EV Car Loan Interest Rates, what is the interest rate on electric cars – News18 Bangla
#New Delhi: If electric cars are only seen as environmentally friendly, half the story will be told. Apart from being environmentally friendly, electric cars are now quite pocket-friendly. Meanwhile, the Indian government is seeking to open India’s doors to all brands and companies, including electric car maker Tesla.
There is only one condition – the manufacturing process of the car must be carried out in India. Union Road Transport Minister Nitin Gadkari made it clear on stage at the CNN News 18 Indian of the Year 2022 awards that the government is committed to investing in the electric vehicle ecosystem. Speaking of environmentally friendly vehicles, the Union Minister emphasized electric and flexible motor vehicles. It will also reduce India’s dependence on oil imports.
Read also – Diwali Surprise from Google! Type ‘Diwali’ in English and watch the fun
And Indian banks are quick to leverage the Indian government’s environmental awareness to boost demand and sales for electric vehicles. A number of banks have arranged good interest rate discounts on EV loans.
The interest rate for loans on electric cars is almost 0.5% lower than the interest rate for loans on conventional gasoline-diesel cars. For example, while the interest rate on Gasoline-Diesel car loans at Axis Bank is 8.20%, the interest rate on electric car loans is 7.70%. From SBI to Union Bank or from Indian Bank to PNB, all the banks give more or less discounts on interest rates. Let’s take a look at this list.
The State Bank of India offers an interest rate on loans for petrol-diesel vehicles of 7.80%, while the interest rate on loans for electric vehicles is 7.90%.
While the interest rate on gasoline-diesel car loans at Union Bank is 8.45%, the interest rate on electric car loans is 8.40%. Bank of Baroda has the same interest rate for gasoline-diesel car loans and electric car loans, both at 8.45%.
While the interest rate on gasoline-diesel car loans at Indian Bank is 8.50%, the interest rate on electric car loans is 8.45%. While the interest rate on gasoline-diesel car loans at Punjab National Bank is 8.65%, the interest rate on electric car loans is 8.55%.
Read more – Thinking of buying an electric scooter? It is dangerous not to know these things before buying
While the interest rate on gasoline-diesel car loans at Karnataka Bank is 8.79%, the interest rate on electric car loans is 8.69%. While the interest rate on gasoline-diesel car loans at Canara Bank is 8.90%, the interest rate on electric car loans is 8.80%.
States like Delhi, Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu, Karnataka, Telangana and Meghalaya have announced their own policies to boost electric vehicle sales. States like Delhi, Gujarat, Maharashtra and Meghalaya are focusing on encouraging electric car buyers. On the other hand, states like Karnataka, Tamil Nadu, Andhra Pradesh and Telangana are also encouraging manufacturing enterprises.
Not only that, but the benefits on a personal level also lie in buying an electric car. The customer may obtain benefits under Article 80 EEB with respect to income tax. Purchasing an electric vehicle through a car loan may entitle the customer to tax benefits under Article 80 EEB. Moreover, an electric car will also benefit the customer in terms of GST. Government cuts GST to 5% from 12% previously
Tax benefits under Indian income tax rules are not normally available for cars for personal use and as luxury goods. However, electric vehicle customers can get tax benefits on their car loans under a recently added clause known as 80EEB. Below EEB 80, EV customers will be eligible for a tax deduction of up to ₹1.5 lakh on loan interest. The rule applies to four-wheeled and two-wheeled electric vehicles.
Tags: Electric vehicle
#Car #Loan #Interest #Rates #interest #rate #electric #cars #News18 #Bangla