Banking: SBI Is Offering Low Interest Rate Loan To Buy E-Vehicle, You Can Also Avail ‘Green Car Loan’ Scheme
The country’s biggest auto event, ie Auto Expo ‘The Motor Show’, will be held in Greater Noida from 7 to 12 February. The show consists of auto companies from all over the world. This 6-day expo will focus on electric vehicles (e-vehicles) this year. Many electric vehicles have been launched in India so far, if you are planning to buy an e-vehicle, then State Bank of India (SBI) has brought a great offer for you. SBI has launched ‘Green Car Loan’ to buy e-vehicle. Under this scheme, loans are given for buying e-vehicles at a lower rate of interest than other vehicles.
Get more time to repay the loan
Interest Rate on this loan?
- Under this scheme, the loan for purchase of e-vehicle is 0.20% less interest. This loan has to be repaid within 8 years. The loan that SBI has to give for normal trains has to be repaid in 7 years. According to the information given on the SBI website, the interest rate on SBI’s car loan is currently 8.40% to 8.65%. That is, you will be able to get a loan at 8.20% to 8.45% interest rate to buy an e-vehicle.
How much loan can we get?
- Under this, you can take a loan up to 90 percent of the onroad price of the vehicle. On road price includes registration, insurance, extended warranty, total service package, annual maintenance contract, cost of accessories, etc. For example, if you buy a car worth 15 lakh rupees, then you will have to arrange only 1.5 lakh rupees.
Who can avail ?
- Government employees whose salary is minimum 30 thousand, can take 48 times the net salary as a loan.
- Businessmen, professionals and private workers can get 4 times the gross taxable income or net profit after adding depreciation in the ITR and payment of all the loans.
- Individuals belonging to agriculture sector, whose annual income is a minimum of Rs 4 lakh per annum, can get 3 times the loan.
For more information, please visit https://sbi.co.in/hi/web/personal-banking/loans/auto-loans/green-car-loan#show
