CAR LOAN: CHECK THE LATEST INTEREST RATES FOR ELECTRIC AND NON-ELECTRIC VEHICLES HERE
Governments around the world are taking steps to fight pollution, and switching to an electric vehicle (EV) is one way you can contribute. While EVs often cost more upfront than petrol or diesel cars, they can save you a lot of money in the long run. Charging an EV is cheaper than refuelling a traditional vehicle, and EVs need less servicing since they have fewer moving parts.
Think about it: with an electric car, you avoid rising fuel prices and frequent garage visits. Over the years, these savings can make up for the higher initial cost. On top of that, government subsidies and tax benefits can lower your overall expense even further. So, if you’re thinking about the future—both your finances and the planet—an electric vehicle is a smart pick.
When buying any vehicle, plan ahead. Choose a model that fits your daily needs, offers good mileage or range, and is gentle on the environment. Electric or hybrid options are worth considering if you want to reduce both emissions and running costs.
Electric cars also come with practical benefits. You skip the long lines at petrol pumps and save on maintenance, since there are no gears or engine parts to worry about.
If you’re planning to take a loan, do a quick comparison of interest rates from different banks. EV loans often come with lower rates, especially if your credit score is 750 or above—this gives you a better chance of negotiating a good deal.
Here’s a table that shows the difference in loan interest rates between electric and regular fuel vehicles. It can help you pick what’s right for your pocket and your goals.
| Bank Name | Interest Rates on Electric Vehicle | Interest Rates on Non-Electric Vehicle |
| Union Bank | 7.70% | 7.80% |
| Indian Bank | 7.75% | 7.80% |
| Indian Overseas Bank | 7.80% | 7.85% |
| Punjab National Bank | 7.85% | 7.90% |
| Central Bank of India | 7.85% | 7.90% |
| Punjab and Sind Bank | 7.90% | 8.00% |
| Canara Bank | 8.05% | 8.15% |
| State Bank of India | 9.10% | 9.20% |
| Karnataka Bank | 9.16% | 9.26% |
| HDFC Bank | 9.20% | 9.27% |
Disclaimer: Compiled by BankBazaar.com. Interest rate on car Loan for electric and non-electric vehicle for all listed (BSE) public and private banks considered for data compilation (Excluding small finance banks). Banks for which data is not available on their website, are not considered. Data collected from respective bank’s website as on June 17, 2025. Lowest interest rate offered by the banks irrespective of loan amount is shown in the table. The actual rates may vary based on credit score and banks terms and conditions. BankBazaar.com is a co-brand credit card issuer.
2025-06-23T13:13:49Z