Car Loan from SBI bank

POSTED BY Mihir Shah ON September 25, 2013 12:26 pm ONE COMMENT

I am planning for purchase new car. I have taken a home loan from the same bank SBI and planning to take auto from the same branch. I have taken a home loan under maxgain scheme with OD account and looking for car loan under with OD account as well.

I inquired at the SBI branch and scheme still exists for OD account for car loan under 10.75% as Rate of Interest. As I am already having SBI maxgain with teaser for 3 years, Which means my interest rate is 9% fixed for 3 years and after completion of 3rd year, it would be market prevailing rate (which is currently 10.05%). I am having around 2 L fund in my maxgain account which I deposited sometime back.

Is it good to take out that amount for Payment for Car price and reduce my Car loan by 2 L? As Car loans are more costlier, would this be really good idea to go for less loan and use the extra fund parked in maxgain account?

Please suggest.

One reply on this article “Car Loan from SBI bank”

  1. ashalanshu says:

    Dear Mihir, in case CAR Advantage, the loan amount should be at least 5L Rs. How much loan amount you are looking for actually?

    Thanks

    Ashal

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