SBI, Maruti in car financing tie-up
By Our Corporate Bureau | 26 May 2003
Customers will now have transparent car finance involving no hidden charges and pre-closure penalties, and also get the dealers' margins, says SBI chief general manager S K Bhattacharya. "It will help both the bank and Maruti to aggressively tap the Andhra Pradesh market."
SBI
offers finance facility even for lifetime tax, insurance
and accessories of the vehicle. Further, SBI Life Insurance
will offer life insurance cover to the customers at a
concessional premium. "Even this premium amount will
be financed by SBI and this works out to nearly 100-per
cent finance on ex-showroom price of the car," he
says.
Stating
that the lowest EMI will enable most of the two-wheeler
owners realise their dreams of owing a car, Bhattacharya
says the EMI on car finance works out to only Rs 1,712
per lakh for a seven-year tenure and around Rs 1,500 for
two-wheelers.