💰 EV Loan EMI Calculator
Calculate EMI for EV loans, compare interest rates, and factor in government subsidies
🚗 Loan Details
🎁 Government Subsidies & Incentives
📊 EMI Calculation Results
🎁 Your Government Subsidies & Savings Breakdown
📊 Financial Insights
💰 EMI Breakdown
💸 Your Savings
🏦 Bank EMI Comparison
📅 Payment Summary
🏦 Compare Bank Interest Rates
🚗 EV Loan EMI Calculator
Calculate your monthly EMI for electric vehicle loans with advanced features including government subsidies, state-wise incentives, on-road cost calculations, and interactive visualizations. Compare rates from 6+ major banks and get comprehensive EV financing insights.
Key Features:
- Real-time EMI calculations with interactive sliders and range controls
- Comprehensive government subsidy calculator (FAME II, PLI, State incentives)
- State-wise subsidy database covering 15+ states with auto-calculation
- On-road price calculator with location-based tax and exemption data
- Interactive visualizations: pie charts, savings bars, bank comparison charts
- Payment timeline with yearly and monthly breakdowns
- Bank comparison from 6+ major lenders with processing fee calculations
- PDF report generation and sharing capabilities
- Battery capacity-based FAME II subsidy cap calculator
- Processing fee calculator with bank-specific rates
- 📊 General EMI Calculator - Calculate EMI for all loan types
- ⚖️ Loan Comparison Tool - Compare multiple loan offers side-by-side
💰 Government Subsidies & Benefits
Maximize your savings with our comprehensive government incentives calculator. Features automated state-wise subsidy calculation for 15+ states, FAME II subsidy caps based on battery capacity, on-road cost calculator with location-specific exemptions, and complete breakdown of all EV benefits including road tax waivers and insurance discounts.
2-Wheeler EV Subsidies (Example: Electric Scooter ₹1.2 Lakh):
- FAME II Subsidy: ₹15,000 (₹15,000/kWh for first 15kWh, max 40% of cost)
- State Subsidy (Delhi): ₹30,000 (varies by state: Delhi ₹30K, Maharashtra ₹25K)
- Road Tax Exemption: ₹8,000-₹12,000 (100% waiver in most states)
- Registration Fee Waiver: ₹2,000-₹5,000
- Total Savings: Up to ₹55,000 (46% of vehicle cost)
4-Wheeler EV Subsidies (Example: Electric Car ₹15 Lakh):
- FAME II Subsidy: ₹1,50,000 (₹15,000/kWh, max ₹1.5L or 40% of cost)
- State Subsidy (Gujarat): ₹1,50,000 (varies: Gujarat ₹1.5L, UP ₹1L)
- Road Tax Exemption: ₹75,000-₹1,50,000 (complete waiver)
- GST Reduction: 5% vs 28% on petrol cars (saves ₹3.45L)
- Total Savings: Up to ₹6,45,000 (43% of vehicle cost)
🧮 How EMI Calculation Works
Our advanced calculator uses the standard EMI formula with comprehensive subsidy integration. The system automatically calculates state-wise incentives, applies FAME II caps based on battery capacity, factors in on-road exemptions, and provides interactive visualizations including payment timelines, savings charts, and bank comparison graphs for complete financial planning.
Advanced Calculation Process:
- Step 1: Auto-calculate state subsidies based on selected state and vehicle type
- Step 2: Apply FAME II caps using battery capacity (₹15K/kWh, max limits)
- Step 3: Calculate on-road costs with location-specific tax rates and exemptions
- Step 4: Compute effective price: Vehicle Price - All Subsidies
- Step 5: Determine loan amount: Effective Price - Down Payment
- Step 6: Apply EMI formula with selected bank's interest rate
- Step 7: Add processing fees based on bank-specific rates
- Step 8: Generate interactive visualizations and payment timeline
Comprehensive Output Features:
- Monthly EMI: Fixed amount with bank-specific processing fees included
- Interactive Pie Chart: Visual breakdown of principal vs interest components
- Savings Visualization: Animated chart showing subsidy impact on total cost
- Bank Comparison Chart: Interactive bars comparing EMIs across 6+ lenders
- Payment Timeline: Yearly and monthly payment schedules with remaining balance
- PDF Report Generation: Comprehensive calculation report with branding
- Share & Copy Features: Easy sharing of results via social media or clipboard
- Total Subsidies: Complete breakdown including state, central, and on-road savings
🏦 Bank Comparison Tool
Advanced bank comparison tool with interactive charts and real-time EMI calculations. Compare interest rates, processing fees, and loan terms from 6 major lenders including SBI, HDFC, ICICI, Axis Bank, Kotak Mahindra, and Tata Capital. Features clickable bank selection, visual EMI comparison bars, and automatic rate updates.
Enhanced Bank Features:
- SBI: 8.5% rate - Government backing with reliable service
- HDFC Bank: 8.75% rate - Quick digital approval process
- ICICI Bank: 8.9% rate - Completely digital loan journey
- Axis Bank: 9.0% rate - Flexible tenure up to 10 years
- Kotak Mahindra: 9.25% rate - Premium customer service
- Tata Capital: 8.6% rate - Specialized EV financing expertise
- Interactive Selection: Click any bank card or chart bar to auto-update calculations
- Visual Comparison: Real-time EMI comparison bars with hover effects
🔗 Related EV Calculators & Tools
🔌 Internal EV Tools
- ⚡ EV Charging Cost Calculator - Calculate charging costs and time
- 🆚 EV vs Petrol Cost Comparison - Compare total ownership costs
- 🔋 EV Battery Health Calculator - Monitor battery degradation
- 🌱 EV Carbon Footprint Calculator - Environmental impact analysis
- 📏 EV Range Calculator - Estimate driving range
🏛️ Government & External Resources
- 🏆 FAME II Official Portal - Government subsidy information
- 🇮🇳 India.gov.in EV Policy - National EV policies and updates
- 🏦 RBI Vehicle Loan Guidelines - Official lending norms
- 🏛️ SBI Auto Loan Schemes - Leading bank vehicle financing
- 📊 NITI Aayog Official Portal - Policy research and reports
❓ Frequently Asked Questions
Most banks offer EV loans up to ₹50 lakhs, covering 90-100% of the vehicle's on-road price. The exact amount depends on your income, credit score, and the bank's policies. Some banks like SBI and HDFC offer special EV loan schemes with higher loan-to-value ratios.
Government subsidies directly reduce your vehicle's effective price, lowering the loan amount needed. For example, if you buy an ₹8 lakh EV with ₹75,000 in subsidies, you only need to finance ₹7.25 lakhs. This significantly reduces your EMI and total interest paid.
Required documents include: Identity proof (Aadhaar/PAN), Address proof, Income proof (salary slips/ITR), Bank statements (6 months), Vehicle quotation, and Insurance documents. Self-employed individuals may need additional business documents and GST returns.
Yes, most banks offer 0.25% to 0.75% lower interest rates for EV loans compared to conventional car loans. This is part of the government's push for electric mobility. Current EV loan rates range from 7.5% to 9.5% annually, depending on the lender and your credit profile.
Yes, several banks now offer used EV loans, though terms may vary. The vehicle should typically be less than 3-5 years old with proper service records. Interest rates for used EV loans are usually 1-2% higher than new EV loans, and loan tenure may be shorter.
Most banks allow partial or full prepayment of EV loans. Prepayment charges vary by lender - some banks offer zero prepayment charges after 6-12 months, while others charge 2-4% of the outstanding amount. Check your loan agreement for specific terms.