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SBI Cheap Green Car Loan: 90% Money will be Financed; Know Eligibility & Important Details Inside

Tooba Maher
Tooba Maher
SBI Green Car Loan
SBI Green Car Loan

SBI Green Car Loan: State Bank of India (SBI) which is the country's largest bank has launched a new scheme in the mid of corona crisis. SBI has introduced India's first green car loan for electric vehicles. This loan can be taken on the purchase of electric cars with an aim to promote electric vehicles.

SBI green car loan: Interest Rate

Under SBI loan, customers will be given a loan for up to 8 years. Less interest of 0.20 percent will have to be paid. 90 percent of the on road price of the vehicle will be financed. The on road price includes registration, insurance, extended warranty, total service package, annual maintenance contract, cost of accessories, etc.

Who will get SBI Green Car Loan?

  1. As per SBI website, regular employees of government companies (Maharatnas / Navratnas / Miniratnas), Defense Salary Package (DSP), Para Military Salary Package (PMSP) and Indian Coastal Guard Package (GSP) customers and short commissioned officer at defense base.

  2. Besides this, professional, self-employed, businessman, proprietary / partnership firms which are income tax assesses.

  3. Also, individuals engaged in agriculture and allied activities can get this loan.

SBI car loan
Pic Credit: News 18

Eligibility for SBI green car loan:

How much loan will be given on how much income?

  1. It is to be noted that Government employees whose salary is minimum Rs 3 lakh, can get maximum 48 times their net monthly income from SBI as loan.

  2. However, businessmen, professionals and private workers can get a loan of 4 times their gross taxable income/net profit after adding depreciation present in ITR and payment of all loans.

  3. Adding to it, people associated with agriculture sector, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the net annual income.

Documents required for SBI green car loan:

  • Interested customers must have their bank statement of last 6 months.

  • 2 passport photos, passport for identity card, PAN card, voter ID card, DL, latest salary slip, Form 16, for business class or others is required.

  • Those associated in the agricultural sector will have to show 2 year return and land papers of the applicant.

For more information on SBI green car loan visit here.

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