How to Save Tax on Electric Vehicles (EVs)?
Mar 11, 2025 | 4 mins read
List of all fees and charges
Loan Processing Fees: | Up to 6% of Loan amount |
*Varies based on the Asset & Scheme opted by the Customer | |
Sanctioned Loan Amount (in ₹) | Charges (in ₹) |
< ₹ 5 lakhs | ₹ 500 |
₹ 5 - ₹ 50 Lacs | ₹ 1000 |
> ₹ 50 Lacs - 2 Crore | ₹ 1500 |
> ₹ 2 Crore | ₹ 2000 |
Late Payment Charges (LPC)/ Penal Charges: | 2% per month (p.m.) on overdue EMI + applicable taxes |
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023 | |
*Taxes applicable on LPC w.e.f. 1st April 2024 | |
Part Prepayment Charges: | Up to 5% of prepaid amount + applicable taxes |
Foreclosure Charges: | 5% of principal outstanding + applicable taxes |
Legal/ Recovery/ Repo/ Parking & other charges: | As per actuals |
Duplicate NOC Charges | First 3 paper copies - free of cost |
₹ 250/- + applicable taxes | |
Repayment Swap Charges (per swap) | ₹ 500/- + applicable taxes (applicable only for branch walk-ins) |
Document Charges: | 0 to ₹ 1500/- |
Charges for documents: | Nil for Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit |
ECS / NACH charge: | 0 to ₹ 1500/- |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
1. Eligibility Requirements :
Applicants must meet age, income, and employment criteria set by the lender.
2. Loan Tenure :
Up to 5 years, allowing flexibility in repayment terms to suit your financial plans.
3. Interest Rates :
Subject to change and depend on the applicant's profile and lender policies.
4. Documentation :
Include valid ID proof, address proof, income proof, and additional documents as needed.
5. Repayment Terms :
Monthly EMIs must be paid on time to avoid late payment penalties and other Two Wheeler Loan charges.
6. Foreclosure and Prepayment :
Conditions apply concerning charges and notice periods for early loan settlement.
7. Insurance Requirement :
Comprehensive insurance for the vehicle may be mandated as part of the loan agreement.