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SBS, Maruti join hands for car financing

CHENNAI: India's leading car maker Maruti Udyog has entered into an alliance with State Bank of Saurashtra (SBS). This alliance will make car finance affordable to more and more people, especially in Gujarat, according to a release. The bank has reduced interest rates for a car loan of less than three years to 9.75 from 10.25 per cent and for three years and above to 10.5 per cent (11 per cent). For a seven year loan the EMI per Rs. 1 lakh would get reduced to 1,686 per month (Rs. 1,712), the release adds.

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