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SBI ties up with Maruti for car loans

Our Bureau

CHENNAI, March 14

STATE Bank of India has tied-up with Maruti Udyog Ltd to offer car loans for Maruti cars.

The two organisations will be able to utilise each other's customer base as well as distribution network, to cross-sell Maruti vehicles and SBI vehicle loans.

A `SBI-Maruti CARnival'— a car loan mela— is being conducted by SBI on the Friday and Saturday here, at SBI's campus in Nungambakkam. All models of Maruti will be on display and SBI officials will ensure spot sanctions of car loans, says a press release from SBI.

Some of the features of the loans include a longer repayment period of seven years, lower rate of 10.5 per cent for repayments up to three years and 11.25 per cent for repayments up to seven years, no pre-closure charges, up to 30 per cent discount on extended warranty charges and a life insurance cover for the borrowers for which SBI will pay the premium.

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