Categories: NewsTech & Auto

SBI Zero Down Payment Scheme Buying Electric Car Made Easy,

Electric Car: The country’s largest public sector bank, State Bank of India (SBI), has launched a special scheme to buy electric cars. Under this scheme, anyone aged between 21 years to 70 years can apply for an Electric Vehicle (EV) loan. The loan is available in easy installments for a period of 3 to 8 years.

Also Read: Dream of Flying Bike came true, now people will reach office by flying!

Key features of the scheme:

Interest rate discount: An interest rate discount of 0.25% is being given on EV car loan as compared to normal auto loan.
Higher Loan Amount: You can get a loan up to 90% of the on-road price of the car. 100% loan is also available for some special models.
Long Loan Tenure: You can get a loan for a tenure of up to 8 years, which reduces the monthly installments.
Easy Application Process: You can apply online through SBI website or mobile app.

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Rate of interest:

SBI is currently offering loans on normal cars at interest rates ranging from 8.85% to 9.80%. The interest rate on loans for electric cars will range from 8.75% to 9.45%.

This scheme is a good option for those who want to buy an electric car but do not have enough money. The scheme makes electric cars more affordable and encourages people to adopt eco-friendly transportation.

Advantages of electric vehicle

Electric vehicles offer many advantages, including environmental benefits, fuel savings, low maintenance, better performance and government incentives. If you are considering purchasing a new vehicle, an EV is definitely an option you should consider.

Electric vehicles (EVs) offer many advantages over traditional petrol and diesel vehicles. Some of the major advantages are:

Environment friendly:

EVs are zero emission vehicles, meaning they do not contribute to air and noise pollution. This makes them a better option for both cities and rural areas, especially in areas where air pollution is a major problem.

Fuel Saving:

EVs are much cheaper to run than conventional vehicles. Electricity is much cheaper than petrol or diesel, and EVs have higher energy efficiency than conventional vehicles. This means you can save money every year on driving an EV.

low maintenance:

EVs have fewer moving parts than conventional vehicles, which means they require less maintenance. You won’t need to do regular oil changes or engine tune-ups.
It saves your time and money.


EVs have instant torque, making them quick and fun. They are also quieter than conventional vehicles.

Government Incentives:

Many governments provide tax breaks and subsidies to encourage the adoption of EVs. This can make EVs even cheaper. EVs typically have more features than conventional vehicles, such as regenerative braking and infotainment systems. They are often equipped with the latest technology.

Also Read: Maruti’s Ertiga becomes stronger hybrid…now it will give more mileage than before, will get great features!


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