The electric car manufacturing arm of leading Indian auto maker Mahindra & Mahindra – Mahindra Reva Electric Vehicles Pvt. Ltd. (MREVPL) – has tied-up with the leading PSU (Public Sector Undertaking) bank, State Bank of India. Mahindra Reva and SBI have signed an agreement through which the bank will be providing vehicle finance on easy rates to the company’s customers.
At present, the Mahindra Reva portfolio cars are available in the price segment of Rs 2.89 lakh and Rs 3.52 lakh (ex-showroom Delhi. SBI currently has a massive network of 13,686 branches across the country, having its presence most of the cities and towns of the country.
Speaking on the matter, SBI Mumbai CGM R N Mehra said, "SBI will finance 85 per cent of the on road price of Mahindra Reva Electric Vehicles with tenure of 7 years and low interest rate of 12 per cent." He added that 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.
Mahindra Reva Electric Vehicles Chief of Operations R Chandramouli, said while commenting on the deal, "With such highly competitive schemes and finance, we are hopeful of getting a good response from our dealers and customers."
