While the economy is hitting downwards every passing day, the State Bank of India has come up with a new directive that people, who earn less than Rs 50,000 per month, won’t be eligible to get car loans from the bank. The gross income should be at least Rs 6 lakh per annum to qualify for SBI car loans.

The bank sources have revealed that the move is aimed at reducing credit default risk, as there is a financial crisis everywhere and many sectors may see loss of jobs or a drop in salaries for individuals.

SBI is currently offering car loans at an interest rate of 10.45 per cent. The high inflation, depreciation of Indian Rupee and uncertainty in jobs and hiring, may lead many such tough decisions in the coming months too.