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SBI Ezee Car Loan: State Bank of India launches new car loan scheme

State Bank of India has announced the launch of SBI Ezee Car Loan Scheme, a new car loan scheme for financing new cars. The scheme will be available from July 1, 2009 onwards.

The new car loan scheme will offer 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. Also there will be no processing fee.

As per the new interest rate the Equated monthly installments (EMIs) for Rs 1-lakh loan will be Rs 1,559 in the first year and Rs 1,647 in the second and third year, as per the bank announcement.

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