True to its commitment to sustainability and the environment, BBVA has launched a €20 million new line of green loans for customers interested in purchasing electric or hybrid cars. This new product seeks to meet a growing demand from society, increasingly aware of the fight against climate change.
Following the line of loans to promote energy efficient housing construction, BBVA has rolled out a new product, ‘Préstamo Coche Verde’ (Green Car Loan’) for customers who wish to buy electric or hybrid cars, thus contributing to more responsible consumption habits. The purpose of this new launch is to remain a global leader in sustainable, responsible and value-based banking.
Geared toward individuals and freelance workers interested in purchasing electric or hybrid cars with emissions under 75gCO2/KM, the product has several highly attractive conditions: maximum amount of €75,000, a repayment period up to 96 months (eight years), an interest rate of 4.95 percent (APR 5.13 percent) and no origination fees.
According to BBVA Research, based on data from the European Automobile Manufacturers’ Association (ACEA) and the European Alternative Fuels Observatory (EAFO), electric cars have a 1.4 percent market share in Spain, slightly below the average for the European Union (2.5 percent).
Despite their low level of penetration, demand for this kind of vehicles is on the rise. In fact, according to the Spanish Association of Automobile and Truck Manufacturers (ANFAC), a total of 59,022 electric, hybrid and natural gas cars were registered in the first five months of 2019. This represents a 47 percent increase over the same period in 2018 when 40,000 were registered.