Mahindra Reva Electric Vehicles Private Limited and State Bank of India have come together to promote the use of electric vehicles in India. The two have signed a Memorandum of Understanding (MoU) which will enable them with access to each other’s network across India. Present at the signing of the MoU were State Bank of India Chief General Manager (Personal Banking) Mr. R N Mehra, and Mr. R Chandramouli, Chief of Operations of Mahindra Reva Electric Vehicles Private Limited.
Commenting at the signing of the MoU, Mr. Mehra stated that the agreement with Mahindra Reva is the public sector bank’s ‘Green Cars’ initiative. As part of the agreement, SBI will provide 85 percent of the finance on the on road price of the Mahindra Reva Electric Vehicles subject to a tenure of 7 years at a low interest rate of 12 percent. Moreover, if a customer chooses prepayment of loan, the bank will not charge any prepayment penalty.
Mr. Chandramouli commented that Mahindra Reva expects a favorable response from dealers and customers for its products being offered with SBI’s competitive scheme and finance.
