Country's largest lender State Bank Of India (SBI) offers 'new car loan scheme' with a repayment tenure of up to 7 years, according to its website- sbi.co.in. This type of loan can be used to buy all type of passenger cars, multi utility vehicles and SUVs (Sports Utility Vehicle). No pre-payment penalty and advance EMI (equated monthly instalments) is required in order to avail SBI's new car loan. SBI charges an interest rate of 9.30 per cent to 9.80 per cent for new car loans, according to its website.