Green Car Loan: For Electric Cars

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Green Car Loan: For Electric Cars
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SBI Green Car Loan (Electrical Vehicle Loan )

Features for Green Car loan / Electrical Vehicle Loan

  • Age : 21-70 years. (For sanction of loan)
  • Repayment Period : Minimum 3 Years; Maximum 8 Years
  • Rate of Interest Fixed: Further concession of 25 BPs in applicable rate of interest for normal car loan across the category of customers (Please refer Interest rate chart)
  • Interest Rate : Click here to view the interest rates
  • Processing fee : Click here to view the Processing Fee
  • Loan to Value (LTV) : Upto 100% of On Road Price
Category Income Criteria Maximum Loan Amount
Regular employees of Central Public Sector Enterprises (Maharana’s/Navratnas/ Miniratnas). Defence Salary package(DSP), Para Military salary package(PMSP) & Indian Coastal Guard Package(IGSP) Customers and Short Commissioned Officers of various Defence establishments Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/- 48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses. Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a.(income of co-applicant can be clubbed together 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
Person engaged in agricultural and allied activities. Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- 3 times of Net Annual Income

Documents Required for Electrical Vehicle Loan

Following documents along with the completed application form

  • Salaried
    • Statement of bank account for last 6 months. (Submission of Bank Account Statement is waived for our Salary Package customers who are maintaining Salary account with us
    • 2 passport size photo
    • Proof of Identity
    • Address Proof
    • Income Proof: Latest Salary Slip, Form 16
    • I.T. Returns or Form 16 for the last 2 years. (Waived for our Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months.)
  • Non-Salaried/ Professional/Businessmen
    • Statement of bank account for last 6 months.
    • 2 passport size photo
    • Proof of Identity
    • Address Proof
    • Income Proof: ITR for last 2 years
    • I.T. Returns or Form 16 for the last 2 years.
    • Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
  • Person engaged in agricultural and allied activities.
    • Statement of bank account for last 6 months.
    • 2 passport size photo
    • Proof of Identity
    • Address Proof
    • Direct agricultural activity (crop cultivation):
      Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. All land should be on free hold basis and ownership proof to be in the name of borrower.
    • Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
      Documentary proof of running of the activities to be provided.
  • Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc.
  • Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

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Last Updated On : Monday, 19-05-2025

Interest Rates

8.00%* p.a. onwards

w.e.f. 15.04.2025

*T&C Apply.

 

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