Sbi Car Loan On Electric Cars: What No One Is Talking About

The world economy is definitely moving towards more sustainable options. Electric cars being one of the choices of the automobile industry.

Electric cars have caused a huge wave in the country as now every automobile company wants to invest in electric cars, which is the next big thing in the automobile industry.

If you are someone who is considering to purchase an electric car, then this is the perfect time to purchase one.

The Indian union budget has pledged to provide full assistance to promote electric cars in the country. The union budget has made it much easier for an individual in the country to buy an electric car.

The Indian government is all set to make India a manufacturing hub of electric cars as a step towards sustainable development.

To encourage purchasing of the new era cars amongst the customers, Nirmala Sitaram the finance minister in her budget speech had announced that the government has proposed an additional tax of Rs. 1.5 Lakhs deduction every year on the interest paid by the customers on the loan which they take to purchase the electric car.

This conveys that a customer can easily save up to 2.5 Lakhs over the loan which he or she has taken for a period of 5 years.

For all the salaried individuals, this will be an added advantage which will serve as a very effective tax saver.

The budget has been made in such a manner which encourages and motivates the customers to buy more of these electric vehicles.

The Indian government is all set to set up the various manufacturing plants of the electrics cars.

The state bank of India is giving immense support as it introduced the countries first-ever ‘Green Car Loan’.

SBI has launched a scheme which is all set to offer loans to the customers at 20 points lesser than the rate of Interested for the existing car loans.

Looking at SBI, the other banks such as HDFC, Axis, ICICI are also coming up with unique schemes to encourage customers to purchase electric cars.