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.

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