SBI launches Green Car Loan to promote use of electric vehicles

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Mumbai: Always committed to a cleaner and greener environment, country’s largest lender, State Bank of India (SBI) on the occasion of World Earth Day launched India’s first ‘Green Car Loan (Electric Vehicle) to encourage customers to buy electric vehicles.

To achieve the purpose bank will offer loan at 20 bps lesser than the interest rate on the existing car loan schemes. SBI Green Car Loan (Electric Vehicle) scheme that comes with the longest repayment period of up to 8 years is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch.

PK Gupta, MD (R&DB) SBI Said “We are pleased to introduce the concept of ‘Green Car Loan’. These days, cars are perceived to play a vital role in polluting environment. We believe SBI Green Car Loan (Electric Vehicle) scheme would act as a change agent in auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions”.

In line with GOI’s pledge of ensuring 30% of electric vehicles on the road by 2030, SBI has already announced 100% migration towards electric vehicles by 2030 to reduce carbon footprints. The bank also became the first major Indian organization along with Wipro to join the Climate Group’s EV100 initiative for accelerating the roll-out of electric vehicles worldwide.

About State Bank of India

State Bank of India (SBI) the largest commercial bank in terms of assets, deposits, branches, customers and employees; is also the largest mortgage lender in the country. As on December 31, 2018, the bank has a deposit base of over Rs. 28 lakh crore with CASA ratio of 45% and advances of over Rs. 21 lakh crore. SBI commands around 34% of the market share in home loans and auto loans. The Bank has the largest network of 22,000 branches in India and an ATM / CDM network of over 58,000. The number of customers using internet banking facility is close to 5.73 crore and mobile banking services stand at 1.32 crore. Downloads for YONO – an integrated digital and lifestyle platform by SBI – are over 1.8 Crore, with more than 10 lakh logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.

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