Electric Three Wheeler Loan
Our Electric Three Wheeler Loan is a closed ended credit product. With this loan, you borrow a fixed sum of money from us and repay it back in equal monthly installments over the term of the loan. We charge interest on the amount lent and apply fees/charges. This loan is only available through our approved dealerships.
Product Purpose
For individuals to buy an electric three wheeler to drive for commercial purpose. The three wheeler is intended to become the primary source of income generation for the loan customer.
Product Details
Loan Amount
Maximum Rs. 4,50,000 or up to 90% of Vehicle On-road Price. Minimum loan amount Rs. 40,000
Loan Term
6 – 39 Months
Interest Rate
Up to 29% (Annualised Reducing Rate) OR 14% Flat Interest Rate
Mandatory Requirements
Vehicle Documents
Vehicle Registration Certificate. Vehicle Insurance
Other Documents
IOT/tracking devices in vehicle through our approved vendors
Eligibility Criteria
Customer Age
Greater than 21 years and lesser than 60 years at the time of loan application
Minimum Monthly Income
₹12,000
Documents Required
PAN, Proof of ID/Residence, Three months bank statements and 6 Cheques
Applicable Charges
Processing fee/origination charges
Upto 5%
Foreclosure charges
Nil
Additional interest on late EMI
30%
Per EMI bounce charge
250
Legal/incidental charges
At Actual
Loan cancellation charges
Nil