CONTEXT:

• State Bank of India (SBI) launched ‘Green Car Loan’ to encourage customers to buy electric vehicles (EVs) in the country.
• The interest rates on the loan will be 20 basis points (0.2%) lower than SBI’s existing auto loans.
• Thus, the equated monthly instalment (EMI) per Rs 1 lakh will be lower at Rs 1,468 for 96 months.
• The scheme comes with the longest repayment period of up to 8 years.