You cannot even dream of buying a new car with the SBI car loan, if your monthly salary is less than fifty thousand Rupees. The SBI has stopped issuing loans for the persons, who do not earn more than fifty thousand Rupees a month. The shocking tightening monthly income criteria move by the SBI has shattered the dream of thousands of people in buying new cars. At present, the SBI car loans at 10.45%, which is the lowest interest rate. The present macroeconomic condition has forced the bank to this hard decision. Bankers say that the move is the standard procedure in the operating system.
Considering the price of the fuel, car maintenance, automobile insurance expenses, it is necessary for a person to earn fifty thousand rupees a month to own a car. However, the SBI is confident of retaining its base in the market, since it covers ten percent of the population that is sizeable.