SBI Green Car Loan is offered for a minimum tenure of 3 years and a maximum tenure of 8 years. This loan is given at an interest rate ranging from 7.25 percent to 7.60 percent. These rates have been implemented with effect from 15 May 2022.
These days the focus is on electric vehicles in the country. In such a situation, it is natural that people will need a loan for electric vehicles because at present electric cars are expensive. SBI is also giving loans for electric vehicles at low rates.
State Bank of India is offering loans for electric vehicles at an interest rate ranging from 7.25 percent to 7.60 percent. These rates have been implemented with effect from May 15, 2022.
SBI Green Car Loan scheme
This loan is for a minimum tenure of 3 years and maximum of 8 years. That is, the repayment period is minimum 3 years and maximum 8 years. This loan can be given to people in the age group of 21 to 67 years. In terms of margin, this loan can be given up to 90 percent of the on-road price of the car.
However, up to 100% loan is also given on select models. According to the information given on SBI’s website, an additional discount of 20 bps is also being given on the interest rates applicable on general car loans for all categories of customers.
Regular employees of Central Public Sector Undertakings (Maharatna/Navratna/Miniratna), Defense Salary Package (DSP), Para Military Forces Salary Package (PMSP), Indian Coast Guard Package (IGSP) and various Defense Establishments can avail SBI Green Car Loan Short term commissioned officers should have an annual income of at least three lakh rupees. In the context of this income, loan can be given to them up to 48 times the monthly income.
In addition to these, the net profit or gross taxable income for professionals, self-employed, businessmen, proprietorship/partnership firms (which are assessed to income tax) should be Rs 3 lakh per annum (inclusive of co-applicant’s income).
These can be credited by the bank after adjusting for depreciation and repayment of all existing loans up to 4 times the net profit or gross taxable income as per income tax return.
At the same time, if people associated with agriculture and allied activities want to take SBI Green Car Loan, then their annual income should be minimum Rs 4 lakh. They can be given loan up to 3 times the net annual income.
