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An EV car loan, sometimes referred to as a green car loan, is a financing product designed specifically for purchasing electric cars. Instead of paying the full on-road price upfront, you repay the cost in fixed monthly EMIs over a chosen tenure, often at interest rates that are more attractive than those on a standard petrol or diesel car loan.
Tata Capital's car loan for EV covers a wide range of popular electric models from brands like Tata, MG, Hyundai, and Mahindra, so whether you're looking at an entry-level EV or a premium electric sedan, you can find financing that works.
Beyond the financial structure, EV car loans are built around the idea that making a greener choice shouldn't cost you more, and with the right loan, it often ends up costing you considerably less.
When you apply for a Tata Capital ev car loan, here's what you get:
If you've been considering the switch, here are a few practical reasons why an electric car is a great choice:
1. Lower running costs: Charging an electric car costs significantly less per kilometre than fuelling a petrol or diesel vehicle, and those savings compound meaningfully over time.
2. Reduced maintenance: Electric cars have fewer mechanical components than combustion engine vehicles, which translates to lower servicing costs and fewer breakdown-related expenses.
3. Government incentives: Several central and state government schemes actively subsidise EV purchases, reducing the effective cost of your vehicle. Lower road tax and registration charges in many states also add to these savings.
4. Reduced emissions: An EV helps you reduce carbon emissions on every trip you take.
When you combine these everyday advantages with competitive financing through Tata Capital, the total cost of owning an electric car becomes genuinely compelling.
The interest rate on your EV car loan depends on several factors like your CIBIL score, the loan amount, your chosen tenure, and the car model. Some lenders offer preferential "green” rates on EV car loans as an incentive for choosing an electric vehicle, which means your EV car loan rates may be lower than what you'd pay on a comparable petrol car loan.
All figures below are indicative; please refer to Tata Capital's rates and charges page for the latest rates before you apply.
| Fee / Charge | Details |
|---|---|
| Interest Rate | Starting from 8.75% p.a. (indicative) |
| Processing Fee | Up to 2% of the loan amount + applicable GST |
| Prepayment / Foreclosure | As per Tata Capital's prevailing policy |
| Penal Charges | Applicable on delayed EMI payments |
Rates and charges are indicative and subject to change. Your actual rate will be confirmed at the time of loan sanction.
To apply for a Tata Capital ev car loan, you'll generally need to meet the following criteria:
Age: Applicants should be at least 21 years old, with the loan maturing before they turn 65.
Residency: Indian resident or citizen.
Employment type: You can apply whether you are salaried or self-employed.
Minimum income: As per Tata Capital's current criteria, based on your employment type and the loan amount.
Employment or business stability: A consistent employment record or a running business with a demonstrable track record.
CIBIL score: A minimum CIBIL score of 700 is required, though a score of 750 or above puts you in the best-rate bracket for an EV car loan.
If you're unsure whether you qualify, check your eligibility now.
Having the following documents ready before you apply will help speed up your EV car loan application:
1. KYC documents: Aadhaar and PAN card
2. Address proof: Utility bill, rental agreement, or any government-issued address document
3. Income proof: Recent salary slips (for salaried applicants) or ITR and bank statements (for self-employed applicants)
4. Bank statements: Last 3-6 months
5. Passport-sized photographs
6. Car quotation or pro forma invoice: From your dealer, confirming the on-road price of your chosen electric vehicle
Applying for a Tata Capital EV car loan is a fully digital process. Here's how it works:
1. Click Apply Now or Check Eligibility: Run a quick eligibility check before you begin your formal application. The process takes under a minute and has no impact on your credit score.
2. Fill in your application: Complete the online form with your personal, employment, and vehicle details. It's straightforward and takes only a few minutes.
3. Upload your documents: Submit your KYC, income proof, address proof, and car quotation digitally, with no physical copies required.
4. Application review and approval: Tata Capital reviews your application promptly and keeps you updated at every stage of the process.
5. Disbursal to your dealer: On approval, the loan amount is transferred directly to your dealer, so you can complete your purchase without waiting.
Before you finalise your loan amount and tenure, it's worth spending a minute on the EMI calculator. Enter your desired loan amount, the indicative interest rate, and your preferred tenure, and you'll immediately see your estimated monthly repayment.
Once you've settled on numbers that work for you, you can apply for your EV car loan directly from this page.
Loan amount
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Rate of interest
Monthly EMI
Total Amount Payable
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Buying an electric car in India comes with real financial support from both central and state governments. Under the FAME-II scheme, eligible buyers receive an upfront subsidy that directly reduces the on-road price of their vehicle. Many state governments go a step further, offering benefits like lower road tax, reduced registration charges, and direct purchase incentives that vary by location.
When you combine these savings with the lower running and maintenance costs of an EV, the total cost of ownership is often significantly more affordable than the sticker price suggests.
1. Up to 100% On-Road Funding: Depending on your eligibility, you can finance the entire on-road cost of your electric car without needing to arrange a down payment.
2. Quick Digital Process: From filling in your application to receiving disbursal, everything happens online so you can focus on planning your first drive rather than managing paperwork.
3. Flexible Tenure up to 7 Years: You can structure your EV car loan repayment around your income and budget, with tenure options that give you genuine room to breathe.
4. Transparent Charges: All applicable fees are communicated upfront, so there are no unexpected costs waiting for you at the loan sanction stage.
5. Dedicated Support: Tata Capital's team is available to answer your questions and guide you through the process, whether you're still considering your options or have already received your funds.
6. Online Account Management: Once your EV car loan is active, you can monitor your outstanding balance, schedule EMI payments, and download account statements through Tata Capital's digital platform at any time.
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