Mumbai: State Bank of India (SBI) has started a scheme to provide cheap and easy loans for electric cars. SBI has come up with Green Car Loan for Electric Vehicles. The bank claims that under this scheme, loans will be provided at lower interest rates than petroleum fuel cars.
The special thing is that the bank is not charging any file charges on loans for electric cars. That is, this loan will be available to you at zero processing fee. The exemption in processing fee will continue till January 31, 2022.
SBI Green car loan interest rates are 0.20 percent lower than other auto loans for buying an electric car or bike. A green car loan is being provided for a tenure ranging from 3 years to 8 years. Under this offer, a loan of 90 percent of the on-road price of the car or bike can be taken.
Electric vehicles will be cheaper
In order to bring electric vehicles within the reach of the common man, the government is preparing a plan to reduce the price of these vehicles.
Road and Transport Minister Nitin Gadkari has announced to bring electric vehicles within the reach of the common man. Due to which the sale of vehicles will also gain momentum along with promoting the electric vehicle industry.
Union Minister Nitin Gadkari had said in a program recently that the cost of electric vehicles will be equal to the petrol variant. The government is working to expand EV charging facilities. He said that the government is working to revolutionize the electric vehicle business by 2023. The government is setting up more than 600 charging points on major highways.
The Transport Minister said that the per km cost of electric vehicles will be less than half that of petrol and diesel. Some electric vehicles will even travel at the rate of just Re 1 per kilometer. He said that in just a few days the price of electric vehicles will be in the budget of the common man like petrol and diesel vehicles.
