While highlighting the strategy for this festive season, State Bank of India has reported that demand for the car loan is raising rapidly. The bank reported that up to the last the bank was dealing nearly 400-600 car loans per day.

Bank is receiving car loan demand on a large scale. As on 26th September the car loans reaches up to 2000 for the day and in terms of amount the bank has sanctioned nearly an amount of Rs 30-40 crore.

Currently the bank is receiving 75,000-80,000 car loan demands per month. The bank further informed that bank is having no scope of bringing down the car loan rates even though they are increasing at rapid pace. The same rates will be maintained. Since bank has faced some defaults, so the bank has decided to raise the eligibility norms. For the festive season the bank has waived off the processing fee.