loan for used electric cars

Loan for Used Electric Car

Higher Loan Amount | Green Car Loan |No Hidden Charges

In recent years, there has been a growing shift towards sustainable transportation, and one of the front-runners is Electric Cars. The Indian electric mobility sector is witnessing an extraordinary change in the sale of electric cars due to factors like lower cost and sky-touching price of fuels. Yet the buyers are a bit hesitant to choose an electric vehicle due to their high cost.

Thankfully, with Poonawalla Fincorp’s Used Electric Car Loan, you can now purchase your desired electric car at an affordable cost. Our used car loan comes with lower interest rates, flexible repayment tenure, and a higher loan amount. and many more benefits to make your purchase hassle-free. Achieve your dream of owning an electric car with our used Green Car Loan.

Pre-Owned Car Loan Interest Rates 11% p.a. onwards
Loan Amount ₹1 Lakh - ₹75 Lakh
Loan Processing Fees 1% plus applicable taxes
Lowest EMI per month Starting from ₹1903* per Lakh for 72 months
Loan Tenure 12 - 72 months
Prepayment/Foreclosure Charges 0%* If paid from own sources. 5% of the outstanding loan amount plus taxes if paid from other sources
Late Payment Charges 3% per month
Cheque Bounce Charges ₹1000 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges

Too much documentation for purchasing a used EV car can be daunting. However, with Poonawalla Fincorp you can experience benefits of used car loan like a seamless application process, minimal documentation, quick approval, etc.

Check the eligibility criteria below for more details:

Description Salaried Individuals Self-Employed Individuals Firm / Company
Age The applicant's age must fall between 24 and 60 years at the time of loan application and loan maturity. The applicant’s age must fall in the range of 24 to 60 years at the time of loan application and maturity. Partners / Proprietor / Directors / Trustee must be at least 24 years old.
Experience / Vintage Up to ₹10 Lakh: 3 months in current employment with a total of 1 year of employment stability. Up to ₹10 Lakh: 2 years in current business. Must be operating the same company for at least 2 years.
₹10 Lakh - ₹75 Lakh: 6 months in current employment with 2 years total employment stability. ₹10 Lakh - ₹75 Lakh: 60 months in current business. ₹10 Lakh - ₹75 Lakh: 60 months in current business.
Citizenship Individuals holding Indian citizenship Proprietor / Partners / Directors having Indian citizenship Proprietor / Partners / Directors/Trustees with Indian citizenship

While applying for the Used Green Car Loan you are required to submit the following documents:

Description Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents
  • PAN Card/Form 60
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter ID
  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter ID
  • Firm/Company PAN Card, GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners / Directors PAN Card and Aadhaar Card
Address Proof
  • Passport
  • Driving License
  • Voter ID
  • Passport
  • Driving License
  • Voter ID
  • Electricity bill for owned premises
  • Rent agreement for Rented premises
  • Passport for Partner / Directors
Income Documents Latest salary slips
  • Income Tax Returns for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
  • Income Tax Returns along with computation for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
Bank Account Statement Salary account statement for the last 3 months Statement for the last 6 months Statement for the last 6 months
Car Documents If you have already finalised the car, include RC & Insurance

Note: The documents listed above are basic requirements for a Used Electric Car Loan. There is a possibility that more paperwork will be needed at the time of the loan process.

The cost of running electric cars is lower than four-wheelers using an Internal Combustion Engine (ICE), but the benefits do not come to an end there.

Read below to learn more benefits of the electric vehicle:

  • Easy To Apply Logo

    Low Maintenance Charges

  • High Loan Amount Logo

    Tax Benefits

  • Attractive Interest Rates Logo

    Zero Tailpipe Emissions

  • Seamless Application Process Logo

    Quiet and easy driving

  • Competitive Interest Rate Logo

    Low Running

  • Competitive Interest Rate Logo

    No Fuel, No Emission

Low Maintenance Charges

Electric cars have fewer moving parts as compared to petrol and diesel cars. This means your car will need only a few maintenances in the long run.

Tax Benefits

The government provides some tax benefits on purchasing electric vehicles, such as 2% less tax on the road tax for EVs if you are eligible for a Bharat Series (BH) number plate.

Zero Tailpipe Emissions

Zero tailpipe emissions from EVs contribute to a lesser carbon impact. By using renewable energy to charge your EV, you can cut your carbon footprint even more.

Quiet and easy driving

EVs are easy to drive with fewer machines working, resulting in less noise as compared to the ICE vehicles.

Low Running Cost

As it does not require any fuel to function, the running cost of EV cars is less when compared to the four-wheelers, which use ICE.

No Fuel, No Emission

One of the major advantages of EVs is less air pollution. As the electric motor in the EVs uses a closed circuit, it does not release any harmful gas, which is good for the environment.

Applying for a Used Electric Car Loan with us is simple. You just need to follow the below-mentioned steps to apply for a loan:

  • Step 1: Go to the official website of Poonawalla Fincorp & visit the ‘Used Electric Vehicle Loan’ page.
  • Step 2: Fill in the application form by clicking on the “Apply Now” button.
  • Step 3: Upload the required documents.
  • Step 4: After the document submission, the loan application is processed for verification.
  • Step 5: Post verification, we will disburse the loan amount directly to your bank account upon loan approval.
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Apply Online

Click on Apply Now and provide your contact details and loan details

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Personal Details

Enter your DOB, Qualification and other necessary details

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Verfied LogoEmployment
& Car

Employment & Car Details

Enter your employment details, car details (if car is finalized) and submit the form

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Application will then proceed for verification and assessment

What are repayment tenure options available for a Used EV Car Loan?

Our loan comes with a flexible repayment option, allowing you the freedom of selecting the payment window between 12 to 72 months.

What is the maximum amount I can borrow to buy a used electric vehicle?

With Poonawalla Fincorp, you can avail loan amount of up to ₹75 Lakh for purchasing a used electric car.

What are the documents required to take a used EV Car loan?

The required documents for used car loan from us are basic KYC documents, income documents, address proof, etc. You can refer to the table mentioned above to get detailed information about the eligibility criteria.

How can I avail Poonawalla Fincorp’s Used EV Car Loan?

Simply go through the basic steps mentioned below while applying for a Used Electric Car Loan from us:

  • Visit our official website and select the ‘Used Electric Vehicle Loan’ option.
  • Fill out the form for getting the loan.
  • Uploading the documents.
  • Wait for the documents to be approved.
  • Once your documents are verified, your approved loan amount will be sanctioned to your bank account.

*Terms & Conditions Apply

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