Mahindra Reva joins hands with SBI for vehicle funding

Mahindra Reva Electric Vehicles Pvt Ltd, is a part of the giant group of Mahindra and Mahindra, who has now joined hands with the State Bank of India, better known as SBI for providing vehicle financing. According to the CGM of SBI Mumbai, Mr. R N Mehra, the bank will finance about 85% of the on road price of Mahindra Reva electric vehicle along with a term of seven years and a low interest rate of 12%. Mr. Mehra also mentioned that under this particular agreement, the EMI on the loan of Rs. 1 lakh for a time period of seven years would be just Rs. 1,765.

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Further giving a statement on the signed agreement, the chief of Operations of Mahindra Reva Electric Vehicles, Mr. R Chandramouli mentioned that with such vastly viable schemes and finance, the company is aiming for an impressive response from the dealers and from their consumers. What is more interesting is that the consumers can repay their loan amount at any time during the repayment period devoid of any pre-payment penalty.

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At present, the Mahindra Reva car comes between the price range of Rs. 2.89 lakh to Rs. 3.52 lakh. It was best for Mahindra Reva electric vehicles to join hands with SBI, as it is one of the most appreciated banks across the country. SBI has about 13,686 branches all over India whereas the SBI Group has a whopping 18,506 branches. However, on the other side, Mahindra Reva is basically an electric vehicle manufacturer from India that has given a range of electric cars in the global market a cutthroat competition.

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