Are u planning to buy a new vehicle? Here’s why you should go electric

Only 0.8% of people in India use electric vehicles. However, with the petrol cost constantly rising, this number is expected to rise quickly.

The government is also encouraging people to switch to electric vehicles. For people buying an electric vehicle, a total tax exemption of ₹1.50 Lakhs can be availed against your EV loan.

Here are a few conditions:

1. You can avail this tax relief only for your 1st EV purchase.

2. Loan should be from financial institutions or NBFCs.

3. The exmption is only for individuals, not businesses.

Do keep this in mind if you plan to buy a new car in the future.

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