Government is promoting the use of EV - How to buy electric vehicle on EMI?

 

 

Do you also want to buy a new vehicle? If yes, then you can try electric vehicle instead of petrol-diesel because it will be good not only for your pocket but also for the environment.

 

With petrol and diesel prices hovering around Rs 100 per litre, using a vehicle has become a luxury. The cost of running is too high for the middle class. Rising fuel costs are making more and more people consider green alternatives to electric vehicles, be it a car or a two-wheeler.

The sale of e-vehicles has increased very rapidly all over the world. People are now looking at electric vehicles as an alternative to petrol-diesel engines. Let us know how beneficial electric vehicle is for your pocket and environment?

 

• It costs very little to operate an electric vehicle. Its cost per km is much less than a rupee.
•  Electric vehicle maintenance is very cheap. This is a low-maintenance vehicle. Which is also beneficial for your pocket.
•  Electric vehicle does not cause any kind of pollution, so it is also very good for the environment.
•  If you want to benefit in tax, then buying an electric vehicle is a very profitable deal. With a vehicle registered in the name of the company, you can save tax by showing 40% depreciation in the first year.

• There is no noise pollution in electric car as compared to ordinary vehicles with petrol-diesel engine where noise pollution occurs.

   

 If you are using a vehicle for your daily commute, it makes a lot of sense to switch to an electric vehicle. Let us examine the benefits of owning an electric vehicle –

1. Clean and Green alternative
   

   In today's polluted world, where the planet is warming every day, switching from fossil fuels to clean energy is the right thing to do. As human beings it is our responsibility towards the environment to give a clean, beautiful and pollution free environment for the coming generation. In view of the increasing pollution in the cities, the demand for Electric Vehicle (EV) is increasing rapidly. If we are planning to give our future generations a better planet, we have to make this switch now.An electric vehicle does not emit polluting fumes like fossil fuels. If your commute is planned and you can complete your charging at home, this is a very viable and safe option.
   
   

2.   Massive savings on fuel cost
   The cost of charging an electric vehicle is quite low as compared to the price of petrol. For example an EV costs around 0.97 per km as compared to Rs 6.24 per km for a petrol variant. Electric vehicles cost two to two and a half times more than petrol-diesel powered vehicles. However, when you buy it and bring it home, its running and maintenance cost is only about one-fourth that of conventional vehicles, meaning its maintenance cost is much lower.You can imagine how much savings this would bring on a yearly basis, especially given the rapidly rising fuel costs.
   
   
   
3.    Lower maintenance costs                             
   

   Compared to normal vehicles, the maintenance cost of electric vehicle is much cheaper than that of petrol/diesel vehicle. With more advanced versions coming, this gap is only expected to widen. Using an electric vehicle is just like using a phone. Once you have a full charge, wherever you are, you will not have a problem. By the way, in order to avoid charging problems, you will get the best EV battery in the industry, which will be equipped with advanced safety protection mechanism.

4.   Tax subsidy                                                           
   

   The government is supporting the cause of clean fuel and to this effect, has offered a tax subsidy of up to Rs 1,50,000 on the purchase of an electric vehicle. Emphasis is being given to encourage purchase of electric vehicles to reduce vehicular pollution on roads.

   
   

   What are the disadvantages of electric vehicle?

   • High initial cost

    Electric vehicles are somewhat more expensive than the conventional petrol/diesel variants. So in the beginning you will have to spend a huge amount. Of course, a part of this is met by tax subsidies provided by the government.

   • High depreciation

    While conventional vehicles retain 50-60% of their value, electric vehicles on resale drop to 40% of their purchase price. Buying a used electric vehicle seems like an interesting deal.

    
   

   • Here are not enough charging stations on long routes.

    The road infrastructure across the country is yet to provide adequate number of charging stations on each route. This can be a tricky proposition if you are driving intercity and need to charge in between. You may have to make detours to find a charging station on your route which can cause delays.

   • Battery drains while parked

   Although this is minimal, a parked car drains the battery. You must ensure that the battery is at least 50% charged while the car is parked
   

   •  High insurance

    Compared to conventional vehicles, electric vehicles require double the insurance which can be quite a money in case of larger vehicles.

   • Okay, now that we have discussed the advantages and disadvantages of electric vehicles, what do you propose to do? Are you planning to buy one for your daily commute? You can save a fair amount on fuel costs. Are you wondering how to finance the initial cost? Accordingly, there is no need to panic. You can easily take a personal loan and repay it in EMIs within a fixed tenure.
     

    

   • A personal loan is an unsecured loan that can be taken for any end purpose. If you are an Indian citizen or resident above the age of twenty one years and earn more than Rs 30,000 as net monthly income, you are fully eligible for a personal loan.

   • At LoanTap, we offer personal loans ranging from Rs 50,000 to Rs 10,00,000 for tenures ranging from six months to five years. Annual interest rates start at 18%.

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     All you have to do is visit the LoanTap website and fill up a simple online application form. You need to upload the following documents-

     All you have to do is visit the LoanTap website and fill up a simple online application form.

      

     You need to upload the following documents-

     Pan Card

     Aadhar Card/Driving License/Passport for proof of residence

     Salary slip of last three months

     Bank details of salary account for the last six months

     The LoanTap team will evaluate your application instantly and if you have a good credit score and other loan criteria are met, your loan will be disbursed within 24-36 hours.

     You have the flexibility to choose a convenient repayment option. After repayment of the loan for six months, you can also prepay the entire loan amount without any prepayment penalty.

     All rates are mentioned on the website. There are no hidden fees involved.

     So, what's stopping you from buying that electric vehicle? The fuel cost you save on your daily commute can easily be added to the EMI of an electric vehicle. Over the entire life of the vehicle, you will save a decent amount. Apart from this, you will also contribute towards a clean and green environment. It is always more prudent to finance a planned expense through a personal loan for an electric vehicle, Which suits you as compared to credit cards where you have to pay 24-30% per annum as interest. be smart. Take a decision wisely. Go green with a clean electric vehicle. Don't worry about the initial outflow. At LoanTap, it'll handle it for you.

     
     

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