SBI Green Car Loan (Electric Vehicles)
Primary Lending Institution:State Bank of India (SBI)
EV loan with 20 bps interest discount, zero processing fee, and 8-year tenure.
Restricted strictly to 100% battery electric vehicles (BEVs) approved by ARAI. Hybrid or petrol/diesel cars ineligible.
What is SBI Green Car Loan (Electric Vehicles)?
India's first dedicated electric vehicle auto finance program encouraging eco-friendly mobility with a 20 bps interest discount, zero processing fee, and an industry-longest 8-year repayment tenure.
Key Benefits & Features
20 bps (0.20%) lower interest rate than standard car loans; longest tenure in India (8 years / 96 months); nil processing fee; up to 90% on-road funding.
20 basis points (0.20%) interest discount; extended 8-year tenure; zero processing fee
Borrower Eligibility Criteria
Salaried or self-employed applicants purchasing new electric passenger vehicle.
How to Apply (3 Verified Paths)
Apply via SBI YONO selecting Green Car Loan under Loan section.
Apply at sbi.co.in/web/personal-banking/loans/auto-loans/green-car-loan.
Visit any SBI branch with EV dealer quotation and salary documents.
Documents Required Checklist
Aadhaar, PAN, Last 3 months salary slips, 6 months bank statement, EV proforma invoice showing battery specification.
Frequently Asked Questions
What is the interest concession for electric cars?
SBI offers an automatic 20 basis points (0.20%) concession over the applicable standard car loan interest rate.
What is the maximum tenure for SBI Green Car Loan?
The repayment tenure can extend up to 8 years (96 months), which is 1 year longer than regular car loans.
Is processing fee charged for Green Car Loan?
No, SBI provides a 100% waiver of processing charges for all electric vehicle loans.
Are hybrid vehicles eligible?
No, the Green Car Loan is strictly applicable to pure Battery Electric Vehicles (BEVs).