Getting the Best Loan for An Electronic Vehicle in India
India is currently going through some major changes. Electronic vehicles are now more popular than conventional cars. There are many factors playing behind the success of electric vehicles. In this blog, we will focus on the rising popularity of these vehicles, getting the right loans, and more.
Government and banking institutions are promoting the use of EVs. When you are going to have an electric vehicle, you will have a number of loan options. Once you finish reading this blog, you will know each one of them and understand what decision would be the best for you in the long run. Getting help from a loan agency would be wise if you don’t have much knowledge about these factors.
India is Focusing on Electric Cars Now
As we have told you, India is pushing for electronic cars. There are many reasons behind this-
- These Cars Are Good for The Environment
If you compare the carbon emissions of different cars, you will know that electric vehicles produce far less carbon than any conventional car. People who are concerned about our environment should choose electric vehicles for sure.
- It Will Save Much Energy
Energy efficiency is another aspect that we need to focus on. Fossil fuels are going to end sooner or later. It is the best time for us to go for EVs that can help you save energy and improve efficiency.
- Looking for Cost Efficiency?
According to experts, electric vehicles are more cost-efficient than any other car. When you are looking to save some money in the long term, you must choose an electric vehicle.
- Global Trend
The global trend for EVs is increasing every day. India is not far behind. If you want to be in trend, you must look for the best electric vehicles in town.
Some of the Advantages of Having an Electronic Car
As we have already discussed the basics, the time is right for understanding some of the advantages of having an electric car in India right now-
- Affordability
Affordability is a huge factor in choosing an electric car. Although it might feel that the cost of the car is slightly higher than the similar diesel or petrol variant, the cost of fuel is much less, and in the long term, you will save some money for the EV.
- Interest Rates Are Evident
Most banks and financial institutions are offering quick loans for these cars. You can negotiate the interest rate as per your choice. Look for some banks and compare their interest rates before getting the best loan option.
- Tax Aspects
Are you familiar with the tax benefits regarding electric vehicles? Section 80EEB is important for taxation. There is an upper limit of 1.5 lakh. Under that, you will have proper tax deductions. Check other formalities so that you can apply for that and get the benefits.
- Government Initiatives
Government initiatives are helping EVs to capture the market in India. FAME initiative, run by the Indian government, is pushing for greater use of electric vehicles. If you use a DSA app in India, you will know about them in detail.
- Eco-Friendly Nature
We have already told you that EVs are eco-friendly. It will surely have a great effect on our nature and environment.
Some of the Popular Loan Options You Need to Check
Now, we will look into some of the popular loan options that you might have in India-
- When you are looking for loans to buy an EV, SBI is at the forefront of the market. You can either choose a particular loan or look for special car loans and buy the car you want.
- HDFC, the largest bank in India can get you several attractive loans and help buying your dream car.
- ICICI car loans are also not behind. Check out their latest loan options and have the one that you like the most.
Here Are Some Tips That Will Help You Get the Best Electric Car
- Without comparing different loan options, you mustn’t choose any random loan.
- Before getting the loan, calculate the amount you are getting, repayment options, and things you need to do. Then, only apply for it.
- Learn about government subsidies; it will save you money.
Get in touch with an expert who can help you.
