CURRENT AFFAIRS

Detailed explanation-1: -The State Bank of India had launched the country’s first ‘Green Car Loan’ (Electric Vehicle) to encourage consumers to purchase electric automobiles. The new system will offer loans at a rate that is 20 basis points lower than the current vehicle lending scheme.

Detailed explanation-2: -SBI provides India’s first Green Car Loan to encourage people to reduce their carbon footprint and opt for electric vehicles."

Detailed explanation-3: -State Bank of India (SBI) has started offering a specialised auto loan for electric cars. The SBI Green Car Loan is being offered for the purpose of purchasing electric vehicles (EVs).

Detailed explanation-4: -Top EV Stocks in India #1 – Mahindra Electric Mahindra is the pioneer of EV in the Indian space. Being the first major EV manufacturer it launched Mahindra Reva, its first EV as early as 2001. The Mahindra Reva was India’s first electric car.

Detailed explanation-5: -A deduction for interest payments up to Rs 1,50,000 is available under Section 80EEB. An individual taxpayer may have an electric vehicle for personal use or for business use. This deduction would facilitate individuals having an electric vehicle for personal use to claim the interest paid on the vehicle loan.