Want to buy electric vehicle? SBI green car loan interest rate slashed; EMIs at just Rs 1468; more benefits available, check all details here
SBI green car loan (electric vehicle) scheme comes with he longest repayment period of up to 8 years and is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch.
During the occasion of World Earth Day, the largest lender in the country, the State Bank of India (SBI), rolled out a cleaner and greener scheme that will do the environment a power of good. SBI launched its first Green Car Loan. This new scheme is aimed at motivating customers to buy electric vehicles. For this purpose, SBI is offering car loans having interest rates that are lower by 20 basis points than compared to existing schemes. The SBI green car loan (electric vehicle) scheme comes with he longest repayment period of up to 8 years and is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch. Hence, the EMIs will also be cheaper than compared to existing car loans.
SBI green car loan tenure
One of the key charms is that, the loan can be opted at maximum 8 years. This makes EMIs cheaper even for middle class families. For instance, SBI reveals that if you take electric vehicle loan for 8 years tenure, then your EMI is Rs 1,468 per month for 96 months. This is way lower compared to EMIs of Rs 1,622 for 84 months on existing scheme. (Pixabay)
SBI green car loan
At first, SBI green car loan interest rate you will pay will be cheaper by 20 basis points. There is also a processing fee waiver in the first six months of the launch. That means, if you opt for electric vehicle loan at SBI within this 6 month period, your transaction value will not include processing fee, however, opted after this period there will be a little charge. (Pixabay)
Government Agenda
This move of SBI boosts government's agenda for making India free of vehicles which run on petrol and diesel. In line with GOI’s pledge of ensuring 30% electric vehicles on the road by 2030, SBI has already announced 100% migration towards electric vehicles by 2030 to reduce carbon footprints. (Pixabay)
Climate Group's EV100 initiative
SBI also became the first major Indian organization along with Wipro to join the Climate Group's EV100 initiative for accelerating the roll-out of electric vehicles worldwide. (Pixabay)
Ecological Boost
Talking about the move, P K Gupta, MD (R&DB) SBI Said “We are pleased to introduce the concept of ‘Green Car Loan’. These days, cars are perceived to play a vital role in polluting environment. We believe SBI Green Car Loan (Electric Vehicle) scheme would act as a change agent in auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions”. (Pixabay)