Electric Cars in India

SBI Green Car Loan offers up to 90% financing and lower interest rates.

Axis EV Loan covers up to 85% of on-road price.

Tax Benefit: Up to ₹1.5 lakh deduction under Section 80EEB on EV loan interest.

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Advantages of Choosing Electric Cars

1. Reduced fuel and maintenance costs
2. Zero tailpipe emissions
3. Smooth driving with instant torque
4. Convenient home and public charging
5. Government subsidies and GST reduction

If you are short of funds due to other expenses and want to badly purchase an electric car, you can apply for an affordable car loan online. You can compare auto loans on financial web portals or the official websites of banks and NBFCs and select one according to your preference and financial condition. You will need to have a good credit score while applying for a car loan.

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on Electric Cars in India

• Are electric cars cheaper to maintain in India?

  Yes. Unlike petrol or diesel vehicles, electric cars in India require fewer mechanical services—no oil changes or frequent engine maintenance—making them more cost-efficient in the long run.

• What are the best car loan options for electric vehicles in India?

  Electric car buyers can avail of special EV loans such as the SBI Green Car Loan and Axis Bank’s electric vehicle loan. These offer low interest rates and cover up to 85–90% of the on-road price.

• Which is the most affordable electric car available in India?

  Currently, the Vayve Mobility Electric is the cheapest electric car in India, offering basic features and great value for budget-conscious buyers.

• Are there enough public EV charging stations in India?

  Yes. Under the FAME II initiative, over 2,600 EV charging stations are being set up across 60+ cities in India, making long-distance travel and daily charging more accessible.

• Can I claim tax benefits on electric car loans in India?

  Absolutely. Under Section 80EEB of the Income Tax Act, buyers of electric cars in India can claim a deduction of up to ₹1.5 lakh on the interest paid on EV loans.