Electric vehicles are making waves all over the world. With the rising support for this green form of transportation from the government, the people and industries, there is hope that they can help address challenges we face today such as rising pollution, worsening air quality etc. An Electric Vehicle Loan from HDFC Bank is a game-changer here for general population as it makes purchasing and owning electric vehicles affordable. With access to an EV loan, people around the country can purchase a vehicle of their choice and make the most of the benefits offered by the government* for those who make the switch to electric vehicles.
With HDFC Bank EV Bike loan, you can benefit from a wide array of features designed to make the experience of purchasing your new bike perfect. From instant disbursal on the loan amount for select preferred customers, to minimal paperwork and 24/7 availability, the power to choose the EV Bike loan lies firmly in your hands.
Whether you are salaried or self-employed, live in a big city or a town, embracing the green change towards electric vehicles is possible with HDFC Bank.
EV Two Wheeler Loan EMI Calculator
EV Two Wheeler Loan Eligibility
Electric vehicles are becoming increasingly popular in India and the world because of their low emissions which make them an environment-friendly option. This environmentally friendly form of travel is also beneficial from a sound pollution perspective, as electric vehicles rarely make any noise while in motion. Electric bikes in particular are extremely popular today, due to rising fuel prices and easy access to electric charging stations in and around cities and towns in India. With HDFC Bank electric vehicle loans you too can easily own your own electric two wheeler.
How can you check your eligibility for electric two-wheeler loan?
Electric two-wheeler loan eligibility is dependent on various factors, such as your age, income, type of employment etc. These loans are typically issued to people who fulfil the following conditions among others:
- They are either Salaried Professionals, Self-Employed Professionals, owners of Sole-Trading Proprietorships and employees or owners at Partnership Firms and Private Limited Companies and Public Sector firms.
- Have an income/annual turnover of at the very least ₹3,00,000 per annum.
- They are between the age bracket of 21 at the start of and 60( for salaried) or 65 (for business owners) at the time of completion of the loan.
- They have a telephone/post-paid mobile phone through which they can be reached.
- For business owners, they should have been in business for a minimum of two years before applying.
EV Two Wheeler Loan Fees & Charges
Enclosed below are HDFC Bank Two Wheeler Loan Interest Rates & Charges
Charges to avail a Two Wheeler Loan
|Fee||Amount to be paid|
|Rack Interest Rate||EMI starting from 14.5% basis vehicle segment and customer credit worthiness.|
|Loan Processing Charges|
Upto 2.5% of the Loan Amount
NIL Processing Fees for loan facility up to Rs. 5 Lakh availed by Micro & Small Enterprises subject to URC submission prior to disbursal
|Stamp Duty & Other Statutory Charges||As per applicable laws of the state|
|Documentation Charges||Up to 2% of the loan amount|
|PDD Collection Charges||Up to Rs 500/-|
|RTO Charges||At Actual|
EV Two Wheeler Loan Documentation
The documents required by Salaried Individuals and Self-Employed Individuals (Sole Proprietorship) are:
For identity proof, any of the following:
• Permanent Driving license (which is relatively recent, legible and not laminated)
• Valid Passport
• Voters ID Card
• Job card issued by NREGA
• Letter issued by the National Population Register containing details of name & address
• Aadhaar Card(backed by Aadhaar consent Letter)
For proof of income:
Latest salary slip and Form 16
Bank statement of the previous 6 months
For Self Employed Individuals (Partnership Firms, Private Limited Companies, Public Limited Companies):
1. All the following documents must be submitted as income proof:
• Your Audited Balance Sheet
• Profit & Loss Account of the previous 2 years
• Company ITR for the previous 2 years
2. Any of the following documents as address proof:
• Telephone Bill
• Electricity Bill
• Shop & Establishment Act Certificate
• SSI Registered Certificate
• Sales Tax Certificate
3. Bank statement of the previous 6 months
Charges Post Loan Disbursement
|Fee||Amount to be paid|
|Delayed Instalment Payment Charge||18% p.a. on overdue instalment amount|
|Legal, Repossession & Incidental charges||At actuals|
|Amortization Schedule Charges||₹ 50/-|
|Repayment mode change charges||₹ 500/-|
|Payment Return Charges|
|Loan Cancellation Charges||NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation. Processing Fees, Documentation Charges and Stamp Duty would be retained.)|
Premature Closure Charges
|Fee||Amount to be paid|
Premature closure charges
Up To 12 months - 6% of principal outstanding
NIL Prepayment Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure from Own Source
|Fee||Amount to be paid|
|No Due Certificate / No Objection Certificate (NOC||Nil|
|Duplicate NOC||Rs. 500/- per request|
|CIBIL Charges (only on request)||Rs. 50|
|Special NOC Charges||Rs 250/-|
|Loan Rebooking/ Reschedulement Charges||Rs 525/-|
Annual Percentage Rate offered to customer during the period of July 2023 - September 2023
|Min APR||Max APR||Avg APR|
|TWO WHEELER LOAN||9.99%||24.04%||18.94%|
EV Bike Loan FAQs
- Why should I apply for a loan on electric vehicles?
Making large purchases in cash and in a single instance might not be easy for many people. Splitting the payments over time, or leveraging a financial product such as an EV loan, allows for the purchase to be split into comfortable equated monthly instalments (EMIs), which are easier to manage over the long term. It also safeguards your ability to make additional purchases by helping split the cost into affordable instalments based on your repayment capacity.
- What is the process for applying for an electric bike loan online with HDFC Bank for existing customers?
For existing customers, the easiest way to access funding via an electric bike loan is to login via NetBanking, go to the ‘Offers’ tab and then select the electric bike loan option. For non-bank customers who wish to avail an electric bike loan from HDFC Bank, you can start the process here.
- What is the maximum loan amount that can be disbursed towards the purchase of an electric bike?
A loan of up to 90% of the eligible on road cost of the asset can be availed for the purchase of an electric bike via HDFC Bank. You can also avail up to 95% on-road finance on your purchase. Funding towards comprehensive package insurance products that cover areas such as Permanent Total Disability, Accidental Death and even Accidental Hospitalisation can also be clubbed with your loan from HDFC Bank.
- Are there any additional benefits to applying for the electric bike loan with HDFC Bank?
HDFC Bank loans can be availed by people around the country regardless of the location and state as the entire approval process for the loan is carried out online via NetBanking. Existing customers of HDFC Bank can also access Top-Up Loans with no documentation should the requirement arise over time. The flexible repayment tenure of 12 to 48 months also allows you to choose how much you repay and at what rate.
- Can exceptions be made in case one type of document is not available?
At HDFC Bank, we understand that you may not have access to all your documents at the same time, which is why alternatives are provided. Beyond the aforementioned list, no other documents can be used towards your loan application, and therefore exceptions cannot be made.
How to get a Two-Wheeler Loan