Electric Car Loan: Check Interest Rates And Other Benefits

By Aditya Pratap Singh
Wed, 24 Jan 2024 10:42 PM (IST)

Source:JND

Electric Car Loans: The demand for electric vehicles is increasing. The government has also been promoting the use of electric vehicles. If you are planning to buy a new electric vehicle, you should check interest rates on car loans.

Also Read: Home Loan: Not Only Interest Rate, There Are many Factors That You Need To Take Care Of; Read Inside

SBI Electric Vehicle Loan Details

The bank offers green car loans (for electric cars) from 8.75 per cent to 9.45 per cent. The new system will provide loans at 20 basis points lower rates than the existing vehicle loan scheme. According to the bank's website, the margin will be 90 per cent of the on-road price and up to 100 per cent on select models.

Union Bank of India Green Miles

The bank offers interest rates between 9.15% - 12.25%. There will be no prepayment penalty if the loan is adjusted from your verifiable source. The interest rate will depend on the credit score of the customer.

PNB Green Car (e-Vehicle) Loan

For new cars, the bank offers 10 per cent of the on-road price or 0 per cent of the ex-showroom price, meaning the ex-showroom price will be fully financed. There is no processing fee and no documents.

For a floating rate car loan, the bank charges RLLR+BSP-0.50 per cent i.e. 8.75 per cent per annum and for fixed ROI the bank charges a 9.75 per cent interest rate.

Bank of Maharashtra

Bank of Maharashtra does not charge processing fees and documentation fees on the Electric Green Car Loan Scheme. The bank offers a 0.25 per cent concession in ROI from the existing MahaSuper Car scheme.