Canara

Canara Green Wheels: The Best Loan Option for Buying Electric Cars in India

With the growing awareness of climate change and the increasing emphasis on sustainable living, electric vehicles (EVs) have emerged as the preferred choice for environmentally conscious drivers. However, despite their numerous benefits, the initial cost of purchasing an EV can still be a challenge for many. Recognizing this, Canara Bank has introduced a specialized financing solution designed to promote green mobility. This loan scheme aims to make electric four-wheeler ownership more affordable and accessible, allowing customers to contribute to a cleaner environment without compromising financial flexibility.

What is Canara Green Wheels?

Canara Green Wheels is a dedicated loan scheme launched to support the purchase of new electric four-wheelers. The initiative aligns with the government’s vision for cleaner energy and sustainable transportation. The scheme is available to both individuals and corporate entities, offering flexibility for personal as well as professional vehicle financing.

It is ideally suited for salaried individuals, self-employed professionals, business owners and companies intending to procure electric vehicles for operational use..

Canara Green Wheels: Key Details

Canara Green Wheels is designed with a borrower-centric approach to support seamless financing.

• Wide Eligibility: Open to individuals, professionals, reputed firms and companies & Agriculturists with satisfactory financial standing.
• Purpose-Based Lending: Loans available for the purchase of new electric four-wheelers. Companies and firms may avail themselves of the loan for vehicles used by directors or employees.
• High Loan Quantum: No upper limit on the loan amount, making it suitable for a wide range of vehicle models and business requirements.

• Attractive Margin Requirements:

                       Loan up to ₹25 lakh: 15% margin

                       Loan above ₹25 lakh: 25% margin
 

• Flexible Repayment Tenure: Repayment period of up to 84 EMIs, offering flexibility as per the borrower’s capacity.
• Minimal Processing Charges: 0.25% of the loan amount (minimum ₹1,000 + GST, maximum ₹5,000 + GST).

Benefits of Canara Green Wheels

Opting for Canara Green Wheels brings a range of financial and practical advantages:

• No Upper Loan Limit: Suitable for high-end EVs and multiple vehicle purchases.
• Lower Interest Rates: Competitive, reducing-balance interest rates ensure long-term savings.
• No Prepayment Penalty: Allows early loan closure without additional charges.
• Quick Approval and Disbursement: Streamlined processing for faster access to funds.

Eligibility Criteria

The Canara Green Wheels scheme is structured to accommodate a diverse borrower base:

Individuals:

Salaried: Minimum gross annual salary of ₹3.00 lakh.

• Self-Employed/Professionals: Minimum gross annual income of ₹3.00 lakh as per the latest ITR (Income Tax Return) / ITAO (Income Tax Assessment Order ), with an average gross income of at least ₹2.50 lakh over the preceding three years.

Corporates and Firms:

• Eligibility based on net worth, repayment capacity and overall creditworthiness.

Agriculturists:

• Combined Net annual income of the applicant and co-applicant must be at least ₹4.00 lakh.

Why choose us for EV Financing?

With a long-standing legacy of trust and a strong customer-centric approach, we continue to lead the way in innovative personal finance solutions. The Canara Green Wheels scheme embodies the bank’s dedication to sustainability, supporting eco-friendly mobility while empowering customers to make responsible financial choices. By offering low interest rates, flexible repayment terms and quick loan processing, the scheme ensures accessibility and convenience for a wide range of borrowers. Beyond financial benefits, it contributes to a cleaner environment by promoting electric vehicle adoption, making Canara Green Wheels one of the most competitive and impactful EV financing options in the market today.

Conclusion

The shift toward electric vehicles is not merely a trend but a necessary step toward a cleaner and more sustainable future. Canara Green Wheels ensures that this transition remains smooth, affordable and accessible across a broad customer segment. Whether it is the first EV purchase or an addition to an existing fleet, this loan scheme provides dependable financial support with efficiency and ease.

Prospective borrowers can use the EMI calculator available on the Canara Bank website to estimate monthly installments and select a repayment plan that aligns with their budget. It paves the way for an eco-friendly driving experience and a greener tomorrow.