Car Loan Features

Features and Benefits of our Car Loan

• Access to Immediate Funds: Get quick access to funds, enabling you to purchase your car without any delay.
• Flexible Loan Tenures: Choose a loan tenure that suits your financial situation, up to 72 months.
• Fixed Interest Rates: Enjoy stable, fixed interest rates for the entire loan period, ensuring predictable EMIs.
• Customized Loan Amounts: Get a loan that meets your needs, whether you're buying a new or used car.
• Convenient Monthly Repayments: Our repayment plans are designed to fit your budget and financial profile.
• Potential Tax Benefits: Benefit from tax advantages associated with car loans, especially for electric vehicle (EV) purchases.
• Option for New and Used Cars: Finance both new and used vehicles with the same convenient loan terms.
• Ownership from Day One: Get full ownership of your vehicle right from the moment of purchase.
• No Need for Full Upfront Payment: Pay your loan EMIs over time instead of making a lump sum payment upfront.
• Improve Credit Score through Timely Payments: Repay your loan on time to improve your credit score.

Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles:

One of the primary income tax benefits for EV buyers is the deduction on the interest paid on the car loan. This deduction can help reduce your taxable income, resulting in lower income tax liability. Additionally, businesses or individuals using EVs for business purposes might enjoy accelerated depreciation benefits. This means you can write off a larger portion of the EV's value over a shorter period, which can further decrease your taxable income.

Another notable advantage is the reduced Goods and Services Tax (GST) rates on EVs. Governments often subject electric vehicles to lower GST rates, making the overall purchase cost more affordable. This indirectly contributes to your tax savings.

But like every good thing, this too comes with conditions, such as the beneficiary has to be an individual taxpayer, this option is available only for a limited time i.e. 1st April 2019 to 31st March 2023 (EV should be purchased within this period). Additionally, tax regulations can change over time, so it's essential to stay updated on the latest rules.