SBI cuts rates for electric car loans

SBI cuts rates for electric car loans

Mumbai, Apr 23: In an attempt to incentivise the shift to green vehicles, SBI has cut rates on auto loans for purchase of electric cars. Borrowers will get a discount of 20 basis points on the interest they pay on their loan and get a longer repayment period under this scheme.
A statement issued by the bank said that this was in keeping with the government’s objective to ensure that 30% vehicles on the road run on electricity by 2030. SBI has already announced 100% migration towards electric vehicles by 2030 to reduce the institution’s carbon footprints.