State Bank of India - Tata Motors Low Margin Car Loan Scheme

SBI has come up with car loan offer for Tata Motors cars. The cars covered under this scheme are Tata Nano, Tata Indica, Tata Indica Vista, Tata Indigo, Tata Indigo Manza, Tata Sumo Gold, Tata Sump Grande,  Tata Aria,  Tata Safari and Tata Venture cars.

Salient features of this scheme are

• No Advance EMI.
• Longest  repayment tenure (7 years).
• Lowest interest rates ( there are further concessions for Corporate Salary  Package accounts).
• Lowest EMI.
• Loan amount: 90% of 'On Road Price' of car (includes registration, insurance and cost of   accessories worth Rs 25000).
• Interest Calculated on Daily Reducing  Balance.
• Flexibility of payment of EMI anytime during the month.
• No pre-payment penalty.
• Free Accident insurance. Optional SBI Life cover.
• Overdraft facility available
• Processing fee of  0.51% of loan amount
• Interest rate of 11.25% pa

This offer is lucrative and beats any car loan scheme. 

Source: https://www.sbi.co.in

Disclosure: Money Plant and its clients own stocks of SBI and Tata Motors