Introduction to Electric Vehicle Loans

In 2025, electric vehicle (EV) adoption in India is surging, driven by government incentives and eco-conscious consumers. Loanpao partners with banks and NBFCs to offer affordable vehicle loans for EVs, making sustainable transportation accessible to all.

Why EV Loan Rates Are Attractive in 2025

Key factors making EV loans affordable:

  • Government Incentives: FAME II subsidies and tax benefits.
  • Lower Rates: Special EV loan rates as low as 6.8% p.a.
  • Green Financing: Lenders prioritize eco-friendly vehicles.
  • Digital Platforms: Fintech streamlines loan processing.
  • Market Growth: Rising EV demand encourages competitive lending.

Types of EV Loans Available

Loanpao offers tailored loans for electric vehicles:

Loan Type Details
Electric Car Loan Up to ₹50 lakh for electric cars at 6.8–9% p.a.
Electric Two-Wheeler Loan Up to ₹3 lakh for e-scooters at 7–9.5% p.a.
Commercial EV Loan Up to ₹1 crore for e-buses or e-rickshaws at 7.5–10% p.a.
EV Charging Infra Loan Financing for charging station setups at 8–10% p.a.
Balance Transfer EV Loan Transfer existing vehicle loans to lower EV rates

Note: Rates and amounts vary by lender and vehicle type.

Eligibility Criteria for EV Loans

Applicants applying through Loanpao must meet:

  • Age: 21–60 years for salaried, 18–65 for self-employed.
  • Income: Minimum ₹2.5 lakh annually (varies by lender).
  • KYC: PAN, Aadhaar, and address proof.
  • Financials: Salary slips, ITR, or bank statements for 6 months.
  • Credit Score: 650+ preferred for competitive rates.

Tip: Use Loanpao’s eligibility checker for instant approval odds.

Documents Required

Minimal documentation for EV loans:

  • Identity Proof: PAN, Aadhaar, or Voter ID.
  • Address Proof: Utility bill, rental agreement, or passport.
  • Income Proof: Salary slips, ITR, or bank statements (6 months).
  • Vehicle Documents: Proforma invoice or quotation from EV dealer.
  • FAME II Certificate: If applying for government subsidies.

Benefits of Loanpao’s EV Loans

Loanpao’s vehicle loans for EVs offer:

  • Competitive rates starting at 6.8% p.a.
  • Quick disbursal within 2–5 days.
  • Flexible repayment tenures up to 7 years.
  • Access to FAME II and state-level EV subsidies.
  • Expert guidance for loan and subsidy applications.

Frequently Asked Questions

FAME II subsidies, green financing policies, and lender competition reduce rates.

Rates start at 6.8% p.a. for electric cars and two-wheelers, varying by lender.

Salaried or self-employed individuals with a minimum income of ₹2.5 lakh annually.

Yes, FAME II and state-level subsidies can lower loan costs significantly.

Loanpao ensures disbursal within 2–5 days for approved applications.