India's First Green Car Loan Launched by SBI

Published on April 28, 2019
In a first of its kind move, India's largest bank State Bank of India (SBI) launched 'Green Car Loan' to encourage customers to buy electric vehicles (EVs) in the country.
India's First Green Car Loan Launched by SBI

Details:

  • The interest rates on the loan will be 20 basis points (0.2 per cent) lower than SBI's existing auto loans.
  • Thus, the equated monthly instalment (EMI) per Rs 1 lakh will be lower at Rs 1,468 for 96 months (8 years) against Rs 1,622 for 84 months, based on the maximum tenor of existing schemes.
  • The scheme comes with the longest repayment period of up to 8 years.
  • The loan is offered with zero processing fee for the first 6 months of the launch.
  • SBI along with Wipro joined the Climate Group's EV100 initiative for enhancing the launch of electric vehicles worldwide.

Question:

Q. Which bank has launched India's first 'Green Car Loan' to encourage customers to buy electric vehicles (EVs) in the country?
a. Bank of Baroda (BoB)
b. ICICI Bank
c. State Bank of India (SBI)
d. Canara Bank

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