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SBI launches India’s First ‘Green Car Loan’ to Promote use of EVs

In Automobile, Business
April 24, 2019

Always committed to a cleaner and greener environment, country’s largest lender, State Bank of India (SBI) on the occasion of World Earth Day launched India’s first ‘Green Car Loan (Electric Vehicle) to encourage customers to buy electric vehicle.

To achieve the purpose bank will offer loan at 20 bps lesser than the interest rate on the existing car loan schemes. SBI Green Car Loan (Electric Vehicle) scheme that comes with the longest repayment period of upto 8 years is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch.

P K Gupta, MD (R&DB) SBI Said “We are pleased to introduce the concept of ‘Green Car Loan’. These days, cars are perceived to play a vital role in polluting environment. We believe SBI Green Car Loan (Electric Vehicle) scheme would act as a change agent in auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions”.

In line with GOI’s pledge of ensuring 30% electric vehicles on the road by 2030, SBI has already announced 100% migration towards electric vehicles by 2030 to reduce carbon footprints. The bank also became the first major Indian organization along with Wipro to join the Climate Group’s EV100 initiative for accelerating the roll-out of electric vehicles worldwide.