In short
That is a full 2 percentage points below its own 10.00% to 10.50% rate for a comparable non-EV. The wider market of standard car loans runs at 25.80% to 32.52% at 60 months, for comparison.
BPI's E-Vehicle Financing asks for only a 15% down payment, the lowest of any lender here.
Security Bank's EV Auto Loan simply reuses its regular brand-new car loan rate table, at a PHP 400,000 minimum, rather than pricing EVs any lower.
- Lenders with a named EV/hybrid product
- 4: BDO, BPI, Security Bank, Maybank (minimum-loan waiver only)
- BDO EV/HEV effective rate (36-60mo)
- 8.00% to 8.50%, versus 10.00% to 10.50% for a non-EV brand-new car
- BPI E-Vehicle Financing down payment
- 15% minimum, the lowest stated EV down payment
- Security Bank EV Auto Loan rate
- Identical to its regular brand-new car loan table (32.52% add-on / 60mo, in arrears)
- Excise tax on a fully electric car
- 0% (BIR RR 1-2025); a hybrid pays 50% of the normal rate
Which banks have an EV or hybrid car loan, and at what rate?
BDO, BPI and Security Bank each state a named electric or hybrid vehicle financing product. Only BDO actually prices EVs and hybrids lower than a comparable regular car.
Its online calculator returns an 8.00% effective rate at 36 months, rising to 8.50% at 60 months, for an EV or hybrid.
That compares against 10.00% to 10.50% for the same terms on a non-EV brand-new car, a consistent 2.00-point gap at every term BDO offers.
BPI's E-Vehicle Financing covers both full EVs and hybrids, with a 15% minimum down payment. Financing is available from a gross monthly income as low as ₱30,000.
Both are lower thresholds than its regular passenger-car product asks in practice. BPI does not state an EV-specific rate, so the standard passenger-car table applies to the loan itself.
Security Bank's EV Auto Loan is, rate for rate, identical to its regular Brand New Car Loan Rates table. That is the same 32.52% add-on at 60 months in arrears.
Its page promises access to "exclusive government incentives and rebates" without naming one. The incentives that exist (see below) apply to the vehicle, not the loan.
Maybank does not run a separate EV rate at all; its only EV-specific term is waiving the ₱700,000 minimum loan amount.
| Lender | EV rate vs regular rate | Down payment | Term | Income floor |
|---|---|---|---|---|
| BDO | 8.00-8.50% effective, 2 points below its 10.00-10.50% non-EV rate | At least 20% | 36, 48, 60 months | Not stated |
| BPI | No EV-specific rate; standard passenger-car table applies | 15% minimum | Up to 60 months (5 years) | ₱30,000 gross monthly |
| Security Bank | Identical to its regular brand-new rate table | As low as 20% | 12 to 60 months | ₱100,000 joint monthly (another Security Bank page states ₱40,000 for a brand-new car) |
| Maybank | Not EV-specific; ₱700,000 minimum loan waived for EVs only | Not stated | Up to 84 months (add-on table) | Not stated |
How much lower is the monthly payment on an EV?
BDO's own sample computations, at 20% down and 60 months, put a hard number on the gap. A ₱1,100,000 EV/hybrid sedan runs ₱18,237 a month against ₱19,105 for a non-EV sedan at the same price.
That is a saving of ₱52,080 over the life of the loan. The gap widens with the vehicle's price.
A ₱1,900,000 EV/hybrid SUV saves ₱90,000 over 60 months against a comparable non-EV SUV. A ₱2,100,000 EV/hybrid pickup saves ₱99,480.
Applying Maybank's own add-on rate to a real EV price gives a second reference point. A BYD Atto 3 EV is priced from ₱1,638,000 on BYD's own site.
Financed at 80% (₱1,310,400) over 60 months on Maybank's 26.04% add-on rate for new-to-bank borrowers, it runs approximately ₱27,527 a month. Maybank's rate is not EV-specific; the only EV term it offers is waiving its usual ₱700,000 minimum loan.
See BYD financing for BYD-specific promos, and run any other EV's price on the car loan calculator.
| Vehicle type | Price | EV/HEV monthly | Non-EV monthly | Savings over 60 months |
|---|---|---|---|---|
| Sedan | ₱1,100,000 | ₱18,237 | ₱19,105 | ₱52,080 |
| Crossover | ₱1,300,000 | ₱21,552 | ₱22,578 | ₱61,560 |
| MPV | ₱1,700,000 | ₱28,184 | ₱29,526 | ₱80,520 |
| SUV | ₱1,900,000 | ₱31,499 | ₱32,999 | ₱90,000 |
| Pick-up | ₱2,100,000 | ₱34,815 | ₱36,473 | ₱99,480 |
These are BDO's own stated sample figures for its calculator, not our estimate. Run your own EV's price on the car loan calculator.
Are hybrids covered, or only full EVs?
Every lender in this set treats hybrids the same as full EVs for financing purposes. BPI's page states plainly that "both full EV and hybrid cars are eligible under EV financing".
BDO's calculator uses one combined EV/HEV rate rather than splitting the two. Security Bank's product description says it accepts "both hybrid and fully electric vehicles".
Tax treatment is where full EVs and hybrids actually differ. A purely electric vehicle is exempt from the excise tax on automobiles.
A hybrid pays 50% of the normal rate, under BIR Revenue Regulations No. 1-2025. That distinction affects the vehicle's price, not the loan rate.
Is there a tax benefit on an EV car loan specifically?
No lender or government source found states a loan-specific tax benefit, such as an interest deduction, for financing an EV.
What exists is vehicle-level: full excise exemption for a battery EV and a 50% excise rate for a hybrid under BIR RR 1-2025.
There is a 30% (BEV) or 15% (HEV) discount on the Motor Vehicle User's Charge and inspection fees, for 8 years under RA 11697 (EVIDA). None of that changes the interest rate a bank charges on the loan itself.
For the full incentive picture, including registration, coding exemption and import-duty history, see electric vehicle incentives.