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Electric vehicle loan
Are you planning to purchase a new electric car? These four banks are offering special interest rates on electric vehicle loans.
If you are planning to purchase a new electric car, you can check the loan interest rates offered by the following banks to buy a new electric vehicle.
The Indian government has urged people to buy electric cars by providing tax exemptions and other incentives. Increasing awareness about the environment and attraction towards new stylish and safe electric cars has led to a rise in demand. With the help of the following banks, you can check the interest rates offered on car loans to purchase a new electric vehicle.
Details of SBI Electric Vehicle Loan:
State Bank of India provides an additional concession of 25 basis points in the applicable interest rate for general car loans for all categories of customers. According to the SBI website, “Festive Bonanza: Zero processing fee until 31st January 2024. Avail the benefits now.”
SBI offers a Green Car Loan (for electric cars) at an interest rate ranging from 8.75% to 9.45%. The new system will provide loans at a lower rate by 20 basis points compared to the existing vehicle loan scheme. As per the SBI website, the margin on the on-road price will be up to 90% and up to 100% on selected models.
Union Bank of India green miles
The interest rate of Union Bank of India’s Green Miles depends on the credit score (9.15% – 12.25%). If the loan is adjusted from a verified source, no prepayment penalty will be charged.
PNB Green Car (E-Vehicle) Loan offers a unique proposition for new cars, providing 10% of the on-road price or 0% of the ex-showroom price, which means that the ex-showroom price will be fully financed. Additionally, this offer includes a 25% cashback on the purchase of new electric vehicles (E-Vehicles) based on the on-road price. There are no processing fees or documentation charges involved.
You must read:
PNB Green Car (E-Vehicle) Loan is a financial product offered by PNB to facilitate the purchase of environmentally friendly electric vehicles.
For floating rate car loans, the bank charges an RLLR+BSR-0.50% i.e. 8.75% per annum, and for fixed ROI, the bank offers an interest rate of 9.75%. Please note that the RLLR (currently 9.00%) + BSR (currently 0.25%) should be taken into consideration.
Exis new car loan
Axis Bank is providing loans up to 85% of the road price of electric vehicles to its salaried and self-employed customers. This loan is available for a maximum of 7 years. Axis Bank offers EV loans in Delhi NCR, Mumbai, Bangalore, Hyderabad, Pune, Jaipur, Ludhiana, Kochi, Ahmedabad, Chennai, Kolkata, Visakhapatnam, Trivandrum, Surat, and Chandigarh.
Due to the increasing craze, the total sales of e-vehicles in the country have increased by more than three times in 2021-22, reaching 429,217 units. In 2020-21, a total of 134,821 e-vehicles were sold in the country. Electric two-wheelers accounted for the largest share in the total sales of e-vehicles. During this period, a total of 231,338 e-two-wheelers were sold.
What is down payment?
What does the term “Down Payment” mean?
A down payment refers to the initial payment made by a customer when purchasing a high-value item or service. It is typically a percentage of the total appraised value of the product or service. By making a down payment, the buyer can take ownership of the purchased items and also reduce the monthly mortgage payment towards the principal and interest.
What is zero down payment for bike loan?
A zero down payment bike loan refers to a financing option where the lender covers the entire cost of the bike, relieving you from the need to make any upfront payment. The only initial expense associated with this type of loan is the processing fee, which is typically charged by the bank during the loan application process.
Numerous financial institutions offer zero down payment bike loans, but it is advisable to conduct thorough research and select the best option before proceeding with the loan. Bajaj Markets platform is a recommended choice for obtaining a zero down payment bike loan, as it ensures a hassle-free experience and provides various benefits.
What is the benefits of zero down payment?
- Purchasing a bike becomes hassle-free as you don’t have to worry about arranging the money upfront.
- The bank will provide financial assistance for the bike’s cost, allowing you to repay the loan through convenient EMIs.
- Your financial stability remains intact as there is no immediate impact on your cash flow.
- Only the processing charges need to be paid, making it a cost-effective option.
- The loan disbursement process is fast and straightforward, ensuring a smooth experience.
How does an electric cars works?
Electric cars operate using an electric motor instead of a traditional petrol or diesel engine found in other vehicles. The electric motor in an electric car receives power from a controller, which regulates the energy used for propulsion. The amount of power delivered is controlled by the driver through the accelerator pedal.
The rechargeable batteries in an electric vehicle store and accumulate energy, which is then used to power the car. These batteries require regular recharging using household electricity. In contrast, conventional automobiles and hybrid cars rely on fuel like petrol or diesel to operate their engines. Additionally, they incorporate a motor and a battery to improve the vehicle’s performance and efficiency. Conversely, electric vehicles solely rely on electricity to operate.
Advantage of electric cars:
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| Advantage of EV Cars |
- Additionally, electric vehicles have lower operating costs compared to traditional vehicles, as electricity is generally cheaper than gasoline. This can result in significant savings for consumers over the lifetime of the vehicle.
- Electric vehicles also have the potential to reduce noise pollution in urban areas, as they operate much more quietly than traditional vehicles. This can lead to a more peaceful and enjoyable environment for residents and pedestrians.
- Furthermore, electric vehicles can help to reduce greenhouse gas emissions and combat climate change. By using electricity from renewable sources such as solar or wind power, electric vehicles can be truly emissions-free and contribute to a more sustainable future.
- Electric vehicles also have the potential to create new job opportunities in the clean energy sector, as the demand for electric vehicles and related infrastructure continues to grow. This can help to stimulate economic growth and innovation in the green technology industry.
- Overall, electric vehicles offer a promising solution to many of the environmental and economic challenges we face today, and their widespread adoption has the potential to create a cleaner, more sustainable future for generations to come.
- Electric vehicles require minimal maintenance as they operate efficiently without the need for regular emission checks, oil changes, fuel inspections, and other similar tasks.
