Can i go for a car loan ?
By: Raghupathy on 11 june 2015
Hello Raghupathy !!
As per sources Mahindra & Mahindra has slashed the price of its electric small car 'e2o' by Rs 92,000 following the launch of a central government scheme offering incentives on electric and hybrid vehicles. The e2o, manufactured by the company's arm, Mahindra Reva Electric Vehicles will see a reduction in price by 16 per cent from its earlier price of Rs 5.71 lakh (on road Delhi) along with a fixed energy fee of Rs 2,999 per month for five years or 50,000 km. The car will now be available at Rs 4.79 lakh (on road Delhi), while the fixed energy fee remains the same. A major chunk of this cost is made up of the lithium ion battery (expected to be around Rs 2.5-3 lakh). Let’s assume that an average person drives 10, 000 km a year. And the e2o can be benchmarked against, let’s say, the Wagon R from Maruti Suzuki which costs Rs 5 lakh. In terms of charging, the e2o should cost Rs 50 per 100 km. That means a yearly running cost of Rs 5,000. The Wagon R, at a conservative fuel efficiency of 10 km to a litre, and price of petrol at Rs 75 would have a running cost of Rs 75, 000. So effectively a customer would save Rs 70, 000 every year. Except that in the total cost of ownership equation, this doesn’t work out very well.
A buyer of the e2o will take more than four years to recover the additional upfront money (Rs 3, 00, 000) that he paid for the vehicle. And let’s not forget that in the 5th year, the lithium ion battery needs replacement. At the battery’s current cost is not expected to go down drastically in the future.
From a buyer’s point of view, a Wagon R CNG makes far better economic and practical sense. The lithium ion battery is just too expensive. I mean nobody wants to be left stranded with a Rs 8 lakh vehicle. Don’t you think that instead of incentivizing EV purchase, the government would do better to incentivize charging infrastructure? And let the manufacturers do their job of manufacturing and selling EVs.
There are lots of finance companies offering loan and there are lots of loan plans too in which EMI and down-payment may differ when you will visit to car showroom you will find finance personnel there to provide you detail of many plans, so choose any as per your payment convenience.
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While buying a car getting a loan is the foremost essential job for any one. So when you are eyeing to buy a Mahindra e2o how can it be different? Surely you are going to get a loan for buying this eco-friendly car for your use. As the price of this car is bit high so it also obvious that you should have select the option for loan rather than paying the whole price upfront. In this case there are a lot of finance companies are there which can provide you with the loan.
The good news is due to the changes in some government rules regarding the incentive of the hybrid cars and EVs now you can get a Mahindra e2o in a much cheaper price which starts from approx 4.97lakhs. but if you still needs to take a loan to buy the car you can contact various financial institutions which can provide you with the loan amount you intend to take to buy it.
If you looking for a car loan which can make your purchase of India’s most eco-friendly car Mahindra e2o then you can contact any financial institution or banks for the same. The loan amount will be 80% of the ex-showroom price though it may differ from company to company. In case of the loan interest rate and the loan repayment tenure can also be different, so you have to do a bit research to choose the most favorable one for you.
Mahindra e2o is the first EV launched by the Mahindra Reva Electric Vehicles, which is making a lot of noise in the market recently for its eco-friendly nature. If you too want to buy this car then it will be better to go for loan option. Now there are a bunch of private financial institutions and banks are ready to give you loan to buy this car as well which was a rare scenario in the past. You can choose any company according to your payment preference.
Yes, there is always a car loan available for the dreamers. It is just that you require the proper documents and there are several banks which offer a loan for the car. I would suggest you to check sbi and icici loans before going for any other bank as they are good.
Just because it is an electrically powered car it does not mean that there are no options available for loan. It is a good car with good efficiency and I being a personal banker would not hesitate to give a loan given you have the proper mortgage options against it.
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