CAR LOANS, 100% LOAN, FINALLY

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I have seen many people going to a bank asking for a car loan and coming back amused and angry that the loan given is not on the on-road price of the car. The financier may be playing safe but no customer likes the fact that while he is coughing up some money, the financier tells you that the price of the car is actually less than what you are paying and loans you only so much. With having to shell out some down payment, things only get difficult for the buyer. I have known friends who ended up buying a lower model because they could not pay so much upfront even though they can easily pay up the EMI. Of course, things are changing with times and you get 100% loan these days. But even this 100% is usually not on the on-road price.

But thre is some good competition, and things are only getting better. Now SBI has come out to offer loans on the on-road price of the vehicle, which should make buyers feel better. The financing will include vehicle's lifetime tax, registration fee and insurance for the first year. Being a nationalized bank, we can expect that it may not have any catches or clauses that pull you from behind. Some details at SBI's website. So if you are about to buy a car, may be you can now think of a premium model!