SBI launchs India’s first ‘Green Car Loan’ at lower interest rates

The State Bank of India (SBI) has launched India’s first ‘Green Car Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles. The new scheme will offer loan at 20 basis points lesser than the interest rate on the existing car loan schemes. Additionally, borrowers will also get a longer repayment period. The EMI per Rs 1 lakh will be lower at Rs. 1,468 for 96 months against Rs.1,622 for 84 months, based on the maximum tenor, in line with the existing scheme. The move is in line with the Union Government’s endeavour to ensure that India has 30% of EVs out of all vehicles by 2030.