EV Loan - Electric Vehicle Loan

Low-running cost, low-maintenance ownership, zero pollution and a cleaner environment – the list of Electric Vehicle (EV) benefits goes on and on. Add to this the attractive features of the Electric Vehicle Loan offered by HDFC Bank, making it an excellent choice if you are looking to upgrade your ride.

HDFC Bank’s Zip-Drive Instant New Electric Car 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 Zip-Drive Instant New EV loan, simply log into your NetBanking account, go to the ‘Offers’ tab and click on the ZipDrive banner.

HDFC Bank EV Car Loan

  • Instant Disbursal
    Get green car loan quickly
  • Convenient & Easy
    Up to 100% on-road finance
  • 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.
    • Up to 100% financing on the on-road price.
  • Easy Top-up Loan: Top-up green car loans 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 HDFC Bank customers
    • Customers can also avail of preferential pricing on their electric vehicle loans
  • 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
    • The deduction is available for loans disbursed during the period between 1 April 2019 and 31 March 2023
  • Availability:
    • This loan is available on all electric two-wheelers and 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 green car loan tenure.
    • 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

  1. 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.
  2. Income Proof: Latest salary slip and Form 16
  3. 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
  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
    ​​​​​​​

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.
Foreclosure charges* No foreclosure allowed within 6 months from date of availing the car loan

6% of Principal Outstanding for preclosures within 1 year from 7th EMI

5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI

3% of Principal Outstanding for preclosures post 24 months from 1st EMI

NIL Foreclosure Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure from Own Source
Part-Payment charges* Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)

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 13-24 months from 1st EMI

3% on the part payment amount in case part prepayment is post 24 months from 1st EMI

NIL Pre-payment Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises
Stamp Duty (Non -refundable) At actuals
Overdue EMI Interest 2% per month
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
Cheque/ ECSswapping charges Rs 500/- Instance
Loan cancellation In 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 charges At actuals
Duplicate no due certificate / NOC Rs 500/- Instance
Loan Reschedulement charges/ rebooking charges Rs. 500/- 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 250/- Instance
CIBIL Charges (only on request) Rs. 50/-
Payment Return Charges* Rs 450/- per Instance
Amortisation 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. 250/- per NOC
Collateral Charges* Rs.500/- To be refunded in case of case cancellation.
Rack interest rate 8.75% onwards depending on loan amount and tenure
RTO Transfer Charges At Actuals

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 2023
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)

Electric Vehicle (EV) Car Loan​​​​​​​


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.

Do I have the option to pre-pay the entire EV Car Loan amount?

You can pre-pay an EV Loan after six months from the time of availing the loan. However, depending on the situation you might have to pay small pre-payment fee on the outstanding amount.

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.


Apply for a EV Car Loan