ELECTRIC MOTOR VEHICLE ADVANCE
Electric Vehicle Loan Details
Interest Rate
Nil
Maximum Amount That Can Be Sanctioned
75% of the cost of the Electric Vehicle (Ex-showroom price), subject to:
- Maximum ₹15 lakh for an electric motor car
- Maximum ₹2 lakh for a two-wheeler
Application Deadline
31st December 2025
Eligibility
| Employee Category | Amount | Cap | Remarks |
|---|---|---|---|
| Group-A & B | 75% of the cost of the Electric Vehicle (Ex-showroom price) | ₹15 lakh for 4-wheeler, ₹2 lakh for 2-wheeler | Though eligible for both, can avail only one at a time |
| Group-C & D | 75% of the cost of the two-wheeler Electric Vehicle (Ex-showroom price) | ₹2 lakh for 2-wheeler |
Repayment
In maximum 100 consecutive monthly installments from subsequent months.
Documents Required Within 3 Months After Availing the Advance
- Copy of registration certificate
- Insurance
- Retail invoice of the vehicle
Related Finance Department Circulars
Finance Department O.M. No. 8524 dated 05.04.2022