Not eligible for SBI car loan if salary below Rs 50,000 per month
Quotes

Not eligible for SBI car loan if salary below Rs 50,000 per month

Last Updated: Monday, September 02, 2013, 21:16
 
 Comment 1
 
Not eligible for SBI car loan if salary below Rs 50,000 per month
Zee Media Bureau

New Delhi: If you are earning below 50,000 per month, you must forget about getting an SBI (State Bank of India) car loan.

The largest public lender has decided to curb loan eligibility for individuals whose gross income is below 6 lakh per year. The move is reportedly aimed at reducing credit default risk.

SBI currently offers car loans at an interest rate of 10.45 percent, the lowest rate of interest provided by any bank. The bank also charges 0.51% of the loan amount subject to minimum of Rs 1,020 and maximum of Rs. 10,200 towards the processing fee.

As per reports, in the wake of poor growth rate, inflation, depreciation in the currency, the bank fears that buyers might not be able to pay back the loan. Moreover, uncertainty relating to jobs and hiring has also added pressure upon the bank to tighten the loan criteria.

First Published: Monday, September 02, 2013, 14:41


Comments


comments powered by Disqus
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved