Table of Contents
- Shriram Finance Loans for Two-Wheelers - a Brief Introduction
- Why does Shriram Finance have easy online loans for electric bikes?
- More seamless loan approvals
- Stronger nationwide presence
- Growth in customer base
- Competitive interest rates
- Efficient customer service
- How to apply for an electric bike loan?
- Final thoughts
Across the world, people are experiencing the harmful effects of global warming and pollution. Reducing the use of petrol and diesel vehicles and replacing them with electric alternatives is one of the steps taken to conserve the environment. With increasing awareness, electric two-wheeler sales have seen a rise in the last couple of years. In addition, an individual can also own an electric bike on installment.
Companies offer the facility of applying for an electric bike loan in a few easy steps. In this article, we will discuss the features of the online Shriram Finance electric bike loan and how you can apply for the same.
Shriram Finance Loans for Two-Wheelers - a Brief Introduction
Since its inception in 2002, Shriram Finance has grown to become one of the largest and most trusted financiers of two-wheelers in India. As a leader in the two-wheeler financing industry, the company recently crossed the one-crore mark. When compared to other types of vehicles, two-wheelers are in high demand in the country. With more people converting to electric vehicles in the future, the NBFCs popularity will only increase over time. Apart from offering a competitive interest rate for electric bikes, some benefits offered by the Shriram Finance electric vehicle loans include:
1. There is no requirement to visit a physical branch. The entire process from the loan application, submission of documents to loan approval is completed online. Once the loan application is submitted, a company representative contacts the borrower and assists in the next steps.
2 .Shriram Finance offers an active customer support online for customers to reach out whenever required. If they have any doubts or questions about their loan, they can simply contact the customer service department and get immediate answers.
3. With an online calculator provided on the company's website, individuals who are interested in purchasing an electric bike on installment can easily calculate the monthly installment from the comfort of their home. They simply have to input the gross loan amount, the flat interest rate, and the tenure of the loan repayment in months.
4.Whether new or used, conventional or electric, Shriram Finance offers two-wheeler loans of every type. In this way, customers have a variety of options to choose from and can decide what is most suitable for them.
In the entire digital lending process, customers can track everything. From submitting the electric bike loan application to uploading the necessary documentation to receiving the final loan approval, everything can be tracked online. Every step of the approval process is transparent to the borrower.
Why does Shriram Finance have easy online loans for electric bikes?
As a result of the continuous rise in petrol and diesel prices, an increasing number of people are converting to electric vehicles. In addition, several charging hotspots have also been installed in different areas of cities to provide people with better support and convenience.
One of the biggest loan providers of two-wheelers in the country, Shriram Finance, has also been emphasizing the provision of loans for electric bikes to keep up with the current trends. The Shriram Finance has partnered with manufacturers of original electric automobile equipment, such as Okinawa, Ather Energy, Hero Electric, and Ampere, to contribute to the environment as they grow.
Along with moving with current trends, the following are the company reasons for offering an easy online loan process for its electric bikes:
1. More seamless loan approvals:
The company has launched a digital lending platform utilizing artificial intelligence, known as the Express Two-Wheeler platform. This will be a paperless and contactless lending system, which will give the borrower instant in-principle approval. The paperless system allows better control over the entire loan process, which helps in delivering better customer service.
2. Stronger nationwide presence:
Shriram Finance is a pioneer in financing two-wheelers. Its reputation makes it a preferred choice partner in financing for automotive companies. As well as that, it has even been able to provide financial assistance to even the most remote locations. Hence, a digital lending platform for electric bikes will allow it to strengthen its presence further in the industry.
3. Growth in customer base:
A person can apply for an electric bike loan through Shriram Finance without having to go to the branch. They can easily apply online, upload the necessary documents, choose the vehicle, and get quick loan approvals. This hassle-free and transparent loan process enhance customers' loyalty, which then increases the company's customer base.
4. Competitive interest rates:
By making the entire loan process paperless and digital, the company can focus more on competitive interest rates and better features for its consumers. With this loan, the individuals can finance 100% of the on-road cost of any two-wheeler vehicle they like, whether conventional or electric. Furthermore, with its nationwide presence, the company offers a competitive interest rate for electric bikes, starting at 11.5% per annum.
5. Efficient customer service:
In November 2021, Shriram Finance disbursed 1022 crores INR to an estimated 1.6 lakh two-wheelers, making it a record for the highest loan disbursals in the country. The company's efficient customer service, attractive interest rates, and easy online loan application are some reasons for its success. The company aims to provide the same loan facility to its electric bike customers as well.
How to apply for an electric bike loan?
The individual can also take advantage of tax benefits by applying for an electric vehicle loan. Individuals who apply for electric vehicle loans from NBFCs for the first time are eligible for tax benefits of 1,50,000 INR on repayment of loans under section 80 EEB of the Income Tax Act. For electric bike loans from Shriram Finance, you need to follow these steps:
1. Start by going to the Shriram Finance website or app.
2. Provide basic personal information like your name, address, and phone number.
3. After that, choose a two-wheeler.
4. Then, provide the financial details.
5. Next, upload the required documents.
6. After that, the digital tool will calculate the eligibility and generate a letter of in-principle sanction or voucher.
7. Go to the dealer, where he will review the details through this in-principle sanction voucher.
8. Last but not least, enjoy your electric bike.
Final thoughts
After reading the above article, you will have an understanding of how to apply for an online Shriram Finance electric bike loan. The company strives to fulfill both salaried and non-salaried consumers' dreams of owning a two-wheeler at an affordable price. The electric vehicle industry is growing and picking pace, and so is the demand for financing. Therefore, an easy online loan process will prove beneficial to the company's success in the future.
