Benefits of Electric vehicle

Advantages of Electric Vehicles (EVs) in India

December 22, 2023 • 400 views

Electric Vehicles have gained considerable popularity in India, thanks to growing awareness and demand for environment-friendly vehicles. This has led the Government to introduce subsidies for Electric Vehicles that have made the purchasing them more accessible. Apart from being environment-friendly and affordable, there are several advantages of buying electric vehicles. Scroll down to know what they are!

Top Benefits of EVs in India

Electric vehicles offer several advantages. Here are the top benefits of EVs in India: 

  • Cost Effective - Unlike internal combustion engine (ICE) vehicles, electric vehicles do not require any fuel. This means you save money on fuel as the price of electricity is comparatively lower than petrol and diesel. Also, by using renewable energy, such as solar power, to recharge your vehicle, you can substantially reduce the cost of powering your EV.
  • Flexible Charging Points  - With EVs, you're no longer required to go to gas stations for refuelling your vehicle. Instead, you have the option to conveniently charge your vehicle from any designated EV charging space. 
  • Minimal Maintenance Costs - Petrol or diesel vehicles need regular maintenance every 6 months to ensure they run smoothly. However, electric vehicles are relatively low-maintenance and only require minimal upkeep to run efficiently.
  • Government Benefits - The Indian government provides subsidies like financial incentives for the purchase of an EV, lower GST rates, and income tax benefits to promote the use of electric vehicles. 
  • No Emissions - EVs are great for the environment as they operate on closed circuits and have zero tailpipe emissions, leading to a pollution-free commute and lower carbon footprint.
  • More Spacious and Comfortable - Since EVs require fewer components, the overall vehicle is designed in a way that offers more space and comfort to both the driver and the passengers.
  • Better Performance - Thanks to years of research and development, there are several well-designed EVs that you can choose from for your daily commute. The electric vehicles are also lighter in weight, have instant torque, and impressive acceleration.
  • Noiseless and Easy Driving - EVs have fewer moving parts and are easier to drive, making them less noisy than ICE vehicles. 
  • EVs are Future-ready - EVs are now considered a sustainable and future-forward alternative to reducing the dependence on ICE vehicles/petrol or diesel vehicles.

Also Read :- Car Loan Transfer: Everything That You Should Know About It…!

How to Get a Loan for an Electric Car?

In India, some financial institutions offer loans for buying a new electric car and Used Car Loans for EVs as well. Follow the below-mentioned steps to avail of an EV loan:

  • Step 1. Research different lending institutions. 
  • Step 2. Check their eligibility criteria and documents required for application. 
  • Step 3. Fill in the required details and upload the documents. 
  • Step 4. Once you have filled out the form completely, submit it for verification. 

Post verification, the amount will be disbursed to your bank account. 

To Conclude

The advantages of electric vehicles in India go beyond saving money. From lower maintenance costs to government subsidies, these vehicles have become more affordable for Indian consumers. Additionally, electric vehicles have the potential to completely transform the Indian automobile sector. Overall, adopting electric vehicles is a future-forward decision that can positively impact the environment.

Frequently Asked Questions About Electric Vehicles

1.    Are electric vehicles better than petrol?
Yes, an electric car is a better option as it is low maintenance, provides better performance, and is cost-effective.

2.    What is the battery life of electric cars?
The battery life of electric vehicles is currently 6 to 8 years. It is expected to increase to 10 to 20 years within the next few years.

3.    How long does it take to charge an electric car?
The time taken to charge an electric car depends on the battery capacity and the charging speed. It usually takes eight hours to fully charge a 60kW battery pack with a 7kW charging station.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Pre-Owned Car Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

We are a team of expert writers and editors passionate about providing our readers with authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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