Mahindra Reva collaborates with SBI offering Cheap Loans

Mahindra Reva Mahindra Reva collaborates with SBI offering Cheap Loans

Mahindra Reva has begun the groundwork required to promote cars in a large way by roping in SBI as its finance partner. The electric carmaker, part of Mahindra and Mahindra will introduce Reva NXR, the latest electric car in the second half of 2012. Both Mahindra and the SBI have signed agreement, which states that the leading bank of India will give car loan up to 85% of the road value of the new model for a time period of seven years with the rate of interest of 12 percent. In that case customers will pay an EMI of Rs 1765 per lakh at the rates offered by State Bank of India. It has also stated that customers can make a repayment of the loan within the period of loan without pre-payment charge. It is expected that this scheme will help customers get attracted.

At present Mahindra Reva sells only one single model, REVA which is ranged between 2.89 lakhs and 3.52 lakhs. The new model is expected to range a bit higher than the model that already exists. It is only through cheap and attractive car loans that Reva can boost up sales. As SBI has a wide network across the country, Mahindra Reva can make use of it providing enough publicity to the cars.

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