SBI inks MOU with Mahindra Reva Electric Vehicles

21 Jan 2012 Evaluate

State Bank of India (SBI), the country’s premier public sector bank has inked a memorandum of understanding (MOU) with Mahindra Reva Electric Vehicles, a part of the $14.4 billion Mahindra Group.

As per the MOU, SBI will finance 85% of the on road price of Mahindra Reva Electric Vehicles with tenure of 7 years at an attractive low interest rate of 12%.

The EMI for Rs 1 lakh loan for 7 years comes out to be Rs 1,765 per month. Also, there will be no pre-payment penalty in case a customer chooses to pre-close the loan.

SBI is premier banking institution with 206 years of banking experience. It is India’s largest commercial bank in terms of assets, deposits, profits and number of branches and employees. The bank has 13,686 branches across the country, while the SBI group has 18,506 branches.

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