7.45% Interest, 0 Processing Fee! These 7 banks are giving cheap loans to EV customers
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Electric Car Loan: If you are planning to buy an electric car, then before spending lakhs of rupees, definitely know these special offers of banks. 7 major banks including SBI, PNB, Canara Bank and Bank of Baroda are offering cheap car loans to buy EV. At some places the interest rate is starting from 7.45%, while at some places there is a discount of up to 100% in processing fees. Know how much benefit you will get in which bank and which scheme can be better for you.
If you are planning to buy a new electric car (EV), then there is a good news for you. To promote eco-friendly vehicles, major banks of the country are offering auto loans that are much cheaper than petrol and diesel cars. These special green loan schemes not only offer low interest rates, but also include many special benefits like huge discounts in processing fees and long tenure. Come, let us know about the offers being received by these banks.
State Bank of India (SBI) is offering an attractive discount of 0.20% on regular interest to electric vehicle buyers under its special ‘SBI Green Car Loan’ scheme. This interest rate of the bank starts from 8.60% per annum. Apart from this, customers are getting complete discount ranging from 50% to 100% in processing fees. Besides, a long repayment period of up to 8 years is also being given to repay the loan.
Canara Bank has started a special scheme for customers named ‘Canara Green Wheels’. In this scheme, interest rebate of 0.05% to 0.10% is provided as compared to normal auto loan. The bank’s interest rates start from 7.45% per annum, which is quite affordable. Along with this, there is a direct discount of 50% on the processing fee, which is minimum ₹ 1,000 and maximum ₹ 5,000 plus GST.
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Union Bank of India is offering attractive concessions to electric car buyers through the ‘Union Green Miles’ scheme. Here interest rebate ranging from 0.10% to 0.25% is being given compared to normal car loan. The initial interest rate in this scheme is 7.50% per annum. Additionally, customers have to pay much less margin money than a regular car loan and also get the benefit of concessional processing charges.
Under the ‘BoB Green Wheel’ scheme of Bank of Baroda (BoB), electric vehicle customers are being given direct relief of up to 0.25% on interest rate. The annual interest rates of the bank start from 7.60%. The big attraction of this scheme is that the bank finances up to 90% of the on-road price of the car. Along with this, special discount is also being given in processing fees for customers with selected profiles.
Punjab National Bank (PNB) is providing interest concession of 0.10% to 0.20% as compared to normal car loans under its ‘PNB Green Car Loan’ scheme. The interest rate in this bank starts from 7.60% per annum. The biggest feature of PNB is that it provides customers with a great option of financing up to 100% on the ex-showroom price of the vehicle, which reduces the initial expense significantly.
HDFC Bank is offering customized discount facility to its customers through its ‘HDFC EV Car Loan’. This leading private sector bank is providing loans at an initial interest rate of 8.15% per annum. The bank has made special dealer tie-ups for select EV models, so that customers can get additional benefits. Along with this, the facility of fast and easy digital approval is also being provided.
In the ‘ICICI Green Car Loan’ scheme of ICICI Bank, special discount in interest is given based on the risk profile of the customers. Interest rates in this bank start from 8.35% per annum. The bank is offering pre-approved offers to its existing customers with minimum documents. Due to this fast and simple process, buyers can avail the EV car loan instantly without any paperwork.
