Electric Vehicle loan: If you are also troubled by the rising prices of petrol and diesel and because of which you have planned to buy a new EV, then today we will tell you about the best EV loan. At the same time, most people are preferring to buy electric vehicles. In such a situation, along with the government, banks have also taken several steps to promote the customers. One special thing about electric vehicles is that they are much cheaper than petrol and diesel, while if you charge these vehicles once, they also give you a very good mileage, apart from this, electric vehicles are also light and strong. .
Now let’s talk about whether you can take an electric vehicle on loan. Let us tell you that according to Income Tax India, you can also take a loan from the bank to buy an electric vehicle, while there is also a provision for tax exemption on loan purchases. Apart from this, if you have also made a plan to buy an electric vehicle, then the loans available in these banks can make it easy for you, so let’s know about it in detail.
Will get exemption on tax
If we agree to the Income Tax Department, then take a loan to buy an electric vehicle, for example, if you have paid interest up to Rs 1.50 lakh, you will be exempted from income tax. This benefit can be availed under section 80EEB of Income Tax, let us tell you that this exemption is given in addition to 80C. Let us tell you that the special thing about Electric vehicle loan is that due to this tax, you get credit exemption, this exemption is applicable only on two wheeler and four wheeler electric vehicles.
Apart from this, road tax and its registration fee are also not charged on electric vehicles in some states. Let us tell you that it is available only for individual tax payers or owners of any business. Now let us know which banks give loan on EV-
Axis New Car Loan
Let us tell you that Axis Bank gives loans up to 85% of the road price of electric vehicles to salaried and self-employed customers. Let us tell you that Axis Bank is providing this loan to you for a maximum period of 7 years, the bank can give this loan to Delhi NCR, Mumbai, Bangalore, Axis Bank provides EV loan in Hyderabad, Pune, Jaipur, Ludhiana, Kochi, Ahmedabad, Chennai, Kolkata, Visakhapatnam, Trivandrum, Surat and Chandigarh.
SBI Green Loan
State Bank of India was the first to introduce EV loans for customers to buy electric vehicles. Let us tell you that through this loan, customers can borrow money up to 90% of the on-road price of the vehicle. The interest rates for green car loans have been kept from 7.05% to 7.75%.
Union Green Miles
For the purchase of electric vehicles in Union Bank, customers are being given loans at the best interest rates. Union Bank is giving loan up to Rs 10 lakh to buy electric 2 wheeler bike or scooter, apart from this, if you want to take a loan for 4 wheeler vehicle, then the bank has not yet fixed any limit for the loan, If you also want to buy a four wheeler vehicle there, then you get a loan repayment period of 84 months, while you get 36 months on the purchase of a two wheeler vehicle.
