SBI Car Loan

I want to avail a car loan. Yesterday I found one advt of SBI car loan which the EMI is 1698/Lac and 85% on road funding, 7 year repayment period and interest on daily reducing balance. I found it is interesting. If I buy a Maruti Alto it will cost around 3 lakh I think. So I will have to pay Rs 4,27,896/- in a period of 7 years. Am I right? Or is there any hidden thing in it? Please advise.
Suggestion - utilize LIC policy for loan


If you or anyone in your family has LIC policies can take loan from LIC based on the policy....check the interest rate..totally it may come out to be less than the car loan from banks.