SBI launches Green Car Loan

State Bank of India on Monday announced the country’s first ‘Green Car Loan’ (Electric Vehicle) to encourage customers to buy electric vehicles. The new scheme will offer loan at 20 basis points lesser than the interest rate on the existing car loan schemes. The EMI per ₹1 lakh will be lower at ₹1,468 for 96 months against ₹1,622 for 84 months, based on the maximum tenor, in line with the existing scheme. “SBI Green Car Loan (Electric Vehicle) scheme, which comes with the longest repayment period of up to eight years, is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch,” the lender said in a statement on Monday.