3,800 passenger EVs were sold in October, of which HDFC Bank has financed 589 vehicles. The bank has given such loans worth Rs 170 crore in October.
Seeing the craze of electrical vehicles in the country, HDFC Bank is going to do big planning.
HDFC Bank EV Loan: electrical vehicles in the country (electric vehicles) In view of the craze, HDFC Bank is going to do big planning. Bank EV Loan in next 3 years (HDFC Bank EV Loan) Is preparing to triple the size of. In the beginning, the bank had done the testing of EV loan, the results of which have been seen much better. For this reason, the bank has decided to increase its loan size. Initially, the bank has given a loan of Rs 5,100 crore on the purchase of 589 EVs. Which is to be increased three times by the year 2025 i.e. more than Rs 15,000 crore.
3 times faster expected in three years
Giving information, Vikas Pandey, Business Head – Auto Loans, HDFC Bank said that we are keeping in mind the target of becoming carbon neutral by the year 2031-32. Because of which banks are aggressively pursuing EV financing. He said that the bank is at the forefront of passenger vehicle financing. Banks are financing 15 to 17 vehicles out of 100 EVs in the market. Therefore, the bank has a market share of more than 15 per cent.
3,800 passenger EVs were sold in October, of which HDFC Bank has financed 589 vehicles. The bank has given such loans worth Rs 170 crore in October. As per the information given by Pandey, this year we are seeing at least 2.5 times increase in terms of number of vehicle finance. In the next three years, this speed can be seen by 3 times. By the year 2025, banks are targeting a market share of more than 20 percent.
Infra better in urban areas
At present, HDFC Bank is offering loan on EV with interest rates of 8.05 per cent. Whose tenure is 8 years and average loan ticket size is Rs 17 lakh. If we talk about demand, then metros and urban areas have 80 percent share in the demand. According to Pandey, the country’s recharging infrastructure is tilted towards urban areas, which we are not able to see in semi-urban and rural areas.
20,500 EVs sold in 10 months
There are 2,500 EV chargers across 270 cities in India. About 500 of these are in Maharashtra. According to Pandey, HDFC Bank has given 80 per cent of the loans for Tata Motors’ EVs, followed by MG Motors and Hyundai. Last year, 19,500 electric passenger vehicles were sold in the country. Till October this year, 20,500 vehicles have been sold. Today, the penetration of EV passenger vehicles in the automobile sector is less than 1 per cent. India’s EV finance market will be worth $50 billion (Rs 4.1 lakh crore) by 2030, when 30 per cent of private cars, 70 per cent of commercial vehicles and 80 per cent of two- and three-wheelers in the country are expected to be electric.
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