Thinking of an Electric Car? HDFC Bank's New Loan Lets You Pay for the Battery Separately
For many Indian families, the electric car decision usually ends at the price tag. EVs promise lower running costs, but the upfront price is often much higher than a comparable petrol or diesel car. The main reason is hidden under the floor: the battery. HDFC Bank is now trying to tackle that problem with a loan that treats the battery and the rest of the car differently. The bank announced on Sunday the launch of its "Flexi Electric Car Loan," which funds an EV's body and battery in different proportions and lets buyers repay the battery portion over a longer period. HDFC Bank calls it a first-of-its-kind product and says the structure allows customers to customise their monthly EMI. The logic is simple. Since the battery is the costliest part of an electric car, it's what makes EVs pricier to buy than petrol or diesel vehicles. By spreading the battery's cost over a longer time, the monthly burden becomes lighter. The bank says the EMI on the battery...