EV Finance: Due to the increased awareness and Government efforts, cutomers are now opting Electric vehilces over the conventional fossil fuel consuming ones. Electric Vehicle is growing wiith the unprecedented pace in India. Government also provides incentives on purchasing EV two-wheelers to achieve the country’s Nationally Determined Goals and contribute in the World’s Sustainable development.
On one hand, where EV two-wheelers generates zero emissions and proves affordable after purchase, it comes with a high initial cost and here bank and financial organisation comes into the scene. In India, several banks offer loans on EV two-wheelers which depends on multiple factors such as the customer’s credit score and loan payment history. If you want to get a loan to purchase you favourite EV two-wheeler, checkout some of the best finance options available to get EV loan in India.
Punjab National Bank
- Punjab National Bank have 2 product in its finance portfolio for two-wheeler loans, PNB Saarthi and PNB Power Ride.
- PNB interest rates for these loans starts from 11.15 percent p.a onwards.
- Customers can avail a maximum loan amount of Rs. 1.50 Lakhs which also depends on the repayment capacity.
- PNB Saarthi comes with the maximum tenure of 24 months.
- PNB Power Ride can be availed for 36 months tenure.
Axis Bank
- Axis Bank offers a minimum loan amount of Rs. 25001 and offers upto 100% funding for two-wheelers.
- The maximum tenure of Axis Bank loan ranges from 12 to 48 Months.
- Interest Rates for these loans varies from the minimum of 10 percent to the maximum of 28 percent per annum which depends on loan amount, tenure, model of the bike and engine capacity.
State Bank Of India
- SBI is the most trusted lender and the largest public sector bank in India.
- SBI interest rates starts from 16.95 percent p.a for two-wheeler loans.
- The maximum loan offered by SBI is Rs. 3 lakh.
- Maximum loan tenure provided by the bank is 48 months.
Bank Of India
- Bank of India offer two-wheeler loans on both new and second hand vehicles.
- BOI offers two-wheeler with the minimum interest rate of 7.35 percent.
- Bank Of India provides the maximum loan amount of 50 lakh with the maximum tenure of 5 years.
ICICI Bank
- ICICI Bank provides loan of upto 100 percent of the on-road price of the vehicle.
- ICICI Bank interest rates starts from 9 percent onwards.
- ICICI Bank offers loans for the maximum tenure of 48 months.
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