Electric Three-Wheeler Loan FAQs

Financial institutions consider several factors when approving an electric three-wheeler loan, including:

• Creditworthiness: This includes your history of loan repayments, credit utilisation ratio, etc.

• Income and Employment: This includes evaluating your source and level of income. 

• Down Payment: Also known as margin money, the amount of money you are willing to put down upfront can impact your loan terms.

• Debt-to-Income (DTI) Ratio: This is the ratio of total monthly debt payments to your gross monthly income. 

• Loan-to-Value (LTV) Ratio: This is the ratio of the loan amount to the vehicle's value, which helps determine the risk for the loan provider. 

• Vehicle Type and Value: The make and model of the vehicle, and its price could also be one of the factors considered for loan approval.

Applying for an electric three-wheeler loan has become increasingly simple. To apply for a Shriram Electric Three-Wheeler Electric Loan, follow these four simple steps:

• Step 1: Visit our official website or download Shriram One app and register using your mobile number. 

• Step 2: Verify your mobile number using the OTP sent to your registered number and proceed. 

• Step 3: Enter the required personal details. 

• Step 4: Receive a call from a Shriram Finance representative and complete your application.

Shriram Finance offers a generous Loan-to-Value (LTV) ratio to borrowers, ensuring that funds are never a problem when purchasing an electric three-wheeler. Customers can avail of financing up to 90% of a used EV’s price and 95% of a new EV’s price. This makes Shriram Finance one of the more sought-after NBFCs in the auto loan space.

Yes, you can ideally change your EMI’s due date, subject to certain terms and conditions of the financial institution. Certain lenders may require you to submit a formal request to change the EMI due date, while others may levy a small fee. The best way to know for sure is to contact your lender directly. They can tell you about their specific policies and procedures for changing your EMI due date.

Yes, you may be able to avail of a loan even with a low credit score, though interest rates on the loan may be higher. It is advisable to have a credit score of 700+ while applying for a loan from Shriram Finance to enjoy low interest rates and good loan terms. Paying bills on time,keeping credit utilisation low, and making timely EMI payments are a few ways to enhance your credit score.

Shriram Finance offers digital services for customers to check their outstanding loan amount, EMI amount, EMI due date, EMI history, etc., via our website and/or app. To check the EMI of your Shriram Electric Three-wheeler loan or any other loan, follow these simple steps: 

• Download the Shriram One mobile app and login to your account.

• Navigate to the ‘Loans’ section on the homepage. 

• Choose the loan type and enter your loan account details. 

• The loan amount, EMI, due dates, etc. will be available for you to browse through. 

Alternatively, you can also select the ‘Pay Dues’ icon on the ‘Featured’ section on the homepage of Shriram One App to check your active loan accounts and the EMI dues.

Yes, Shriram Finance levies a foreclosure fee of up to 4% on electric three-wheeler loans.

Shriram Finance is known for quick loan approvals and disbursals. Disbursal of Shriram Electric Three-wheeler Loan usually takes up to a few days from approval. The exact timelines depend on the financial profile and completeness of documentation of the borrower.

The documents required for an electric three-wheeler loan may vary with different financial institutions. However, to apply for a three-wheeler EV loan with Shriram Finance, these are what you typically need: 

• Photo Identity Proof: Aadhaar card, Passport or Driving Licence, and latest passport-size photographs. 

• Address Proof: Aadhaar card, Passport, Driving Licence, Gas Connection Card, utility bills like Water Bill, Electricity Bill, Prepaid Bill, and/or Telephone Bill. 

• Income Proof: Last 3 months’ bank statements, Income Tax Returns (ITR), Audited company accounts of last financial year or cash flow statements. 

• Asset-related Documents (pre-sanction): Pro Forma invoice and Down Payment Receipt for a new asset, Sale Deed for used asset, Valuation Report in case of the used asset or Registration Certificate for the used asset, or Registration Certificate with Hypothecation in favour of the company. 

• Asset-related Documents (post-disbursement): Original Invoice for the new asset with Hypothecation in favour of the company, Registration Certificate and Hypothecation in favour of the company.

Shriram Electric Three-Wheeler Loan offers competitive interest rates starting from 10%* p.a. This rate can vary based on the applicant's credit profile and other factors. The loan tenure is flexible, allowing borrowers to choose a repayment period of up to 48 months. This flexibility is designed to accommodate various financial situations, making it easier for customers to manage their monthly payments. Borrowers can finance up to 95% of the vehicle's value for new electric three-wheelers and 90% for used ones, which significantly reduces the upfront cost required at the time of purchase. This combination of low-interest rates and extended repayment terms makes Shriram Electric Three-wheeler Loan an attractive option for those looking to invest in sustainable transportation solutions.

To secure an affordable three-wheeler loan from Shriram Finance, consider the following tips: 

• First, maintain a good credit score; Shriram Finance may offer better interest rates to borrowers with higher credit scores. 

• Second, ensure you have all necessary documentation ready, including proof of income and identity verification, as this can expedite the approval process and potentially lead to better terms. 

• Lastly, consider making a larger down payment; this reduces the amount financed and can lead to lower EMIs and interest rates.

Under Shriram Electric Three-Wheeler Loan scheme, borrowers can avail financing of up to 95% of the vehicle's value for new electric three-wheelers. For used electric three-wheelers, the financing limit is up to 90% of their value. This high percentage of financing significantly reduces the initial outlay required from borrowers, making it more accessible for individuals or businesses looking to invest in electric vehicles. The maximum loan amount will ultimately depend on the vehicle's purchase price and the applicant's eligibility criteria, including income and creditworthiness. By providing substantial financing options, Shriram Finance aims to encourage more people to adopt eco-friendly transportation solutions.

Using the electric three-wheeler loan EMI calculator provided by Shriram Finance is a straightforward process that helps potential borrowers estimate their monthly repayments. To use this tool, follow these steps: 

• Step 1: Input the desired loan amount you wish to borrow. 

• Step 2: Next, enter the applicable interest rate—starting from 10%* p.a. 

• Step 3: Select your preferred tenure, which can go up to 48 months. Once these details are entered, click on 'Calculate' to view your estimated Equated Monthly Instalment (EMI). This calculation allows you to assess how different amounts and tenures affect your monthly payments, enabling you to make informed decisions about your financing options. The EMI calculator is a valuable resource that aids in budgeting and financial planning before committing to a loan.

The approval process for Shriram Electric Three-Wheeler Loan is typically quick and efficient. Once you submit your application along with the required documentation, you can expect approval within a few days. The speed of approval may vary based on factors such as completeness of documentation and verification processes; however, Shriram Finance aims to minimise delays by streamlining the process. Additionally, applicants are encouraged to provide accurate information and all necessary documents upfront to facilitate faster processing. Once approved, funds are disbursed promptly so that borrowers can proceed with their vehicle purchase without unnecessary waiting periods.

Yes, you can conveniently apply for Shriram Electric Three-Wheeler Loan online through our official website or via the Shriram One mobile application. The online application process is designed to be user-friendly and efficient, requiring minimal documentation. To begin your application, simply register using your mobile number and verify it through an OTP. After entering your personal details and submitting any necessary documents such as proof of identity and income, you will receive assistance from a representative who will guide you through the next steps. This digital approach not only saves time but also makes it easier for applicants to manage their loans from anywhere.

Yes, borrowers have the option to prepay their Shriram Electric Three-Wheeler Loan without any hassle. Prepayment allows you to pay off your outstanding loan balance before the end of the agreed tenure, which can significantly reduce your overall interest costs.