In today’s time, owning a two-wheeler or a four-wheeler has become a necessity as resources are required for daily tasks and emergencies. Many people who previously owned two-wheelers are now considering buying a four-wheeler. If you are looking to purchase a four-wheeler but do not have the funds, you can opt for an electric vehicle loan.
SBI Electric Vehicle Loan
The State Bank of India (SBI), the country’s largest government bank, is offering loans for the purchase of electric vehicles. This loan covers 100% of the price of the electric vehicle, allowing individuals to buy an electric four-wheeler without having to pay the full amount upfront. Citizens of India between 21 to 70 years old are eligible to apply for this loan with easy installments ranging from 3 to 8 years.
Loan Details and Interest Rates
SBI is offering electric vehicle loans at a reduced interest rate compared to regular auto loans. The interest rates for electric four-wheelers range from 8.75% to 9.45%, making it an attractive option for those looking to purchase an electric vehicle. Government employees, farmers, and individuals working in the private sector have different criteria for loan eligibility based on their income.
Loan Application Requirements
Individuals applying for an electric vehicle loan from SBI need to provide bank account details for the last 6 months, along with ID proof, address proof, and two passport size photographs. These requirements apply to government employees, farmers, and businessmen as well. The loan scheme aims to promote the adoption of electric vehicles and provide financial assistance to those looking to buy an electric four-wheeler.
- Loan scheme by SBI for purchasing electric vehicles
- Loan covers 100% of the price of the electric vehicle
- Interest rates range from 8.75% to 9.45%
- Eligibility criteria based on age and income level
Follow DelhiBreakings on Google News
Superfast News Coverage by DelhiBreakings.com team.
For Superfast national news and Delhi Breaking Stories visit us daily at https://delhibreakings.com