Personal loan for Electric Vehicle

Personal loan for Electric Vehicle



The shift from traditional gasoline-powered vehicles to electric ones has been gradual. With increasing environmental awareness and innovation, the demand for safe and sleek electric vehicles is on a rise. The Government of India too has encouraged customers to purchase an electric vehicle by offering tax benefits up to Rs. 1.5 lakh under section 80EEB. If you are looking to avail finance for the purchase of an electric vehicle, then you can now do so with Credit Fair.


Benefits of electric vehicle


  • Causes less air pollution as emissions from the vehicle are lesser than traditional fuels

  • Does not require the usage of petrol or diesel, resulting in less recurring cost

  • Requires less maintenance as it uses fewer components in comparison to regular diesel or petrol vehicles that require regular servicing


Eligibility criteria for getting a personal loan for electric vehicle


  • You should be aged between 18-65 years

  • You should be a resident of India

  • You should have a minimum salary of Rs. 15,000

  • You should be self-employed or salaried professional

  • You should have a minimum credit score of 600 or -1


Documents required to get an electric vehicle loan


  • Identity proof: PAN card/ Aadhar card

  • Address proof: Utility bill, passport, rent agreement, sales deed

  • Bank statement of last 6 months reflecting salary credit

  • Business existence proof: Shop and registration certificate/GST registration/ Property Documents /Maintenance Bill/Electricity Bill 


Why get an electric vehicle loan from Credit Fair?


  • Collateral-free loans

  • Minimal documentation

  • Instant approval and disbursal

  • Flexible tenures ranging from 6-24 months

  • Zero processing fees

  • Low-interest EMIs

  • Utilize the loan amount for any purpose

  • Earn tax benefit up to Rs. 1.5 lakh for the interest paid towards the loan taken


Apply for a loan for electric vehicle loan with Credit Fair


Follow the below steps to avail loan for EV purchase


  • Download the Credit Fair app from Google Playstore

  • Fill in the application form

  • Submit KYC details

  • Submit bank statement

  • Get loan approval

  • Submit additional details

  • Get loan disbursed within 24-48 hours


Credit Fair in partnership with Ampere by Greaves, Tunwal E-Vehicle India Private Limited, Benling India Energy and Technology Private Limited, EV Techo Electra Motors Private Limited also offers you electric vehicle loans at EASY EMIs.