VinFast Partners with SBI to Offer Easy Car Loans for EV Buyers

VinFast Auto India, a subsidiary of Vietnamese electric vehicle manufacturer VinFast, signed a Memorandum of Understanding (MoU) with State Bank of India (SBI) for the offer of accessible retail financing options for its EV customers around the country.

The collaboration is designed to hasten the uptake of electric mobility by providing affordability and access for VinFast vehicles, with the backing of SBI’s banking presence across India.

According to the MoU, SBI would provide retail financing for VinFast's entire range of EV vehicles, at competitive interest rates, flexible repayment terms, and up to almost 100% on-road funding. Also, based on the MOU VinFast's customers will also benefit from preferential processing and promotional offers.

Pham Sanh Chau, CEO of VinFast Asia, signed the memorandum of understanding with Ajay Kumar Jha, General Manager – Retail Loans with SBI. Chau emphasized that the agreement would enhance VinFast's visibility in India, combining its electric vehicle portfolio with SBI's trusted financial strategic ecosystem. 

Also Read: Titagarh Wins Major Order for Coastal Research Vessels

Jha noted that SBI is displaying its commitment to green financing as the bank has mobilized ₹128 crore through its Green Deposits program in FY 2024–25. The bank's Green Deposits will fund EV financing. The bank is aiming for a 7.5% green portfolio by 2030, and partnerships like VinFast are critical to that goal. 

This news of the relationship comes at the time that VinFast is preparing to launch its VF 6 and VF 7 in India and ramping up operations with a new EV assembly plant in Tamil Nadu, which is an essential part of the vehicle manufacturer's local manufacturing and long-term expansion plan.