Wednesday 5 February 2020

SBI Green loan: loan will be cheaper for car, learn other benefits

New Delhi: SBI has launched a special green car loan for electric vehicles. Yes, the country's largest bank State Bank of India (SBI) has introduced a new scheme keeping in mind the environment. Under this scheme, it is India's first green car loan launched for the purchase of electric cars. The initiative aims to promote the purchase of electric vehicles (EVs). Under this loan, customers will be given a loan for up to 8 years. So let us tell you about the specialty of this green car loan of SBI.

 Know the features of SBI Green Car Loan
 SBI will pay 0.20% less interest on green car loan.
 SBI's green car loan will have an 8-year repair period.
 The normal car loan of SBI has a repair period of 7 years.
 SBI car loan finances 90 percent of the on road price of the vehicle.
 At the same time, on-road price includes registration, insurance, extended warranty, total service package, annual maintenance contract, cost of accessories, etc.

 These documents are necessary for green loan
 To get a green car, the customer has to give his last 6 months bank statement.
 2 passport size photo will be required.
 Passport, PAN card, voter ID card, driving license and some other documents will be accepted as identity card.
 If you are employed, you have to give your latest salary slip and copy of Form 16 to buy the car.
 If there is a trader, he has to give his 2-year return.
 At the same time, land documents will have to be given to people associated with the agricultural sector.
 How much income, how much loan
 Government employees with a minimum salary of Rs 3 lakh can get a maximum 48 times of their net monthly income from SBI as a loan.
 Businessmen, professionals and private workers can get 4 times the gross taxable income or net profit after adding depreciation and payment of all loans in ITR.
 Individuals belonging to agriculture sector, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the net annual income.
 This is the interest rate for a car loan in SBI
 According to the information given on the SBI website, currently the interest rate of SBI's car loan is 8.40% to 8.65%.

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