We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
Banks and financial institutions can only give loans up to 60% of the price for the purchase of personal and electric vehicles (private and public) running on petrol and diesel.
The policy came into effect after the National Bank issued instructions (circulars) for the implementation of the said system through the review of the monetary policy. Earlier, banks and financial institutions were giving loans up to 80 percent for personal electric vehicles and 100 percent for public electric vehicles.
Similarly, while there is currently a provision of up to 50% loan for the purchase of petrol and diesel-powered (IC engine) personal vehicles, a new provision has been implemented which has been increased to 60%. In the case of public vehicles running on petrol and diesel, banks and financial institutions are allowed to give loans up to 100 percent. Through the review, it seems that the National Bank wants to discourage electric vehicles and encourage other vehicles. According to
businessmen, about 70 percent of the total vehicle market is electric and the remaining 30 percent is other vehicles. Businessmen are of the view that discouraging electric vehicles at this time will have a negative impact on the overall economy. Banks have been giving loans to electric vehicles when there was no demand for loans in other sectors. Now they claim that the demand for loans will decrease from that area as well.
