Car Loan for Electric Cars with Low Interest, Flexible EMI, and Quick Approval

Finance your electric car easily with low-interest EV loans, quick online approvals, tax deductions under Section 80EEB, and exclusive benefits that make your green journey affordable and rewarding.

Electric Car Loan Interest Rate

Category

Rack Interest

HDFC Bank

9.20% p.a. onwards

State Bank of India

9.05% p.a. onwards

ICICI Bank

9.10% p.a. onwards

Union Bank of India

8.70% p.a. onwards

Punjab National Bank

8.75% p.a. onwards

Bank of Maharashtra

8.45% p.a. onwards

Electric Car Loan Eligibility

The eligibility criteria that must be met in order to avail an electric car loan will vary from bank to bank. The basic eligibility criteria that must be met are mentioned below:

  1. Your credit score must be good.
  1. Depending on your occupation, a minimum income must be earned.
  1. Indian residents can avail the loan.
  1. You must be between 18 years and 75 years of age.
  1. The loan may be offered to joint borrowers.
  1. The loan can be availed by salaried employees, self-employed professionals, businessmen, agriculturists, Public Limited Companies, Private Limited Companies, Sole-Proprietorships, Partnerships, LLP, Trusts, HUFs, and Societies.

Documents Required

The list of documents that must be submitted are mentioned below:Public Limited Company Director Applicants

  1.  Last six months’ bank statements.
  1. Proof of address.
  1. Proof of income.

Public Limited Company Owning Applicants

  1. Last six months’ bank statements.
  1. Proof of address.
  1. Proof of income.

Partnership Firm Partner Applicants

  1. Last six months’ bank statements.
  1. Proof of address.
  1. Proof of income.

Sole Proprietor Applicants

  1. Last six months’ bank statements.
  1. Proof of address.
  1. Proof of identity.
  1.  Proof of income.

Salaried Applicants

  1. Proof of address.
  1. Proof of identity.
  1. Income proof.

Features and Benefits

The main features and benefits of the electric car loan are mentioned below:

  1. The loan is provided for all electric cars.
  2. Preapproved loans may be offered.
  3. Electric car loans are provided at attractive interest rates.
  4. The loan may be disbursed within 30 minutes.
  5. Digital and transparent process. 
  6. The repayment tenure ranges between 1 year and 8 years.
  7. A high amount will be offered as a loan.
  8. You can apply for the loan online.
  9. Certain banks will not levy preclosure charges.
  10. Government incentives and subsidies are offered.
  11. Tax benefits can be availed.

Electric Car Loan – Tax Benefits

Under Section 80EEB, tax benefits can be availed if you avail a car loan for an electric vehicle. Up to Rs.1.5 lakh on the interest that is paid can be availed. However, the car loan must be in the name of the business or individual and the car must be used for business or personal purposes.

FAQs on Electric Car Loan

  • Can I apply for an Electric Car Loan online?

    Yes, you can apply for an Electric Car Loan online.

  • What is the maximum repayment tenure of the electric car loan offered banks?

    The maximum repayment tenure of the electric car loan may be up to 8 years.

  • Can I visit the nearest bank branch and apply for an electric car loan?

    Yes, you can visit the nearest bank branch and apply for an electric car loan.

  • Will the interest rate be fixed throughout the tenure of the electric car loan

    Yes, the interest rate will be fixed throughout the tenure of the electric car loan.

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