EV Car Loan - Electric Vehicle Car Loan

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. 
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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. 
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Self-employed public limited company directors 
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• 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. 

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 
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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 

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

3. 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 
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Public limited company director applicants 
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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 

For 7 Year Funding:

Note: *Premature closure charges (Full/ Part Payment), processing fees, documentation charges, payment return charges and registration certificate collection fees are exclusive of government taxes. Government taxes and other levies (as applicable) would be charged additionally. All promotional offers will be null and void in case of third-party payments towards foreclosure and shall attract charges as per the standard grid.

# If you pay your EMI after the due date, interest will be charged on unpaid EMI for the number of days you are late. This interest is calculated at your loan’s contracted rate and will be added to your next EMI. 

Example:

📅 EMI Due Date: 10th

💰 Payment Made On: 25th

⏳ Delay: 15 days

💸 Impact: Interest for these 15 days will be added to your next EMI. 

Please pay on time to avoid this.

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For 8 Year Funding: