Wondering if you are eligible?
You can apply for an Electric Car Loan if you meet the following criteria:
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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:
2. PayZapp
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!