Benefits of Electric vehicle

7 Advantages of Electric Vehicles in India

December 22, 2023 • 1039 views

To promote sustainability and embrace eco-mobility, the Indian government provides subsidies and incentives, enhancing the accessibility of EV ownership. In addition to being eco-friendly and cost-effective, there are numerous other advantages of electric vehicles. This blog lists the 7 benefits of owning an EV in India. Let’s explore!  

Top Benefits of EVs in India

Check out the following benefits of electric vehicles to learn why you should consider buying this type of vehicle:

1.    Enjoyable Experience When Driving
EVs offer a unique and enjoyable driving experience. Its instant torque provides smooth yet powerful acceleration, and the silent motor system creates a peaceful driving experience. EVs have fewer moving parts and are easier to drive, making them less noisy than ICE vehicles.

2.    Ideal for Eco-Conscious Consumers
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. Zero direct emission makes electric vehicles the ideal choice for environment-conscious consumers. 

3.    Prevent Hikes in Fuel Prices
Switching to an electric vehicle can protect you from rising fuel prices. Moreover, 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.  

4.    A Cost-Effective Solution 
Electric vehicles offer a cost-effective solution for transportation. Unlike Internal Combustion Engine (ICE) vehicles, they do not require fuel, which can save you a significant amount of money over the vehicle's lifetime. Additionally, using renewable energy sources such as solar power to charge your EV can further reduce your electricity bills.

 5.    Enjoy the Flexibility of Charging from Your Home
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.  

6.    Minimal Maintenance Costs 
Electric vehicles typically require less maintenance than gasoline-powered cars because they have fewer moving parts and an internal combustion engine. Additionally, regenerative braking extends the life of your EV’s brakes. 
Using renewable sources of energy like solar power is also an effective way of minimising costs and contributing positively to the environment, further promoting sustainability. 

7.    Government Benefits 
The Indian government has implemented a range of subsidies and incentives for using electric vehicles. The Delhi Government offers tax incentives of ?1.5 Lakh on the interest paid on an EV loan amount, reducing the overall cost of ownership. Additionally, the Government of India also offers lower GST rates on EVs, making them more affordable for consumers.

However, EVs come with a hefty price tag. An affordable solution would be to buy a pre-owned EV. To make your life even more convenient, you can opt for a Used Car Loan from Poonawalla Fincorp. How? Find out in the next section.

ALSO READ :- Electric Car or Petrol Car - Decoding the Benefits and Drawbacks

How to Get a Loan for an Pre-owned Electric Car With Poonawalla Fincorp?

With Poonawalla Fincorp, you can apply for a loan for a used electric car in under 5 minutes: 

Step 1: Click the "Apply Now" button.
Step 2: Fill out the application form.
Step 3: Upload the required documents and hit the ‘Submit’ button.

After successful verification, the loan amount will be immediately credited to your bank account.  

To Conclude

The advantages of electric vehicles in India go beyond just saving money. With lower maintenance costs, government subsidies, and increased affordability for Indian consumers, electric vehicles have the potential to transform the Indian automobile sector entirely. Moreover, by adopting electric vehicles, Indian consumers can make a forward-looking decision that positively affects the environment and promotes sustainability.

Frequently Asked Questions 

1.    Will I get any tax benefit upon buying an electric vehicle?
Yes, under section 80EEB of the Income Tax Act, you can get a tax exemption of up to ?1.5 Lakh of the interest paid on your principal loan amount. 

2.    Is EV the future? 
Electric vehicles make a positive contribution to the environment by reducing carbon footprint and making optimal use of natural resources. With zero tailpipe carbon dioxide emissions, EVs serve as a sustainable choice of transport. 

3.    Why should I choose an EV? 
Owning an electric vehicle comes with advantages such as minimal maintenance costs, zero direct carbon emissions, government incentives and subsidies, effortless and noiseless driving experience, and more. 

4.    How long does it take to charge an electric vehicle?
You can charge your EV from the convenience of your home or any public charging station in less than an hour by using a Level 2 charger, while it takes 4-5 hours when you use a Level 1 charger.

5.    How long does an EV battery last? 
An EV battery has a lifespan of 15 to 20 years. The long lifespan of the battery ensures the EV stays in its optimal state.

 

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

Our team of expert writers and editors are passionate about providing 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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