Today, SBI has started new scheme for providing loan for purchasing cars . This is 'SBI ezee' for helping the middle class salaried person because SBI is providing car loan under very low rate of interest of
8 % and without any advance equated monthly installment .
" Equated monthly installment which can say EMI is accounting term . If you do not know it we can simply explain it as fixed amount of installment which is given by a borrower to a lender at a specified date each calender month . In this installment both interest and principal of each month is included and it is given for specified numbers of years up to paying loan fully . "
There are following plus points of this new scheme.
- EMIs are just Rs. 1559
- Free accident insurance coverage
- SBI has contracted with maruti, Suzuki India , Tata motors and Hyundai motors under 'SBI ezee' car loan scheme .
Downside point is that both interest and EMIs will increase from next year .Otherwise this is the best scheme for getting Car loan and enjoy new personal car .
