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Electric Vehicle Buyers Can Now Avail 20 bps Discount on Loans from SBI
April 24, 2019
India’s largest lender State Bank of India (SBI) has announced a 20-bps discount on the auto loans that are being used for electric vehicles (EVs). It’s considered as a measure to support the struggling EV segment.
In India, around 3.6 million cars are sold in a year (recorded in FY19). However, EVs make for just 1,000 units during the same period. According to industry experts, the tepid sales are a result of poor governmental policy-making. For instance, the withdrawing of the “all-electric vehicles by 2030” by the ruling government and high cost of EVs on the account of inadequate tax incentives are considered two of the biggest decisions that are affecting the industry.
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