Electric Vehicle Loan: This offer is available for certain models of electric cars. Up to 90 percent loan is available for other cars.
Electric Car Loan zero down payment
The current era is of electric cars. With the increasing number of charging stations, and electric cars available in various price ranges, many people prefer EVs over petrol-diesel. The government is also trying to encourage people to buy eco-friendly electric cars. Now the country’s largest state-owned bank has launched a special loan scheme for EVs.
In State Bank of India now almost 100 percent loan facility has been made available on certain models of electric cars. That means you can take a brand new electric car to your home even with a zero down payment of Rs. A loan of up to 90 per cent of the on-road price is also available for some other models.
What is the interest rate?
You can choose a repayment period of 3 to 8 years for this loan. SBI currently charges an interest rate of 8.85 to 9.80 percent for general cars. For electric cars, this rate is 8.75 to 9.45 percent. That is, SBI is discounting its interest rate up to 0.25 percent for EVs.
How much will anyone get a loan?
Individuals with different income can get different amount of loan. If you are a government employee, and your annual salary is at least three lakh rupees, you can get 48 times the monthly salary as loan.
Persons whose main source of income is agriculture, whose annual income is Rs.4 lakhs; They can get loan of three times of gross income. Self employed, trading persons can get credit of four times the Gross Taxable Income or Net Profit given in ITR.
Necessary documents
To get a loan for an electric car, you need to have the bank account details of the last six months. Along with this, documents like two passport size photos, identity card, address proof will be required.
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