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Hybrid cars, electric cars or cars powered by alternative fuels

Bankia lowers the interest rate applied to financing the purchase or ecological vehicles

Bankia has lowered the interest rate for financing the purchase of ecological vehicles by more than 1.25 points, leaving a nominal rate fixed rate of 4.75% starting now compared to the previous 6%.

Bankia Comunicación

By Bankia Comunicación

Publish on 
29 May 2018 - 15:30

  • After lowering the interest rate by 1.25 points, a nominal rate of 4.75% applies, without origination fee
  • The product, which is marketed as the Sustainable Consumption Loan, will not entail an origination fee, has a repayment term of up to 8 years and finances up to 60,000 euros
  • “It is an additional step in Bankia’s commitment to responsible management, which is a synonym for sustainability and competitiveness”, comments David Menéndez, Director of Reputation and Social Responsibility

Bankia has lowered the interest rate for financing the purchase of ecological vehicles by more than 1.25 points, leaving a nominal rate fixed rate of 4.75% starting now compared to the previous 6%.

The vehicles that can be financed by this type of loan will be hybrids, electric vehicles and those powered by alternative fuels (GLP, biodiesel B-30, natural gas and hydrogen).

The product, which is marketed as the Sustainable Consumption Loan, will not entail an origination fee, has a repayment term of up to 8 years and finances up to 60,000 euros.

“The initiative is an additional step in the company's commitment to responsible management, which is a synonym for sustainability and competitiveness. It is a way of working with a view to the future, by defining products and services that create value in the environment, in addition to contributing to meeting the United Nations’ targets for sustainable development”, comments David Menéndez, Director of Reputation and Corporate Social Responsibility.

In addition to the purpose of purchasing ecological vehicles, the Sustainable Consumption Loan also finances the purchase of other goods that foster energy efficiency, the battle against climate change and sustainable growth.

And so it is granted, under the same terms to individual clients and self employed persons, to finance low-consumption household appliances (those with a class A or greater energy label), efficient machinery and renovation of housing units or commercial premises that entails energy savings.

Car Loan

Taking advantage of this initiative, Bankia has decided to round out its financing offer for vehicles with the new Car Loan, a credit specifically for the remaining range of cars and motorcycles, which applies a fixed rate of 5.95% with an origination fee of 1.50%.

The repayment term of the Car Loan is raised to 8 years for new vehicles and to 5 years for used vehicles, while the maximum amount that it finances can reach 60,000 euros.

Financing the consumption of families in Spain is one of the company’s strategic commitments. And so during the first third of the year, the company granted roughly 700 million euros for this purpose.

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