Buying a new electric car? These 4 banks offer special interest rates on electric vehicle loans

economictimes.indiatimes.com:

electric cars is rising as a result of growing environmental consciousness and innovation. With the assistance of the following banks, you can check interest rates offer on a car loan for buying a new electric vehicle.

All About Tax-Saving

SBI electric vehicle loan details

SBI offers further concession of 25 BPs in applicable rate of interest for normal car loan across the category of customers. According the SBI Bank website, “Festive Dhamaka: Zero Processing Fee till 31st January 2024. Avail now!”

SBI Green Car Loan (For Electric Cars) offers from 8.75% to 9.45%. The new system will offer loans at a rate that is up to 20 basis points lower than the current vehicle lending scheme. The margin will be up to 90% of on road price to 100% on select models, according to the SBI website.

Union Bank of India’s Green Miles

Interest rate varies depending on credit score (9.15%- 12.25%). No prepayment penalty if the loan adjusted from its own verifiable source.

PNB Green Car (E-Vehicle) Loan

For new cars, the bank offers 10% of the on-road price or 0% of the ex-showroom price, meaning that the ex-showroom price is fully financed. It offers 25% of the on-road price will be refunded towards the purchase of a new electrical vehicle (E-Vehicle). There is no processing fee and and documentation.

For a floating rate car loan, the bank charges RLLR+ BSP-0.50% i.e. 8.75% p.a. and for fixed ROI, the bank charges 9.75% interest rate. Note that RLLR (Presently 9.00%) + BSP (Presently 0.25%).

Bank of Maharashtra

Bank of Maharashtra does not charge processing fee and documentation charges on electric green car loan scheme. The bank offers 0.25% concession in ROI from existing