India, like other nations, encourages its citizens to drive electric automobiles for a cleaner environment. India vowed to decrease its carbon emissions to zero by the year 2070 at the COP26. By 2030, India wants electric vehicles to account for 30 percent of passenger cars, 70 percent of commercial vehicles, and 80 percent of two- and three-wheelers. To achieve such aspirations several major projects have been announced to that end.
Banks have also taken initiatives to encourage electric vehicle purchases by providing attractive financing options. To lessen the carbon footprint, the State Bank of India (SBI), India’s largest public sector bank, invites people to apply for electric vehicles through its Green Car Loan scheme. Interest rates range from 7.25 to 7.60 percent. The country’s largest bank is offering low-interest loans for electric vehicles. This programme began on the 15th of May. Its profit margin could be as high as 90% of the on-road pricing.
About Green Car Loan:
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According to SBI, customers are encouraged to use the Green Car Loan Scheme. Last week, SBI made a tweet about it. This contained details on green vehicle financing.
- Customers can use this service to get a loan and repay it over three to eight years.
- This loan is available to anyone between the ages of 21 and 67.
- The country’s biggest bank divides its customers into many segments.
The first to come will be employees of public utilities, defence personnel, paramilitary forces, and members of the India Coast Guard. A minimum salary of Rs 3 lakh has been set for government employees. SBI will be lending up to 48 times monthly net pay.
The second group includes professionals, self-employed persons, and business owners who submit income tax returns. They, too, must earn at least Rs 3 lakh per year. They can get up to four times their gross taxable income as a loan.
The third group includes those who are involved in agriculture or related activities. Such individuals should earn at least 4 lakh rupees every year. Three times your annual net income is the maximum loan amount.