Loans for EVs

Company News, Energy    Sep 16, 2021 5:07 PM

Banco de Bogotá talked about the number of credits for Electric Vehicles (EVs) or hybrids during this year.

The entity has delivered 689 credits for EVs or hybrids totaling CoP$64B so far this year, Portafolio reported.

The bank said that this reaffirms that it is a benchmark for sustainable mobility, as the entity delivered 21.22% of credits in this market during 1H21.

“Banco de Bogotá is committed to the environment and sustainable mobility, which is why we have been working on a series of strategies, such as the implementation of a free charging station for EVs in 2020, the alliance with Auteco Mobility to finance the purchase of EVs and the opening of a branch specialized in financing sustainable means of transportation,” Isabel Cristina Martínez Coral, Vice President of Sustainability and Corporate Services at Banco de Bogotá, said.

Martinez added that Banco de Bogota currently offers one of the best credit options with rates from 0.54% nominal month in arrears (NMV), terms up to 84 months and 100% financing of the vehicle.

“In addition to our commitment to the agility of the process and personalized advice,” Martinez said.

The vast majority of buyers of these vehicles are between 40 and 55 years old (42%), followed by people between 30 and 39 years old (31%), over 55 (16%), and between 18 and 29 years old (11%).

Men represent 65% of the market and the cities where they buy the most are Bogota, Cali, Medellin, Barranquilla and Bucaramanga.

Bottom-Line: The EV market continues to grow, demonstrating the interest of Colombians in contributing to sustainable mobility. The country must accelerate charging infrastructure projects to further boost sales of these vehicles.

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