Electric vehicles, commonly referred to as EVs are becoming more popular and are gaining more attention because of the rising costs of fuel.
Many are considering changing from diesel/petrol vehicles to electric vehicles in order to save massive fuel costs.
According to the website of the Income Tax department, "electric vehicle" means a vehicle that is driven solely through an electric motor.
The electric vehicle loan is available to self-employed and salaried consumers and can provide the possibility of up to 85 percent of on-road financing.
SBI Green Car Loan is intended to purchase e-vehicle (EVs). The loan is free of processing fees charges and you can get the benefit of a subsidized rate of interest.
Electric two-wheeler manufacturer Ather Energy recently said it has formed a partnership with the State Bank of India (SBI) to provide financing for vehicles to its buyers.
The partnership will enable customers of Ather Energy to have pre-approved loan deals from SBI and get immediate loans with low-interest rates that start at 9.55 percent per year.
According to this official resource, electric vehicle loans can be accessed via the mobile app of SBI YONO as well as offline SBI branches.
The partnership with the nation's largest lender in the public sector bank will help to increase its reach and penetration increasing the use of electric vehicles on the market in the country.
To ensure an easy loan adoption by clients, SBI will also extend the option of financing from their offline branches.
"Our partnership with SBI will ensure ease of purchase for customers and attract more people to join the EV revolution," said Ravneet Phokela CBO at Ather Energy.
This initiative is a significant step closer to offering two-wheeler loans to customers via an online process that is paper-free with the ease of their location and at the time they prefer.
Customers can avail the loan via YONO with an EMI of as low the amount of Rs 251 per 10,000 in the SBI Easy Ride loan.
"We believe the SBI Easy Ride loan scheme will offer a seamless two-wheeler owning experience to our customers," said Saloni Narayan, Dy. Managing Director for Retail Business at SBI.