EV Car Loan

Why Choose Us?

Instant
Disbursal

100% on-road
finance

3000+
Car Dealers

30 Min
Loan Process

What’s in store for you?

Switch to an electric car & ditch your fuel bills for savings.

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EV Car Loan

Types of Car Loans

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Other Types of Car Loan

Explore interest rates for
Electric Car Loan

Starting from 8.20% p.a.

(Terms & Conditions apply*)

View Rates

Loan Benefits & Features

Loan Benefits

  • Loan for Every Budget: Whether you want to buy a luxurious electric car or a multi-utility one, we offer up to ₹10 crore funding. 
  • Easy Top-Up Loans: Get additional funding over your existing Vehicle Loan for EV purchase, and that too without any documentation. 
  • Flexible Repayment: Choose repayment terms between 12 and 96 months to ensure the EMI fits your budget.
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Application

  • Digital Processing: Go digital and get loan processing done in around 30 minutes. No paperwork is involved, and transparency is guaranteed.
  • Instant Approval: It only takes 10 seconds to process your loan if you are our existing customer with a pre-approved EV financing offer. 
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Tax Benefits

  • Get a deduction of up to ₹1.5 lakh on Electric Car Loan interest payments under Section 80EEB.
  • If you use the car for business purposes and record the interest payment as a business expense, a deduction of over ₹1.5 lakh is available. However, the car must be registered in the business owner's name for this.
  • Only 5% of the EV cost is subject to GST liability.
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Fees & Charges

For 7-Year Funding:

Description of charges New Car Loans
Documentation Charges* ₹700/- per case (Charges NOT to be refunded in case of case cancellation).
Premature Closure Charges (For Full Payment)* 6% of Principal Outstanding for pre-closures within 1 year
5% of Principal Outstanding for pre-closures within 13 – 24 months from 1st EMI
3% of Principal Outstanding for pre-closures post 24 months from 1st EMI

NIL Premature Closure Charges (For Full Payment) for Fixed rate loan facility up to ₹50 Lakh availed by Micro & Small Enterprises and Closure from Own Source
Premature Closure Charges (For Part Payment)* Part payment will be allowed twice only during loan tenure.
Part payment is allowed only once a year.
At any point of time, part payment will not increase beyond 25% of Principal Outstanding.

5% on the part payment amount in case part prepayment is within 24 months from 1st EMI
3% on the part payment amount in case part prepaymet is post 24 months from 1st EMI

NIL Premature Closure Charges (For Part Payment) for Fixed rate loan facility up to ₹50 Lakh availed by Micro & Small Enterprises and Closure from Own Source
Stamp Duty & Other Statutory Charges (Non -refundable) As per actuals which are applicable in laws of the state. (Including RTO charges).
Interest on delayed EMI Payment Interest will be charged on unpaid EMI for the number of days EMI is late. This interest is calculated at loan's contracted rate and will be added to next EMl.
Processing fees(Non – refundable)

Up to 0.5% of the loan amount subject to a minimum of ₹3,500 and a maximum of ₹8,000.

For loan facilities up to ₹5 Lakh availed by Micro & Small Enterprises subject to URC submission prior to disbursal
Repayment Mode changes charges ₹500/- per instance
Loan cancellation Charges Nil cancellation charges.
(However, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing fee Stamp duty and documentation Charges are non-refundable charges and would not be waived / refunded in case of loan cancellation.)
Legal, Repossession & Incidental charges At actuals
Duplicate no due certificate / NOC ₹250/- Per NOC
Loan Re-schedulement charges/ rebooking charges ₹400/- will be charged (If changes are required on RC, then refundable Security Deposit – non-interest bearing of ₹5000 would be required. Will repay post borrowers provide the transferred Registration Certificate to the bank)
LPG/ CNG NOC/ Other Special NOC ₹200/- Instance
CIBIL Charges (only on request) ₹50/-
Payment Return Charges* ₹450/- per Instance
Amortisation Schedule Charges / Repayment schedule Charges Customers can download the schedule from E-Delight free of cost. ₹50/- per schedule would be charged at the customer service desk.
Commercial / Personal Use NOC (conversion subject to credit approval) ₹200/- per NOC
Registration Certificate (RC) Collection Fees ₹600/ (to be refunded in case of cancellation)
Rack interest rate 8.20% onwards depending on loan amount, tenure and credit score.
RTO Transfer Charges At Actuals

For 8-Year Funding:

Criteria Credit Norms
Objective Special Scheme of funding Electric Vehicles for tenor up to 8 years
Locations Scheme will be applicable for all approved locations in India
Product Parameters
Eligible Applicants Salaried applicants working in Super Cat A, Cat A and central government employees
Eligible model Electric vehicles
Premium segment vehicles will not be eligible
Underwriting parameters Minimum FOIR should be 70%
Bureau/Dedupe has to be a match and good match
Standard LTV will be offered - 90% ex-showroom
(considering the higher tenor, we need to ensure customer
equity in the vehicle)
Residence ownership proof is mandatory else permanent
address proof is required.
Banking - 3 months banking with AQB of 1.5 time of EMI
Multiplier will be 3 times
MLB Band should be A and B only
Max tenure 8 years
Minimum income 5 lakhs
Stability- Residence 2 years at current residence. (Not applicable: if residence is
owned)
Stability– Job 2 years
Other conditions CPV as per normal policy
Salaried employees residing in rented/ company provided
accommodation need to get CPV conducted at permanent
address.
Banking for the last 3 months will be required with no negative
traits.
All other credit/documentation as per Normal policy is
applicable.
BH series vehicles will not be allowed under this scheme
Credit Promo ALEV8YRS
Triggers Any delinquent RC pending crossing 90+
Gross non-starter cross 5% in any month (1st Cheque
bounce)
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Most Important Terms & Conditions

  • The Most Important Terms and Conditions for each of our banking offerings features all the specific terms and conditions that govern their use. You must go through it thoroughly to fully understand the terms and conditions applicable to any banking product you choose.
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Digital Lending Apps/Platforms

Product Digital Lending App (DLA) Active Locations
Auto Loan Leadinsta PAN India
Loan Assist
Xpress Car Loan
Adobe
pd-smart-emi

Wondering if you are eligible?

