How much EMI will be there on taking a loan from SBI to buy an electric car worth Rs 20 lakh?
The interest rates under green car loans are slightly lower to encourage environment-minded buyers.
For electric cars, SBI is offering a rate of 8.75 percent to 9.45 percent under Green Car Loan. That is, the interest rate is less here.
The interest rate on SBI two-wheeler loan is between 13 to 14.50 percent. Here the interest rate on EV is discounted by 0.50 percent.
This interest rate depends on the customer's credit score. If your credit score is 800 or above, you will get the lowest interest rates.
For electric cars, the bank offers special interest rates under green car loans.
If you buy an electric car worth Rs 20 lakh on a 5-year loan from SBI, the monthly EMI will be around Rs 41,274 and you will have to pay a total interest of Rs 4,76,468.
If you take an electric car loan of Rs 15 lakh from SBI for 5 years, then the monthly EMI will be Rs 30,956. Here you will have to pay a total interest of Rs 3,57,351.
The government offers special interest rates to banks to promote green vehicles.
While taking a loan, the buyer should be fully aware of the terms and conditions of the bank.