SBI Launched Discount Loan-To Boost up the volume of EVs, State Bank of India (SBI) launched a discount loan for buyers of EVs pricing 20 basis points lower than its existing auto loans. 

However, EVs are little expensive than the IC Engines as its components such as Li-Ion battery itself costs much than any other component.

SBI Launched Discount Loan For EV Buyers

The State Bank of India (SBI) launched a discount loan for buyers of EVs pricing 20 basis points lower than its existing auto loans. 

The car industry around 3.6 million (FY19) out of which 1,000 units are EVs per annum. According to the industry data car and two-wheelers notches up over 54,000 units annually despite policies, incentives for the EVs. Two-wheeler alone bags the 20 million business alone annually.

Reasons For EVs Higher Priced

The reason behind this the government setting up policies without clarity, setting up deadlines without thinking about the basic infrastructure and the billions of dollars investments required for that.

Another reason is the cost of an EV as the government is not providing sufficient tax incentives that are resulting in the EVs are higher priced.

Society of Manufacturers of Electric vehicles

According to data from the Society of Manufacturers of Electric vehicles, in fiscal 2018, the electric car fell to 1,200 from 2000 and electric scooters doubled to 54,800 in the same year.

Managing Director, Retail and Digital Banking

“We believe SBI green car loan (electric vehicle) scheme would act as a change agent in the auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower the carbon emissions,” said the managing director, retail and digital banking.

Scheme Offers Longest Repayment period Up To 8 Years

The scheme offers the longest repayment period up to 8 years is a strategic addition to the bank’s loan segment which is provided with the zero processing fee for the first 6 months of the launch.

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