You can apply for an Electric Car Loan if you meet the following criteria:

Salaried

  • Age: 21-60 years
  • Employment: 2 years (1 year with current employer)
  • Income: At least ₹3 lakh per annum

Self Employed

  • Age: 21- 65 years
  • Income: At least ₹3 lakh per annum
  • Occupation: Business Legacy of 2 years
  • Entity Type: Proprietors, private limited company owners, public limited company directors, partners in a partnership firm.
EV Car Loan
Know More

More about EV Car Loan

Documents needed for the electric vehicle loan vary depending on the employment type of the applicant.

Salaried applicants

Address and Identity proof:

  • Valid passport, permanent driving license in legible and laminated form, voter ID, NREGA job card, a letter containing name and address issued by National Population Register OR Aadhar Card.

Income Proof:

  • Latest salary slip and Form 16 
  • Bank statement for the last six months

Sole proprietor applicants

  • Address and Identity proof: Valid passport, permanent driving license in legible and laminated form, voter ID, NREGA job card OR letter containing name and address issued by National Population Register
  • Income Proof: Latest Income Tax Return (ITR)
  • Bank statement for the last six months

Partnership firm partner applicants

  • Address proof: Telephone bill, electricity bill, shop and establishment Act certificate, sales tax certificate OR SSI registered certificate
  • Income Proof: Audited balance sheet, profit & loss account for previous two years AND company ITR for previous two years
  • Bank statement for the last six months

Private limited company owning applicants

  • Address proof: Telephone bill, electricity bill, shop and establishment Act certificate, sales tax certificate OR SSI registered certificate
  • Income Proof: Audited balance sheet, profit & loss account for previous two years, and company ITR for previous two years
  • Bank statement for the last six months

Public limited company director applicants

  • Address proof: Telephone bill, electricity bill, shop and establishment Act certificate, sales tax certificate OR SSI registered certificate
  • Income Proof: Audited balance sheet, and profit & loss account for previous two years 
  • Bank statement for the last six months

An Electric Car Loan offers benefits such as lower interest rates, potential tax incentives, and support for eco-friendly transportation, making electric vehicle ownership more affordable and environmentally responsible.

HDFC Bank offers loans for every budget, whether you want a luxurious electric car or a multi-utility one, with funding up to ₹10 crore. You can also enjoy easy top-up loans without documentation for additional funding over your existing vehicle loan for an EV purchase. Further, HDFC Bank's flexible repayment terms range from 12 to 96 months to fit your budget. Besides that, the digital processing completes loan approvals in around 30 minutes, with instant approval in 10 seconds for pre-approved customers.

You can apply for a EV Car Loan via:

1. Digital Application

2. MobileBanking

3. NetBanking

4. Branches

Online application process:    

Step 1: Check your eligibility for the loan

Step 2: Choose your loan amount, tenure & interest rate using our online calculator

Step 3: Fill out the application form with your personal and employment details

Step 4: Submit required identity, address & income proof documents*

Step 5: Review your application for accuracy and submit it for processing

*In certain cases, completing video KYC might be required.  

Offers for existing HDFC Bank customers: 

Electric Vehicle Loan in 10 seconds to existing pre-approved HDFC Bank customers 

Availability: 

This loan is available on all electric four-wheelers.

Frequently Asked Questions  

An Electric Car Loan is a loan that allows you to buy an electric car of your choice and pay off the loan amount in Equated Monthly Instalments (EMIs) over a pre-determined tenure. 

The tenure for an EV Loan is quite flexible, enabling you to choose a tenure that suits your requirements. When applying for a car loan for electric vehicles, the tenure can range from 12 to 96 months.

HDFC Bank’s new Electric Car Loan can be availed by the following:

1. Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)

2. Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)

3. Partnership firms

4. Public and Private Ltd. companies

5. HUFs and Trusts

The basic documentation for applying for an EV Loan includes KYC, such as identity and address proof. Other documents, such as banking and salary or income papers, are also required when getting an electric car loan, depending on the applicant's profile.

When it comes to electric vehicle finance options, salaried individuals can get a loan amount three times their annual salary, while self-employed professionals can get a loan up to six times their annual income**.

 

**Offers on specific models. Terms & conditions apply.

To get an HDFC Bank EV Car Loan, you only need to fill out the online application form, and our representative will contact you to complete the process. Alternatively, you can visit any HDFC Bank branch near you.

Yes, you can pay the missed EMI for your EV Car Loan online. You will need to provide your HDFC Bank loan details and confirm payment towards the loan account. Once this is done, you will receive an online transaction confirmation and a Transaction Reference Number on your registered mobile number.

In case of cancellation of the electric car loan, interest charges need to be borne by the customer from the date of disbursement till the date of cancellation of the loan. It is also important to remember that stamp duty, documentation charges, processing fees, valuation and RTO charges are non-refundable. These charges cannot be waived or refunded in the event of loan cancellation.

Drive your dream EV car today with Car Loan!

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