The country’s largest bank State Bank of India wants to help in the purchase of electric cars. State Bank of India (SBI) has launched a cheap and easy loan scheme for electric cars. This scheme is called ‘Green Car Loan’.
SBI Green Car Loan On Ev: At present, the fuel prices in the country are skyrocketing. Rising prices of petrol and diesel are putting pressure on the pockets of the people. Due to this the demand for other fuel options and electric vehicles has increased. The country’s largest bank State Bank of India wants to help in the purchase of electric cars. State Bank of India (SBI) has launched a cheap and easy loan scheme for electric cars. This scheme is called ‘Green Car Loan’. The bank claimed that under this scheme, loans will be offered at lower interest rates than loans for petroleum fueled cars.
In this loan scheme, the bank will not charge any file charges. Therefore, this green car loan will be available with zero processing fee. The zero processing fee concession will continue till January 31, 2022. The interest rate on loan for electric car or bike is 0.20 per cent lower as compared to other loans. Green car loan is being given for a tenure of 3 to 8 years. Under this offer, you can borrow up to 90% of the on-road price of the car or bike.
Electric vehicles will be cheaper
The government is planning to reduce the prices of electric vehicles to make them accessible to the general public. Union Road Transport Minister Nitin Gadkari has also made an announcement in this regard. Therefore, in the coming times, along with promoting the electric vehicle industry, the sale of vehicles will also get a boost.
The price of the electric vehicle will be equal to the petrol variant. The government is working to expand the charging facilities for electric vehicles. Work is underway to revolutionize the electric vehicle business by 2023. Union Minister Nitin Gadkari had recently said in a program that charging points for electric vehicles would be set up at over 600 places on major highways of the country.
The cost of electric vehicles will be much less than the cost of petrol and diesel vehicles. Some electric vehicles will be able to travel at the rate of only Re 1 per km. Gadkari had said that in a few days the prices of electric vehicles like petrol and diesel vehicles will be in the budget of the common man.
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