SBI car loan for electric vehicles: Interest rate reduced; repayment period relaxed

State Bank of India, the largest bank in the country, has announced that it is slashing the interest rates offered on car loans for electric vehicles (EV). The bank said that it will offer a discount of 20 basis points on the interest paid on the loan. Additionally, borrowers will also get a longer repayment period. These deals are offered in an attempt to encourage adoption of electric vehicles in India.

In a statement SBI said that this move is in line with the government's endeavour to ensure that India has 30% of EVs out of all vehicles by 2030. They have already announced that their fleet will consist of only EVs by 2030.   

SBI, along with Wipro was among the first big Indian companies to be enlisted in the EV100 global initiative by The Climate Group. The EV100 initiative strives to bring together organisations dedicated to speed up the adoption of EVs across the globe.

PK Gupta, SBI MD, retail and digital banking said that the green car loan will act as an agent of change in the auto loan segment and encourage buyers to switch to electric vehicles.

Separately, SBI is set to hire for 8,904 vacancies for its clerical cadre. In a statement, the bank said that it intends to fill 8,904 vacancies including 251 backlog ones for SC, ST and OBC candidates. These vacancies are in its customer support and sales departments. The hiring will take place over the course of the next few months.

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