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Indian Banks Now Giving Loans For Electric Vehicles With Lower Than Normal Interest Rates!

State Bank of India SBI announced a discount on loans for buyers of such zero-emission vehicles. The move is aimed to promote EVs in the country which to date have seen a dismal adoption despite regular efforts by the central government. Of the 36 million units of cars sold in India EVs counted for around 1000 units in the last year. The same number for electric two-wheelers notched up to 54000 units annually.
Sarthak Dogra Updated on Apr 23, 2019, 16:38 IST

Electric vehicles in India have now found another patron as the State Bank of India (SBI) announced a discount on loans for buyers of such zero-emission vehicles. The discount comes in the form of 20 basis points less than the existing auto loans, applicable on EV loans.

The new loans under the name ¡°green car loan¡± come with the longest repayment period of up to eight years. The loans will also attract a zero processing fee for the first six months of its launch.

The move is aimed to promote EVs in the country, which to date, have seen a dismal adoption despite regular efforts by the central government. Of the 3.6 million units of cars sold in the country, EVs counted for around 1000 units in the last year. The industry data also shows that the same number for electric two-wheelers notched up to 54,000 units annually.

(Representative Image: Reuters)

Also read:?Maruti Suzuki Baleno Smart Hybrid Launched, Is First Premium Hatchback Meeting BS-VI Norms

The central government had announced a sizeable subsidy on electric vehicles in the second phase of FAME scheme at the end of February this year. In comparison with the previous phase, however, the subsidy has been capped only to vehicles using lithium-ion batteries, rendering many existing electric two-wheelers country out of the category.

The new criteria also mention that the electric scooters should have a minimum range of 80km per charge and a minimum top speed of 40kmph. In addition, the two-wheelers should be equipped with regenerative braking capability, energy consumption efficiency, minimum acceleration as well as higher number of charging cycles.

EV makers have now appealed to the government to reconsider the stringent norms. In such a?mismatch of policies around electric vehicles in the country, the new loan by SBI will at least cement the potential of EVs on the consumer side. Commenting on this, PK Gupta - SBI managing director, retail and digital banking, said "We believe SBI green car loan (electric vehicle) scheme would act as a change agent in the auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions."

(With inputs from PTI)

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