Loan to buy electric vehicle will be available on cheap and priority basis

Electric Vehicle: In the coming days, if you buy an electric vehicle, you will get an auto loan from banks on a cheap and priority basis. In fact, the government is preparing to give loans to electric vehicles on priority basis. NITI Aayog has recommended to RBI to include Electric Vehicle (EV) in the primary sector like other sectors. Actually the purpose of these efforts of NITI Aayog is that  To buy electric vehicles easily get loan at low interest rate. 

At present, the facility of loan for other vehicles is not available for the purchase of electric vehicles. Initiatives have been taken by banks in this direction, but no loan is being given by NBFCs for the purchase of electric vehicles. Whereas NBFCs account for more than 50 per cent of loans given on purchase of general vehicles. 

NITI Aayog in its recommendation has asked to give loans on priority basis to the customers buying electric vehicles as well as business related to it. According to NITI Aayog, by the year 2025, the electric vehicle sector is expected to need a loan of Rs 40,000 crore, while by the year 2030, this sector will need Rs 3.7 lakh crore.  Or the success of four wheelers will depend on the ease with which the loan is available to the buyers. With the inclusion of the loan in the primary sector, its tenure, interest rate and other conditions will have to be decided. 


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