India’s first Green Car Loan from SBI
India’s largest public-sector banking and financial services statutory body State Bank of India (SBI) is offering India’s first Green Car Loan. Through this loan, SBI is offering lower interest rates and longest loan term. It is also said that the processing fee will be waived off.
In a tweet, SBI said “Charging India’s Green Future! SBI is proud to provide India’s first Green Car Loan to encourage people to reduce their carbon footprint and opt for electric vehicles.” SBI is offering lower interest rates and longest loan term.
Green Car Loan from SBI
Here is the SBI’s Tweet:
Charging India’s Green Future! SBI launches India’s first Green Car Loan to encourage people to reduce their carbon footprint and opt for electric vehicles. To know more, visit https://t.co/YT0bmiZmF9#SBI #GreenCarLoan #AutoLoan #ElectricVehicle #Launch #Sustainability pic.twitter.com/MREp1XWfns
— State Bank of India (@TheOfficialSBI) April 23, 2019
It is also said that the processing fee will be waived off. It is offering 20 basis points lower than its existing auto loans. It is lesser interest rates than the existing car loan scheme for buying electric vehicles (EVs).
Highlights of the loan
- Processing fee waiver for the first 6 months
- longest loan term till eight years
- EMI/lac lower at Rs Rs.1468 for 96 months against Rs.1622 for 84 months (maximum).
Few months before, it has also announced that it will sanction loans to Avera’s Retrosa buyers, a pure electric vehicles manufacturer and an energy retailer startup. AVERA has received a greater push with the State Bank of India (SBI) coming forward to sanction loans to prospective buyers of Avera’s Retrosa, a high-speed electric scooter.
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