VinFast India Auto India, a subsidiary of the Vietnamese EV giant, has taken a major step in accelerating its presence in the Indian market by signing a Memorandum of Understanding (MoU) with the State Bank of India (SBI). The agreement aims to make electric vehicle ownership more accessible by offering competitive loans, flexible terms, and up to 100% on-road funding through SBI’s vast 23,000-branch network.
Financing Made Easier
Through this partnership, customers will benefit from attractive interest rates, priority financing schemes, and seamless support directly at VinFast dealerships. This initiative is expected to lower the financial barriers for EV buyers, particularly first-time adopters, while also providing a reliable nationwide support system.
A Big Boost for India’s EV Ecosystem
Industry experts believe this collaboration is a pivotal move for India’s electric mobility landscape. By combining VinFast’s expanding product portfolio with SBI’s unmatched financial reach, the partnership promises to bring EVs not only to India’s urban hubs but also to emerging tier-2 and tier-3 markets.
Pham Sanh Chau, CEO of VinFast Asia, said the partnership would “enhance accessibility for potential EV buyers and build a strong market presence.” Meanwhile, Ajay Kumar Jha, General Manager – Retail Loans at SBI, reinforced the bank’s commitment to green initiatives, highlighting SBI’s ₹128 crore green deposits and its goal of achieving a 7.5% green loan portfolio by 2030.
The Road Ahead for VinFast in India
The financing tie-up comes at a crucial time as VinFast prepares to launch the VF 6 and VF 7 electric SUVs and scales up local manufacturing in Tamil Nadu. With India projected to become one of the largest EV markets globally, this move strengthens VinFast’s strategy to position itself as a key player in the country’s transition to clean mobility.
Conclusion
VinFast’s partnership with SBI is more than just a financing deal—it’s a milestone for India’s EV journey. By providing accessible loans and nationwide support, the initiative brings India a step closer to mass EV adoption and a greener future.
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