If rising fuel prices, and air pollution worry you, you may consider switching to an electric vehicle. It is not only eco-friendly but also helps you in saving money. Often people hesitate to buy electric vehicles owing to higher upfront costs. However, if you calculate in the longer run, such vehicles are worth the money spent.
Driving a non-electric vehicle is less expensive than traditional vehicles. It also saves you from the hassle of long queues at petrol and CNG pumps. Even the maintenance cost of electric vehicles is considered lower as such vehicles have no gears. It is easy to drive electric vehicles, even for a first-time driver.
The central and state governments offer many incentives to buy electric vehicles to boost eco-friendly transport. Besides, banks and financial institutions also provide attractive interest rates for buying electric vehicles. All this can help you reduce your overall cost when you buy an electric vehicle. It is also important to check the vehicle technology, maintenance cost, charging facilities and other details before buying.
Before buying an electric vehicle, you must compare the interest rates of different banks and financial institutions to get the best deal. If your credit score is 750 and above, you can try to negotiate for a reasonable interest rate. Also, auto companies give discounts and offers during festivals or specific days; if you plan, you can also avail such discounts.
With the help of the table below, you can compare electric vs non-electric loan interest rates and decide as per your requirements and budget.
| Interest Rates: Electric Vs Non-Electric Vehicle | ||
| BANKS | INTEREST RATE (PA) | |
| Electric Vehicle | Non-Electric Vehicle | |
| Canara Bank | 7.40% | 7.70% |
| SBI | 7.45% | 7.60% |
| Indian Bank | 7.55% | 7.55% |
| PNB | 7.55% | 7.65% |
| Union Bank | 7.70% | 7.80% |
| Bank of Baroda | 7.70% | 7.70% |
| Axis Bank | 7.70% | 8.20% |
| Karnataka Bank | 8.34% | 8.44% |
Disclaimer: Compiled by BankBazaar.com. Interest rates of all listed (BSE) public and private electric and non-electric vehicles were considered for data compilation (Excluding small finance banks). Banks for which data is not available on their website are not considered. Top Banks with the lowest interest rates on e-vehicle are listed in ascending order, i.e., a bank offering the lowest interest rate on an electric Car loan is placed at the top and the highest at the bottom. The lowest interest rate offered by the banks irrespective of the loan amount is shown in the table.
