SBI to finance Mahindra Reva’s new vehicles
Mahindra Reva Electric Vehicles (MREVPL), the electric vehicle (EV) manufacturing arm of Indian auto maker Mahindra & Mahindra, has signed an agreement with Indian PSU (Public Sector Undertaking) bank, State Bank of India (SBI).
Under the preferred financier agreement, SBI will provide vehicle finance on easy rates to the Mahindra Reva's customers.
SBI Mumbai CGM RN Mehra said SBI will finance 85% of the on road price of Mahindra Reva EVs with tenure of 7 years and low interest rate of 12%.
"The EMI on the loan of Rs 1 lakh will be Rs 1,765, for a period of seven years, under this new finance deal," Mehra said.
The company said that its portfolio cars are currently offered in the price range of INR289,000 ($5,730) and INR352,000 ($6,979).
Mahindra Reva Electric Vehicles chief of operations R Chandramouli said with such highly competitive schemes and finance, we are hopeful of getting a good response from our dealers and customers.
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