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.