The Indian electric vehicle market is expanding because consumers prefer purchasing electric vehicles that have both high-tech features and environmental sustainability instead of using conventional fuel cars. EVs represent a wise selection because of their rising fuel prices and government tax benefits, as well as their modern equipment and capabilities.
The following guide provides information about the 2024 best electric vehicles, along with their benefits and financial options, and crucial purchasing advice for newcomers to electric cars. You need to consult with an expert to learn about DSA full form and more.
What are the Reasons Behind the Increasing Popularity of EVs?
There are specific reasons behind the rising popularity of electric vehicles in India. Have a look at some of the essential ones-
- A high Fuel Price
Owners of electric vehicles experience reduced driving costs because fueling them costs between ₹1 to ₹1.5 per kilometer, while traditional internal combustion engine (ICE) cars require ₹7 to ₹9 per kilometer.
- Easy to Maintain
EVs have fewer moving parts and no need for engine oil changes, resulting in 40–50% lower servicing costs compared to traditional fuel-powered vehicles.
- Help from the Government
EV buyers enjoy major savings through the FAME-II subsidy, offering up to ₹1.5 lakh off. GST is reduced to just 5%, compared to over 28% on fuel cars. Some states also offer road tax waivers, free parking, and toll discounts.
- Environmental Benefits
Electric vehicles generate no vehicle emissions through their tailpipes, thus enabling users to decrease their carbon impact and reduce environmental contaminants.
- Use of Technology
EVs give modern drivers an advanced experience through AI-powered entertainment technology while enabling connectivity solutions and enabling noiseless performance for better comfort.
Additional Benefits Are Available Only for Electric Vehicles
The price of electric vehicle fueling reaches only ₹400–500 for a 300 km travel, while petrol costs ₹2400 for the same distance. Buyers who purchase EV vehicles can claim tax relief through Section 80EEB of the Income Tax Act. Modern EV technology combined with an expanding charging network positions these vehicles as an investment that will keep its value and provide lasting benefits.
Presence of Loan Benefits for Electric Vehicles
If you are going to buy an EV, you will get the following benefits for sure-
- Financial benefits accompany the purchase of electric vehicles through loans. Bank customers receive interest rate reductions starting at 0.5% to 1% compared to diesel and petrol-powered automobiles, with SBI charging 7.5% as the minimum loan rate.
- The lending period lenders offer extends up to eight years. Financial benefits through special green loan schemes include both cashback and elimination of prepayment penalties, along with affordable EMIs.
- EV loan interest payments can yield income tax deductions worth ₹1.5 lakh for purchasers under the provisions of Section 80EEB. Use the DSA partner app, which can help you get easy loan options for the model you have chosen.
Popular EV Models You Can Choose From
Have a look at some of the most common EV models you can choose in our country-
- Tata Nexon EV
The Tata Nexon EV delivers a maximum range of 465 km (Max) and a minimum range of 325 km (Prime) and provides 5-star safety with plenty of interior space and rapidly recharges in 56 minutes. The mid-variants have moderate prices, making them suitable for families who need long-range capability.
- MG ZS
The MG ZS EV provides a 461 km range and includes premium interior spaces with panoramic sunroofs alongside outstanding after-sales maintenance service. The vehicle provides luxury features with advanced technology, but it exceeds many other models in terms of price.
- Hyundai Kona Electric
With a futuristic design and a smooth operating experience, and advanced interior amenities, the Hyundai Kona EV provides a 452 km range. The restricted service centers let down this vehicle, but early adopters and premium car buyers should consider this model because of its innovative features.
- XUV400 by Mahindra
The Mahindra XUV400 has an EC driving range of 375 km as well as an EL range of 456 km, while providing both swift acceleration and roomy interiors along with competitive pricing. The XUV400 looks out of trend with interior design, yet it delivers high performance to customers who prefer lower prices.
We hope you will find all the important information here in this blog only. Don’t forget to consult with an expert if you are not familiar with the loan options created only for EV owners.