manager)     23 July 2014

Another thing that most people ignore is the flood of new vehicles on the roads. For those who are no idea how car loan companies (call it leasing ones) differ from sellers in total price comparison. The State Bank has done the right thing by keeping the rate at 8% as it will make leasing much more hassle-free. 

matt   28 November 2015

The decision by the State Bank is pretty reasonable and we know that most of the car owners and vehicle owners are happy with an interest rate of 8% per anum. its like you don't need to pay for a essay UK for us.

matt   21 March 2016

Very good to know.Buying a vehicle is one of the biggest expenses we face in life. Most buyers chose to get car loans to finance it. It is really significant to a lot of people. Get best Online essay writer in very affordable price.

Louisa   08 November 2017

I agree with Tally that the most people ignore the flood of new vehicles on the roads and that keeping the rate at 8% will make leasing much more hassle-free. Read more at best essay help

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