Diwali Offers on Electric Cars: The country has entered the festive mood. In a few days, the festivals of Dhanteras and Diwali 2022 will be observed. On Dhanteras and Diwali, people buy electronic goods and cars fiercely. In India, the government is urging citizens to purchase an increasing number of electric automobiles in an effort to reduce pollution and the country’s reliance on gasoline and diesel. In order to encourage people to buy EV cars this festive season, many banks are offering huge discounts on the interest rate of these car loans to their customers. It contains the names of numerous banks, including Axis Bank, State Bank of India, Punjab National Bank, and the Bank of Baroda.
Tax rebates being given to the taxpayers
Let us tell you that along with a rebate in the interest rate of the loan to the buyers of electric cars, the government is also giving additional tax exemptions. This will be of great benefit to the taxpayers. Due to tax exemption, many people want to upgrade their petrol-diesel cars to electric cars. On one hand, while customers are getting loan and interest rate discounts, on the other hand, EV cars prove to be very economical for people in the long run as they get freedom from buying expensive petrol and diesel. Additionally, EVs demand less money for maintenance and upkeep than conventional petrol-diesel vehicles.
Know how much interest the customers are getting from the bank. Banks are
We are offering our customers a discount of 10 to 30 basis points on electric cars. Bank of Baroda is offering its customers an additional 0.25% off on car loans for electric cars. State Bank of India has also introduced the SBI Green Car Loan for the purchase of EV vehicles. For this, customers are getting a discount of 0.20% on car loans.
In such a situation, the bank is offering an interest rate ranging from 7.95% to 8.30% to the customers. You have between three and eight years to pay back a green automobile loan from SBI. At the same time, Axis Bank gives customers 7 years to repay the loan. On the other hand, most banks do not charge any prepayment on EV car loans from their customers. Banks, on the other hand, charge customers a processing fee of 0.2% to 2% for such loans.
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