State Bank of India’s has offered a special car loan scheme

By Pradeep Yuvaraj | July 4, 2011

A recent press report said that State Bank of India has announced a special car loan scheme which will provide credit at attractive interest rate.

The new car loan product will charge Rs 1,700 as EMI on a loan of Rs 1 lakh, at an interest rate of 11.5 per cent per annum. If someone has taken a loan of Rs 3 lakh, then he will pay close to Rs 5,000 as installment. The interest is to be calculated on daily balance.

Mr. Pratip Chaudhuri, Chairman, SBI told the press that the bank’s Rs. 20,000-crore right issue to fund its expansion plans is very much there and it should happen next month. He also said that the rate of inflation will continue to stay higher due to the increasing rate of inflation.

He said that the bank would achieve a good rate of growth in deposits and advances in the current fiscal on the back of the country’s expected 8 per cent growth in GDP.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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