Student EV Loan Scheme Launched – EMI, Eligibility, and Models Covered

In an exciting push towards sustainable youth mobility, the government and several financial institutions have introduced a Student EV Loan Scheme. This initiative is designed to make electric vehicles (EVs) more accessible to students, supporting both environmental goals and the daily commuting needs of young learners.

Let’s explore the details of the scheme, including EMI structures, eligibility criteria, and the range of EV models students can purchase under this loan plan.

What is the Student EV Loan Scheme?

The Student EV Loan Scheme is a special financial product that allows students to easily own electric vehicles by offering:

• Low-interest rates

• Flexible repayment options

• Special EMIs tailored for students

• Coverage for a variety of popular EV models

This scheme directly supports youth mobility, helping students travel conveniently while contributing to a greener future.

Key Features of the Student EV Loan Scheme

Here’s a quick overview of the highlights:

Eligibility Criteria for Student EV Loans

To avail of Student EV Loans, the applicant must meet the following conditions:

• Age Requirement: Between 18 to 25 years

• Educational Status: Must be a full-time student

• Guarantor Needed: Parent or guardian with a stable income

• Academic Record: Basic proof of enrollment and identity

This scheme is carefully crafted to enhance youth mobility by making electric vehicles financially accessible to the student community.

EV Models Covered Under the Scheme

Students can choose from a wide range of electric vehicles under this loan, including:

Electric Scooters

• Ola S1 Air

• Ather 450X

• TVS iQube

Electric Bikes

• Revolt RV400

• Tork Kratos R

Entry-Level EV Cars

• Tata Tiago EV (select models)

• MG Comet EV (student-friendly variants)

This variety ensures that youth mobility is not just eco-friendly but also stylish and practical.

EMI Plans and Loan Benefits

One of the key advantages of the Student EV Loans is the flexibility in EMI payments. Some highlights include:

• EMIs starting from ₹1,500 per month

• No prepayment charges if the loan is cleared early

• Flexible repayment periods (1 to 5 years)

• Special discounts on insurance for EVs

These benefits make the Student EV Loan Scheme highly attractive for students aiming for affordable and sustainable transport solutions.

Why This Scheme is Important for Youth Mobility

The initiative plays a significant role in shaping the future of transportation by:

• Encouraging green commuting habits among the youth

• Improving accessibility to electric mobility for students

• Promoting financial responsibility early in life

By supporting youth mobility through easy financing, the scheme paves the way for a cleaner and smarter tomorrow.

FAQs

1. Who can apply for the Student EV Loans?

Any full-time student between the ages of 18 to 25 can apply, provided they have a parent or guardian as a guarantor.

2. Are there any restrictions on the type of electric vehicle I can buy?

Yes, the scheme mainly covers electric scooters, e-bikes, and select entry-level EV cars that support youth mobility.

3. Can I repay the loan early without extra charges?

Yes, most banks and NBFCs offering Student EV Loans allow prepayment without penalties, making it flexible for students.

4. What documents are required to apply for Student EV Loans?

You typically need:

• Student ID card

• College enrollment proof

• Identity and address proof

• Guarantor’s income documents

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