Measure how the adoption of an EV will lead to incurred cost and emissions savings
Learn about available EV lending opportunities
Understand the impact of the Shoonya campaign so far
See how Shoonya partners can equip you with an EV that meets your driving needs
Learn about national and state EV policies and purchase subsides
This easy-to-use calculator is intended for final-mile delivery operators and ride-hailing drivers to understand costs and emissions benefits by switching to Electric Vehicles (EVs). Learn more by exploring the tool below.
Switching to an EV will save you
Choosing the right financing option while purchasing an electric vehicle (EV) can bring fiscal savings. By understanding the loan application processes, terms, and conditions, customers can ensure that they have access to an affordable EV loan with lending terms comparable to an internal combustion engine (ICE) vehicle loan. While the application and due diligence process for availing loans vary from bank to bank and NBFC to NBFC, a borrower should expect to follow a similar structure to the one depicted below.
Most banks and NBFCs have an online application.
A drivers license, passport, Aadhaar card, or voting ID is required to confirm the borrower's identity and verify their address.
Provide bank statements to verify your salary or provide proof of self-employment.
After submitting your application online, the bank or NBFC will follow-up with you directly regarding next steps.
Down payment (dependent on loan to value ratio) - A higher LTV ratio means a lower down payment has to be made by the borrower for the EV. In effect, having the lender cover a more significant portion of the vehicle purchasing price can reduce the borrower’s upfront contribution to the purchase of the EV.
Interest rate - Low interest rates reduce monthly payments and ensure the borrower pays less interest over their loan term.
Loan term/tenure - Having a longer loan term can help reduce borrowers’ monthly loan payments but increases the duration of time the borrower is obligated to make loan repayments. Loans with shorter tenure may have higher monthly payments to accommodate for the shorter tenure of the loan. Borrowers should weigh the pros and cons of longer loan terms to determine the length that may best suit them.
Fees - Be aware of fees and other charges. Banks typically charge processing fees and levy a penalty in case a borrower wants to close their loan before the maturity date. Thus, closing a loan before its maturity date may be costly for the borrower if a high fee is levied.
The information provided below is designed to help you determine which lending institution may be able to offer you an EV loan.*
* Note: 1) This list is shown alphabetically and may not be exhaustive; users should check with their local electric vehicle dealerships to find out more about financing options. 2) The list of financial institutions is not a formal endorsement by the Shoonya campaign. The information has been collected from the websites of the financial institutions. 3) Any financial institution that has a provision to lend to EVs is welcome to provide us with information to be included in this list. Please contact us here.