Electric cars are taking India and the world by storm!

With India’s EV sales growing year over year, there has never been a better time to invest in an EV Car.

These eco-friendly and cost-effective alternatives to conventional petrol or diesel vehicles pave the way for a greener future and incredible advancements in automobile technology, leading to impressive performance capabilities.

In this article, we will cover why EVs are gaining popularity in the Indian market, what are the many advantages of owning an electric car, how to choose the perfect EV and so also, the best vehicle loan option available.

 Why buy an Electric Car?

There are several benefits of owning an EV car. Listed below are some of them:

• Tax Exemption: By the Section 80EEB of the Income Tax Act, the government permits you to claim state-specific subsidies and tax savings of up to Rs. 1.5 lakhs on interest paid on your EV car loan.

• Reduced Fuel Expenses: For instance, if you drive 1,500 km per month, a petrol car with an efficiency of 15 km per litre and petrol cost of Rs.100 per litre will cost you around Rs.10,000 per month in fuel.In comparison, an electric car with an efficiency of 6 km per kWh and an electricity cost of Rs.7 per kWh will cost only Rs.1,750 per month. Therefore, by switching to an EV Car, you can save approximately Rs. 8,250 per month, which amounts to Rs.99,000 in savings over a year.

• Lower Maintenance Costs: All electric vehicles generally need less maintenance than conventional vehicles because the battery, motor, and related electronics require minimal or no regular upkeep.

• Reduced Carbon Footprint: Electric vehicles produce zero direct emissions, which can help reduce pollution and therefore, your carbon footprint. They also significantly improve air quality, especially in cities.

• Comfort and Convenience: With EVs, the advantage is that you do not need to stop at the petrol station every other day. You can charge your electric vehicle at the convenience of your home or at any of the growing public charging points. Another incredible advantage of EVs is that they run smoothly and quietly, thus, along with offering no noise pollution they also offer comfort and the luxury of driving.

• State of the Art Technology: Most electric cars on the market are loaded with the latest automobile technology, which provides advanced driving aids, increased safety, and improved connectivity. This makes driving more enjoyable and safe for your family and yourself. Further, the advancement in lithium-ion batteries will surely bring down the vehicle cost and the wide spread availability of charging stations will also increase the demand of EVs.

• Maintenance and Reliability: EVs have fewer mechanical components than conventional vehicles, which means less maintenance and higher reliability. Therefore, there are no oil changes, fewer brake replacements, and overall lesser wear and tear. Ultimately, you will be spending less money and less time on maintenance.

Things to Consider When Choosing an Electric Car

• Battery Range and Charging Infrastructure: The electric car's driving range is one of the first things to consider. Also, consider the infrastructure available to charge your Electric Vehicle. Choose a model that suits your daily commuting needs, and ensure that you have convenient charging stations in and around your locality.

• Total Cost of Ownership: What would be the ownership cost? The cost will break down the purchase price, running costs, incentives offered by the government, and the potential resale value. With this information, you can calculate the long-term financial benefits you might accrue by owning an electric car.

• Vehicle Features and Specs: Understand the features and specs and determine which is most beneficial to you. It could be the seating, boot space, infotainment systems, or safety ratings. Pick a car that closely suits your preferences and lifestyle.

If you are thinking about switching to an EV car, consider financing through South Indian Bank. SIB offers tailor-made car loan options, competitive interest rates, and flexible repayment options to fit your budget and make buying an EV more practical and affordable.

How do you apply for an SIB car loan to buy an EV?

Check here to apply for car finance options with low interest rates. The process is simple. Learn more about loan options and apply easily without the hassle of tedious paperwork, long disbursement times, and heavy processing fees.

By exploring electric cars (EVs), you're adopting a sustainable future rather than merely a means of transportation.

With advanced technology, lower environmental impact, and seamless integration into our daily lives, EVs pave the way toward cleaner, more intelligent mobility.

Apply for the SIB car loan and turn your dream of owning an electric vehicle (EV) into reality. Enjoy competitive rates, flexible terms, and support for your eco-friendly journey. 

Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.