Electric Vehicle Loan

It is a consumer loan designed to finance the purchase of an electric vehicle. You choose the amount and repayment term and then repay it through monthly instalments. The distinguishing feature is its purpose: it is granted for the purchase of a vehicle that qualifies as sustainable (and, where applicable, for the installation of a charging point).

• Electric vehicles.
• Vehicles that run on hydrogen.
• Hybrid vehicles with emissions of less than 50 gCO₂/km.

Click here to check the emissions of the hybrid vehicle you intend to purchase.

The installation of charging points for electric vehicles is also considered a sustainable purpose.

No, it's not necessary. As a Santander customer, you may have access to a pre-approved borrowing limit even if your salary is not paid into the bank. Nor will you be required to provide collateral.

No. There is no requirement to take out any additional product alongside the loan.

However, we will offer you the option of taking out Loan Protection Insurance⁴, designed to cover the outstanding loan balance in the event of death or disability and, subject to the policy terms and conditions, the loan repayments in the event of unemployment or temporary incapacity. You are free to decide whether you would like this protection and how you would like to pay for it, either annually or added to your loan repayments. 

No documentation is needed to take out the loan. The entire process is completed online and without paperwork, as it is available to customers who have already undergone a credit assessment and have a pre-approved borrowing limit.

Accordingly, no evidence is required regarding either the purpose of the loan or your income and liabilities.

If you wish to apply for a new loan through Online Banking or the Santander app, you will need to log in and check whether you have a pre-approved borrowing limit. If you do, you may apply for a new loan.

If the system indicates that financing is not available through these channels, you can visit any branch and the Bank will assess your application.

The loan is free from arrangement and assessment fees. You will pay only the agreed interest, which will be clearly and transparently disclosed before you take out the loan.

If you choose to repay the loan early, an early repayment fee of 1% will apply where the period between the early repayment date and the loan maturity date exceeds one year, and 0.5% where that period does not exceed one year.

Provided the loan is approved, the funds will be paid into your current account immediately after you sign the loan documentation using your multichannel signature. The entire process is completed online and without paperwork.

Yes. You can make a full or partial early repayment whenever you wish.

If you choose to repay the loan early, an early repayment fee of 1% will apply where the period between the early repayment date and the loan maturity date exceeds one year, and 0.5% where that period does not exceed one year.

If you fail to make a repayment, you will be required to pay late-payment interest and any costs associated with notifying and pursuing outstanding debts, as set out in the pre-contractual information and the loan agreement. Note also that missed or late repayments may affect your credit history and your ability to obtain credit in the future, and could result in legal action being taken to recover the debt.

If you anticipate any difficulties in making your repayments, we recommend that you contact us as soon as possible.

Your loan repayments will be debited automatically from your bank account on the first day of each month until the loan reaches maturity.

All repayments will be for the same amount throughout the term of the loan, with the exception of the first repayment, which will consist solely of the interest accrued between the date the loan funds are credited to your account and the first day of the month following the signing of the loan agreement.

If you have enabled alerts in Online Banking, we will notify you a few days in advance of the amount payable and when it will be charged, so that you can ensure sufficient funds are available in your account.

Yes. You may exercise your right of withdrawal within 14 calendar days of taking out the loan and cancel the agreement. In this case, no cancellation fee will apply. You will only be required to repay the amount borrowed together with the interest accrued from the date the loan funds were credited to your account until the date you exercise your right of withdrawal.

You can exercise your right of withdrawal through Online Banking, at a Santander branch or by calling Superlínea. You will have 30 days from the date of your withdrawal request to repay the outstanding principal and any accrued interest.