Go Green – Get a Loan to Buy a Used EV
Electric cars are the front-runners in the growing shift towards sustainable transportation. The Indian electric mobility sector is witnessing an extraordinary surge in the sale of electric cars. With Poonawalla Fincorp’s loan for a used car, you can now purchase an EV at an affordable cost.
Get up to ₹75 Lakh at competitive interest rates, flexible repayment tenure, quick processing, and fast disbursal. Achieve your dream of owning an electric car with our used green car loan. Apply now!
EMI Calculator for Used Car Loan for Electric Cars
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Used Electric Car Loan Interest Rate and Charges
| Pre-Owned Car Loan Interest Rates | 11% p.a onwards |
| Loan Amount | ₹1 Lakh - ₹75 Lakhs |
| Loan Processing Fees | Up to 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. 4% of the outstanding loan amount plus taxes if paid from other sources |
| Default Interest | 2% per month |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Eligibility for Loan to Purchase Used EV Car
Used electric car loans come with easy eligibility criteria. Ensuring you an effortless and hassle-free process when making such a purchase.
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 |
Required Documents for Used EV Car Loan
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 |
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| Address Proof |
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| Income Documents | Latest salary slips for the last 3 months |
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| 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.
Advantages of Having an Electric Car
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:
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Low Maintenance Charges
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Tax Benefits
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Zero Tailpipe Emissions
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Quiet and easy driving
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Low Running
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No Fuel, No Emission
Low Maintenance Charges
Electric cars have fewer moving parts than 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 for purchasing electric vehicles. Section 80EEB states that when a person opts to buy an EV, they will be eligible for a tax deduction of ₹1.5 Lakh on the interest they pay on the loan amount.
Zero Tailpipe Emissions
Zero tailpipe emissions from EVs contribute to a lesser carbon impact. Using renewable energy to charge your EV 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.
How to Apply for a Used Electric Car Loan
Applying for a used electric car loan with us is simple. You need to follow the below-mentioned steps to apply for a loan:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan will be transferred to your bank account.
Apply for an Instant Used Car Loan for an Electric Car Within 5 Minutes
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Online
Apply Online
Click on ‘Apply Now’ and provide your contact details and loan details
Personal
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Personal Details
Enter your DOB, Qualification and other necessary details
Employment & Car
Details
Employment & Car Details
Enter your employment details, car details (if car is finalized) and submit the form
Verification
Verification
Application will then proceed for verification and assessment
Frequently Asked Questions
Our loan comes with a flexible repayment option, allowing you to tailor the payment window between 12 to 72 months.
With Poonawalla Fincorp, you can avail of a loan amount of up to ₹75 Lakh for purchasing a used electric car.
The required documents for a 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.
Simply go through the basic steps mentioned below while applying for a Used Electric Car Loan from us:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the amount will be transferred to your bank account.
*Terms & Conditions Apply
