14% Interest On NANO LOANS.
SBI, India's leading public sector bank has disclosed that they will be charging 14% interest per annum on loans taken for NANO, the world's cheapest car.
So, people can now get loans at these low rates in India and take home a brand new NANO. But, there are terms and conditions which are fixed for this loan. You have to pay 30% upfront and get 70% loan from SBI.
The tenure of the loan will be five years and rate of interest will be 14 to 14.75% over these years which is not too much comparing to other financial firms who charge more than 18% p.a.
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.