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This is the era of speed. With the times, one no longer has to walk or run and that too at top speed. People who used to ride on two-wheelers are now seen moving in four-wheelers. If you have not yet joined this race, you will definitely be left behind. Then what is the delay…what…petrol is expensive and the average mileage of the car is low? Hey, leave this excuse, now is the era of EV. Who cares about petrol? Get an electric car, put life in top gear without petrol and without noise and drive it at full speed. Hey what now…need money to buy a car! Well, we will remove this tension also. SBI is giving loans for electric cars at affordable rates. Just apply and bring the car home in no time…take the kids for a ride and that too without worrying about oil.
The country’s largest government bank has started a special scheme for the purchase of electric cars. Any person aged between 21 years to 70 years can apply for an EV loan. You can take loan on easy installments for 3 to 8 years. The special thing is that a discount of 0.25 percent is being given on the interest of EV car loan as compared to normal auto loan. Another big thing is that you can take a loan up to 90 percent of the on-road price of the car. 100% finance facility is being provided on some special models. That means you can buy a car even with empty pockets.
How much loan and how much interest
State Bank of India is currently giving loans on normal cars at the interest rate of 8.85 to 9.80 percent. This loan rate on electric cars ranges from 8.75 to 9.45 percent.
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SBI gives different EV car loans to people of different income groups. If you are a government employee and your salary is minimum Rs 3 lakh per annum, then the bank can give you a car loan maximum of 48 times your net monthly income. Individuals from farming, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the total income. Businessmen, professionals and those working in the private sector can get a loan of 4 times the gross taxable income or net profit in ITR.
Keep these things in mind while taking a loan
If you are a salaried employee and are going to take a loan for an electric car, then you should have bank account details of the last 6 months. There should be two passport size photographs, identity proof, address proof etc. documents. The same things also apply to employees working in the private sector and people involved in farming.
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Tag: car loan, SBI Bank, sbi loan
first published : February 23, 2024, 10:41 IST
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