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In this section we will try to provide you with an insight into automobile financing so read on.State Bank of India which is one of the largest nationalized banks in the country offers you the following advantages
- Longer repayment periods up to 7 years
- Low processing
- No advance EMI along with the down payment effectively increasing the amount of loan
- Interest is calculated on the reducing balance method meaning every time you repay an amount the interest is calculated on the remaining amount and not on the one which is out standing at the beginning of the year.
The company gives a loan which is up to 2.5 times of one's net annual income, with the minimum income cap of the applicant being 75000 rupees per annum. The company sanctions loans for all new cars and for second hand cars which are not more than 5 years old. The bank also provides loans to people who don't have an account with the bank provided they furnish address proof, identity proof and other relevant documents.
For more details click http://www.sbi.co.in
UTI bank offers loans covering 85% of the cost of the vehicle plus registration and insurance or 20 times the net monthly salary and you can repay the loan with in a maximum period of 5 years or 60 monthly equated installments.
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