Extended Age Limit for Eligible Vehicles : Previously restricted to new EVs and used EVs less than three years old, the scheme now includes used EVs up to 10 years old. Year EV Loans Issued % of Total Car Loans % Increase in EV Loans 2021 Initial Offering 10% – 2022 Significant Growth 35% 250% 2023 Surge in Demand Nearly 50% Over 40% “Three years ago, when we introduced the OCBC Eco-Care Car Loans, consumer interest in EVs was relatively low, and knowledge about EVs was not as widespread,” he said.