Use of Electric vehicles is being pushed continuously and perhaps increase in the prices of petrol-diesel by the government is to make the country pollution free by discouraging fossil fuel vehicles. If you are also looking to buy an electric car, then the country's largest bank, State Bank of India (SBI), has come up with a special offer for those who are keen to buy electric vehicles.
Apart from this, many states are also offering subsidy. Along with this, the central government is also going to make a provision for exemption on electric vehicles on its behalf very soon. However, the official announcement of when the relaxation will be applicable has not been made yet. But the special offer of SBI is something which you can avail right now.
Dubbed as SBI Green Car Loan, this SBI offer, unlike a normal car loan, is giving a discount of 0.20% on taking a loan on an electric car . In addition to this , the bank is also giving a discount on the processing fee.
If you want to take a loan at low EMI, then the bank is giving a 8-years of maximum period for this. In this case, you will not have much burden of EMI expenses.
According to the SBI website, government employees whose minimum salary is Rs 3 lakh/year can get a maximum loan of 48 times their net monthly income. Whereas, businessmen, professionals and private job get a loan of 4 times their gross taxable income or net profit after adding the depreciation in the ITR and the payment of all the loans. At the same time, people associated with the agriculture sector, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the net annual income.
According to the SBI website, the e-car loan is at fixed interest rates. In this, the interest rate for the new electric car is between 7.25 percent to 7.95 percent. If the customer has a credit score of 757 and above, then the interest rate will be 0.25% + 1 year MCLR. SBI's MCLR for one year is 7 percent. Thus, the interest rate on the car loan will be 7.25 per cent per annum. However, this interest rate is applicable only to those customers whose repayment tenure is 3-5 years. The interest rate on the tenure of more than this will be 0.35% + 1 year MCLR (7.35%
Apart from this, many states are also offering subsidy. Along with this, the central government is also going to make a provision for exemption on electric vehicles on its behalf very soon. However, the official announcement of when the relaxation will be applicable has not been made yet. But the special offer of SBI is something which you can avail right now.
Dubbed as SBI Green Car Loan, this SBI offer, unlike a normal car loan, is giving a discount of 0.20% on taking a loan on an electric car . In addition to this , the bank is also giving a discount on the processing fee.
If you want to take a loan at low EMI, then the bank is giving a 8-years of maximum period for this. In this case, you will not have much burden of EMI expenses.
According to the SBI website, government employees whose minimum salary is Rs 3 lakh/year can get a maximum loan of 48 times their net monthly income. Whereas, businessmen, professionals and private job get a loan of 4 times their gross taxable income or net profit after adding the depreciation in the ITR and the payment of all the loans. At the same time, people associated with the agriculture sector, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the net annual income.
According to the SBI website, the e-car loan is at fixed interest rates. In this, the interest rate for the new electric car is between 7.25 percent to 7.95 percent. If the customer has a credit score of 757 and above, then the interest rate will be 0.25% + 1 year MCLR. SBI's MCLR for one year is 7 percent. Thus, the interest rate on the car loan will be 7.25 per cent per annum. However, this interest rate is applicable only to those customers whose repayment tenure is 3-5 years. The interest rate on the tenure of more than this will be 0.35% + 1 year MCLR (7.35%
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