Individuals with annual income of less than Rs. 6 lakh will not get a car loan from State Bank of India (SBI) as the bank has tightened eligibility conditions for its 4 wheeler loan scheme with a view to minimising possible defaults.
The eligibility limit for loan issuance to salaried individuals for car purchase has been raised from Rs. 2.5 lakh per annum to Rs. 6 lakh per annum, as per a recent circular by the SBI bank.
For SBI account holders, the limit has been raised to Rs. 4.5 lakh per annum.
SBI currently offers car loans at an interest rate of 10.45%.
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