Mahindra Reva Electric Vehicles - a pioneer of electric vehicle technologies has recently signed an MOU (Memorandum of Understanding) with country’s leading Public sector bank State Bank of India (SBI) to provide vehicle finance. The Reva is currently in news with its upcoming Reva NXR that was displayed at Delhi Auto Expo 2012.

RN Mehra, CGM- SBI Mumbai said that the bank will finance 85 percent Reva’s on road price having offered the tenure of 7 years and 12 percent rate of interest. He further said that the EMI on the loan equivalent to Rs 1 lakh for the maximum tenure of 7 years will be Rs 1765. Expressing the positive symptoms of the deal, R Chandramouli- Chief of Operations for Mahindra Reva Electric Vehicles said that we expect a huge response from our distribution network and customers with such a highly competitive finance scheme.

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Customers are allowed to pay the finance amount any time they wish during the tenure paying no pre payment penalty. He further adds that this tie up is going to certainly help both the companies to strengthen their respective network.

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Mahindra Reva, which is one of the initiators to come up in electric vehicles globally, was set up in 1994 with the name of REVA Electric Car Company with the joint venture of AEV LLC of USA and Maini group, which was in May 2010 acquired by the Mahindra Group of India. Currently Mahindra Reva is the most appreciated and largest deployed electric car in the world.