Best Car Loan Interest Rate ? SBI 8%

Yesterday I went to one SBI branch to enquire about car loan and i got shocked to hear the new rates.

The new rate is 8% for 1st year. 10% for 2 and 3 rd year and from 4th year its floating. Isn't the the best interest in the market? This is applicable from July 1st 2009 to Sep 30 I guess. And full waiver for processsing fee in these period. 

Certainly this will boost the car sales.....!

Absolutely .... This is a good and true news. I got SBI loan last month and got 10% for first year & floating for the rest with no processing fees. Missed the new scheme by a whisker

One should go for SBI coz part payment is also charge free where as other banks charge 3-4% .... there is a bit of hassel in the begining but after that it is cool ... whereas with other banks there is no hassel in the start but ...later they are the boss

I have already taken the loan ...can i upgrade too??

The new scheme is known as 'SBI EZEE Car Loan Scheme' - applicable to all new car loans to Public.  It will apply to all loans sanctioned/disbursed on or after 01/07/09 until 30/09/09 - with no processing fees (waived completely).

Sorry Amit, you can't upgrade.  I guess Sujit is eligible because his loan is sanctioned but not disbursed - will be disbursed during the period.

hi i am taking a loan for my new innova thru my partnership co. the amount of loan is 832000 .my car dellivery is on july 9. can i get a SBI CAR LOAN fast say in 4-5 days.thanks

Approach the SBI branch/es at Gurgaon.  I think if you can make all the papers/documents available readily, the sanction/disbursement can be arranged for in 3-4 days.  Explain them the urgency. 

The terms & conditions, and the interest rate will be different from those to Public/individuals.  Please check.

@Amit: Looks unlikely that you can get it in 3-4 days .... SBI takes a bit of time ...and at their best they can sanction & disburse the loan in 15 days time .....

I understand.  But there are cases where the loans have been sanctioned in just a couple of days - provided the papers/documents are available & in order.  There is no harm in approaching the bank & specifying the urgency.  It may not materialise but then why take it for granted before approaching/requesting.

Is the interest on the loan calculated on day to day basis or on the starting loan amount?

I mean to say that if one has a 1lakh loan and if one pays off 50k at one go then will the interest be calculated on the rest 50 k or on the sarting 1lakh??? If the interest is calculated on day to day basis on the remainder loan amoount then the offer is very very good...else.......