Electric Three-Wheeler Loan Interest & Charges

When applying for an Electric Three-Wheeler Loan with Shriram Finance, it's important to understand the various charges associated with the loan. Here’s a breakdown of the key fees:

Processing Fees: Up to 5%* p.a.

Foreclosure Charges: Up to 4%* p.a.

For a detailed information on the charges associated with electric three-wheeler loan, please refer to our interest rate and charges policy: Interest Rate & Charges. Understanding these charges will help you make informed financial decisions when financing your electric three-wheeler with Shriram Finance.

Yes, the interest on electric vehicle loan from Shriram Finance can vary based on the loan tenure. While the starting interest rate is 10%* p.a. the specific rate may differ depending on the loan amount, financial profile and duration of the loan you choose.

Key Factors Influencing Interest Rates: 

• Loan Tenure: Shorter tenures generally attract lower interest rates, as they pose less risk. Conversely, longer tenures may have slightly higher rates due to extended repayment periods. 

• Credit Profile: Your credit score and financial history also play a significant role in determining the final interest rate. A higher credit score can lead to more favourable terms. 

• Loan Amount: The size of the loan can influence the rate.

Overall, it's advisable to discuss your options with Shriram Finance representatives to find a tenure and interest rate that best suits your financial needs.

Yes, you can close your Electric Three-Wheeler Loan with Shriram Finance before the tenure ends. This process is known as foreclosure, allowing you to repay the entire outstanding loan amount early. 

Key Points to Consider: 

• Eligibility: You initiate foreclosure after completing a minimum number of EMIs. This ensures that you have established a repayment history before opting for early closure. 

• Charges: While closing your loan early can save on interest payments, it may incur foreclosure charges. These charges typically go up to 4%* p.a. of the outstanding principal, depending on the remaining tenure. 

• Process: To close your loan, notify Shriram Finance in advance and request the total settlement amount. This will include the outstanding principal and any applicable charges.

By understanding these aspects, you can effectively manage your loan and potentially save on interest costs by closing it early.

Foreclosure charges for an Electric Three-Wheeler Loan with Shriram Finance is up to 4% p.a. of the outstanding principal amount. These charges apply when you decide to repay your loan in full before the end of the agreed tenure, allowing you to eliminate your debt early.

To apply for a loan with Shriram Finance, you must provide acceptable forms of identity proof. The following documents are recognized: 

• Passport
• Driving License
• Voter ID Card
• PAN Card 

These documents are crucial for the loan application process, ensuring compliance with regulatory requirements and facilitating a smooth verification process. It’s advisable to have one of these forms of identity proof ready when applying for your loan to expedite the approval process.

Yes, you need to submit your vehicle purchase invoice when applying for an electric three-wheeler loan with Shriram Finance. The purchase invoice serves as a crucial document that verifies the details of the vehicle you intend to buy, including the make, model, and price.

Importance of the Purchase Invoice: 

• Verification: It helps Shriram Finance confirm that the loan amount requested aligns with the actual cost of the vehicle.
• Loan Processing: The invoice is essential for processing your loan application, ensuring that all details are accurate and complete.
• Post-Disbursement Documentation: After loan approval, you also need to provide the original invoice for hypothecation in favour of Shriram Finance.

Yes, submitting a bank statement is usually required for loan approval with Shriram Finance. Typically, you need to provide your bank statements for the last six months. This document is essential as it helps Shriram Finance assess your financial stability and repayment capacity.