Electric Vehicle Loans Online: Apply for Green 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.

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

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.

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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

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

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EV Car Loan Fees & Charges

For 7 Year Funding:

Description of charges	New Car Loans
Documentation Charges*	Rs.650/- 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 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 & Other Statutory Charges (Non -refundable)	As per actuals which are applicable in laws of the state. (Including RTO charges).
Delayed Instalment payment charge	18% p.a.(1.50% per month) plus applicable government taxes on overdue instalment amount
Processing fees*(Non – refundable)	Upto 1% of Loan Amount subject to minimum of Rs. 3500/- and maximum of Rs. 9000/- 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 changes charges	Rs 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	Rs 250/- Per NOC
Loan Re-schedulement charges/ rebooking charges	Rs. 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 NOC	Rs 200/- Instance
CIBIL Charges (only on request)	Rs. 50/-
Payment Return Charges*	Rs 450/- per Instance
Amortisation Schedule Charges / Repayment schedule Charges	Customer 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. 200/- per NOC
Registration Certificate (RC) Collection Fees	Rs 600/ (to be refunded in case of cancellation)
Rack interest rate	9.20% onwards depending on loan amount, tenure and CIBIL score.
RTO Transfer Charges	At Actuals

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.

For 8 Year Funding:

Criteria	Credit Norms
Objective	Special Scheme of funding Electric Vehicles for tenor upto 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 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)

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Electric Car Loan FAQs

What is an EV Car Loan?

An EV 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.

What are the tenure options available for an EV Loan?

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.

Who can avail of an HDFC Bank EV Car Loan?

HDFC Bank’s new EV 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

What are the documents required for availing of an EV Car Loan?

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.

What is the maximum amount I can borrow with an HDFC Bank EV Car Loan?

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.

How do I get an HDFC Bank EV Car Loan?

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.

Do I have the option to pay a skipped/ missed EMI on my HDFC Bank EV Car Loan?

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.

Who is responsible for the payment of interest and other charges in case of cancellation of the EV Loan?

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.

EV Car Loan - Electric Vehicle Car Loan

Electric Vehicle (EV) Car Loan Calculator

All you need to know about EV Car Loan:

Electric Vehicle (EV) Car Loan Eligibility

Electric Vehicle (EV) Car Loan Documentation

EV Car Loan Fees & Charges

For 7 Year Funding:

For 8 Year Funding:

Electric Car Loan FAQs

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