SBI offers auto loans at 8 per cent for 1st yr, 10 per cent for next two years

A move that can act as a shot in the arm for the Indian automobile industry, the State Bank of India (SBI), India's largest bank, on 27th June, 2009, has announced a special interest rate scheme for auto loans, dropping interest rate for car loans to 8 per cent for the first year and 10 per cent for the next two years. However, for the remaining period, the interest rate would be about 25 to 75 basis points below the PLR of bank
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