As more people across Delhi, Gurgaon, and Noida make the switch to cleaner transport modes, electric vehicles (EVs) are gaining popularity. They offer lower operating costs, environmental friendliness, and now—better car loan deals as well.
But before making the change, many residents ask themselves:
“Is an EV right for me?” and “Will I get car finance on an electric vehicle?”
We’ll guide you through the cost benefits of electric vehicle financing, EV loan requirements, and how to get car financing, particularly if you’re looking to buy a used electric vehicle or used car.
Why Choose an Electric Vehicle (EV)?
EVs are no longer just for green activists. Now they are the cost-effective and futuristic option for Indian commuters, especially in Delhi NCR, where fuel costs and air pollution are high. Here’s why:
- Zero tailpipe emissions – Cleaner air and lower pollution
- Low maintenance costs – Fewer moving parts compared to petrol/diesel cars
- Cost of operation savings – No fuel, only electricity
- Competitive loan conditions – Subsidies and reduced interest rates
Financial Benefits of Electric Vehicle Loans in India
1. Reduced Interest Rates on EV Loans
Both NBFCs and banks now provide lower interest rates on EV loans than on normal car loans, reducing your monthly EMIs.
Example: An auto loan for petrol cars could be 10% interest, but EV loans are usually 7%–9%.
2. Government Subsidies & Incentives
Under the FAME II scheme (Faster Adoption and Manufacturing of Hybrid and EVs), the Indian government provides:
- Direct subsidies on the EV price
- Tax exemption of up to ₹1.5 lakh under Section 80EEB on loan interest for EVs
So when you take out a vehicle loan for an EV, you save more.
3. Registration and Road Tax Discounts
States like Delhi, Haryana (Gurgaon), and Uttar Pradesh (Noida) offer a reduction or waiver on road tax and registration for electric vehicles.
Electric Vehicle Loan Eligibility Criteria
And the big question:
“Can I finance a car online, and will I qualify?”
Here’s a simple checklist to check car finance eligibility:
| Criteria | Requirement |
|---|---|
| Age Limit | 21–65 years (at loan maturity) |
| Income (Salaried) | ₹15,000 – ₹25,000/month (based on lender) |
| Income (Self-employed) | ₹1.5 – ₹2 lakh/year |
| Employment | At least 1 year in current role/business |
| CIBIL Score | 650 or higher |
| Loan Amount | Up to 90% of EV’s on-road price |
| Tenure | 12 to 84 months |
Use our free car finance eligibility check to know your exact status before applying.
How to Apply for EV or Used Car Loan Online
If you’re purchasing a new EV or a used electric vehicle, here’s how to start your used car loan application with Credmart:
Step-by-Step: How to Apply for Used Car Loan
- Visit Credmart’s Website
Begin your vehicle loan application online from your laptop or phone. - Fill in Your Details
Provide personal, income, and vehicle details to instantly confirm auto loan eligibility. - Submit Your Documents
Upload PAN, Aadhaar, salary slips (or ITR), and bank statements. - Get Pre-Approved
Based on your profile, get used auto loan pre-approval in minutes. - Loan Disbursement
Upon final approval, your loan amount is transferred directly to the seller or dealer.
Used EV Loan vs New EV Loan
| Feature | Used EV Loan | New EV Loan |
|---|---|---|
| Interest Rate | Slightly higher (due to age) | Lower, starting from 7% |
| Loan Amount | Up to 80% of vehicle value | Up to 90% |
| Tenure | Up to 60 months | Up to 84 months |
| Approval Time | Fast – with used car loan online approval | Fast, especially for salaried customers |
Use our used car loan eligibility calculator to estimate EMIs.
Still Wondering “Can I Get Loan for Second Hand Car?”
Yes, you can! Just follow these steps to qualify:
- Check your credit score before applying
- Use a car loan eligibility calculator
- Try our free car finance eligibility check
- Opt for used car pre-approved loan for faster processing
Already have a car loan? Ask about auto refinance eligibility to reduce EMI and get better terms.
How to Apply for Vehicle Finance in Delhi NCR?
To apply for auto finance in Delhi NCR:
- Visit Credmart Services Pvt. Ltd. online
- Use the free car loan eligibility calculator tool
- Submit your files electronically
- Choose the best plan based on your profile
- Get approved in minutes—even on used cars!
May I Get More Than One Car Loan at a Time?
It’s not advisable. Taking multiple loans:
- Reduces your CIBIL score
- Lowers chances of pre-approved used car auto loan
Instead, compare and choose the best option with Credmart’s eligibility checker.
Why Delhi, Gurgaon, and Noida Buyers are Turning to EVs
- Delhi’s high fuel prices make EVs a budget-friendly alternative
- Noida is leading with EV-friendly charging stations
- Gurgaon benefits from green car policies and ease of registration
Add these perks to the attractive EV loan options, and the EV shift is clear.
Instant Access to Tools and Resources
[Used Car Loan App] – Apply from mobile
- [Used Car Loan Application Online] – 100% digital process
- [Used Car Loan Process Guide] – Easy, step-by-step flow
- [Bank 2nd Hand Car Loan] – From HDFC, ICICI, Kotak, Tata
- [Used Car Loan Eligibility Check] – Instant result
Conclusion: Is an EV Right for You?
If you’re based in Delhi, Gurgaon, or Noida, and wondering:
“Can I get loan for second-hand car or EV?”
The answer is YES—with extra perks!
From lower interest rates to government subsidies, and easy online applications via Credmart’s car loan eligibility calculator, owning an EV has never been easier.
Need Help?
Call Credmart Services Pvt. Ltd. today to
Check my car finance eligibility
Get your used car loan without any hassle
Easy Guide to Apply for a Used Car Loan Onlin
Purchasing a used vehicle is a wise move if you want to...
