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EV Car Loan - Electric Vehicle Car Loan

Low-running cost, low-maintenance ownership, zero pollution and a cleaner environment – the list of Electric Vehicle (EV) benefits goes on and on. Take the first step towards protecting our environment by opting for Car Loan for Electric Vehicle offered by HDFC Bank. Upgrade your ride easily with the help of the attractive features of the Electric Vehicle Loan.

HDFC Bank Electric Vehicle Loan offers up to 100% financing on select EVs, can be repaid over flexible tenures and is available to salaried and self-employed individuals. 

To access HDFC Bank’s Electric Vehicle Loan, apply here

Electric Vehicle (EV) Car Loan Calculator

HDFC Bank EV Car Loan
HDFC Bank EV Car Loan

Instant Disbursal

​​​​​​​Get green car loan quickly

HDFC Bank EV Car Loan

Convenient & Easy

Up to 100% on-road finance

HDFC Bank EV Car Loan

Get Anywhere

Available at all HDFC Bank 
​​​​​​​branches

All you need to know about EV Car Loan:
​​​​​​​

HDFC Bank’s all-new EV loan has a host of stellar features and benefits that you can leverage to switch to a greener mode of transport.​​​​​​​

​​​​​​​Loan for every budget:  

  • ​​​​​​​Loans of up to ₹10 crores are available on the most popular electric cars and multi-utility vehicles. 

Easy Top-up Loan:

  • Car loans with a top-up facility for electric vehicle purchase is available to existing car loan customers with zero documentation 

 Flexible Repayment:

  • Pocket-friendly EMIs assured with a repayment tenure of 12 months to 96 months 

 Digital and Quick Processing: 

  • Instant processing of electric vehicle loans, with a turnaround time as low as 30 minutes 

  • Fully transparent and digital EV Car Loan processing with zero paperwork 

 
Offers for existing HDFC Bank customers: 

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

Tax Benefit: HDFC Bank EV Loan is eligible for income tax benefits under section 80EEB of the Income Tax Act. Here are some other points to keep in mind. 

  • The deduction is available only to individual taxpayers 

  • Interest payments of up to ₹ 1.5 lakhs made during the year against Electric Car Loan can be claimed as a deduction under section 80EEB 

  • Interest payments above ₹ 1.5 lakhs can be claimed as a business expense. To do so, the EV must be registered in the name of the business or its owners 

  • The deduction is available for the loan tenure during which interest on the loan is paid 

  • Only 5% of the cost of an EV is applicable for GST liability 

 
Availability: 

  • This loan is available on all electric four-wheelers. 

Electric Vehicle (EV) Car Loan Eligibility

Salaried individuals and self-employed individuals who are part of proprietor firms, partnership firms, and private and public companies can apply for the HDFC Bank electric vehicle loan

Salaried individuals 

  • Individuals may be employed in private and public sector entities, and central, state, or local bodies. 
  • Applicant must be at least 21 years of age at the time of applying. 
  • Applicant must not be older than 60 years at the end of the tenure of the Car Loan for EVs. 
  • Employment legacy must be of a minimum of two years, including one year with the present employer. 
  • Applicant must earn at least ₹ 3 lakhs per annum, including the income of the spouse or co-applicant. 
  • The contact number of the person must be a prepaid mobile or telephone connection. 

 Self-employed proprietors 

  • Self-employed sole proprietor applicants may be engaged in manufacturing, trading, or service business. 
  • Applicant must be at least 21 years of age at the time of applying. 
  • Applicant must not be older than 65 years at the end of the tenure on the loan on electric vehicles. 
  • Business legacy must be a minimum of two years. 
  • Applicant’s income should be at least ₹ 3 lakhs per annum. 

Self-employed partners in a partnership firm 

  • Self-employed partner applicants may be engaged in manufacturing, trading, or service business. 
  • Applicant must have a minimum turnover of ₹ 3 lakhs per annum. 
    ​​​​​​​

Self-employed private limited company owners
 

  • Self-employed private limited company owner applicants may be engaged in manufacturing, trading, or service business. 
  • Applicant’s income should be at least ₹ 3 lakhs per annum. 
    ​​​​​​​

Self-employed public limited company directors 
​​​​​​​

  • Self-employed public limited company directors engaged in manufacturing, trading or service business can apply for the electric vehicle loan. 
  • Applicant must earn at least ₹ 3 lakhs per annum. 

Electric Vehicle (EV) Car Loan Documentation

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 

  1. 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 

  1. Income Proof: Latest Income Tax Return (ITR) 

  1. Bank statement for the last six months 

Partnership firm partner applicants 

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

Private limited company owning applicants 

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

Public limited company director applicants 
​​​​​​​

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

EV Car Loan Fees & Charges

For 7 Year Funding:


Description of charges
​​​​​​​
New Car Loans
Documentation Charges*Rs.650/- 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 Rs. 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 Rs. 50 Lakh availed by Micro & Small Enterprises and Closure from Own Source
Stamp Duty (Non -refundable)At actuals
Delayed Instalment payment charge18% p.a.(1.50% per month) plus applicable government taxes on overdue instalment amount
Processing fees*(Non - refundable)0.5% of Loan Amount subject to minimum of Rs.3500/- and maximum of Rs.8000/-

NIL Processing Fees for loan facility up to Rs. 5 Lakh availed by Micro & Small

Enterprises subject to URC submission prior to disbursal
Repayment Mode change chargeRs 500/- Instance
Loan cancellationIn the event of cancellation, 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 chargesAt actuals
Duplicate no due certificate / NOCRs 250/- Per Instance
Loan Reschedulement charges/ rebooking chargesRs. 400/- will be charged (If changes are required on RC, then refundable Security Deposit – non-interest bearing of Rs. 5000 would be required. Will repay post borrowers provide the transferred Registration Certificate to the bank)
LPG/ CNG NOC/ Other Special NOCRs 200/- Instance
CIBIL Charges (only on request)Rs. 50/-
Payment Return Charges*Rs 450/- per Instance
Amortisation Schedule ChargesCustomer can download the schedule from E-Delight free of cost. Rs. 50/- per schedule would be charged at customer service desk.
Commercial / Personal Use NOC (conversion subject to credit approval)Rs. 250/- per NOC
Registration Certificate (RC) Collection FeesRs.500/- To be refunded in case of case cancellation.
Rack interest rate8.75% onwards depending on loan amount and tenure
RTO Transfer ChargesAt Actuals
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For 8 Year Funding: 


Criteria
​​​​​​​

Credit Norms

Objective

Special Scheme of funding Electric Vehicles for tenor upto 8 years

Validity

This scheme will be valid up to 15th Jan 2024

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 month 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 yrs 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 of 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)