How can I get a loan for an electric two-wheeler as a first-time buyer?

Getting a loan for an electric two-wheeler as a first-time applicant involves simple steps:

• Research Lenders: Determine the banks or Non-Banking Financial Companies (NBFCs) that offer electric two-wheeler loans. Look for the appropriate one based on their interest rates and terms.
• Eligibility Checking: The lender will check their eligibility criteria, usually including age, income, credit score, employment type, or other criteria the institution offers.
• Prepare Documents: Essential documents required may include identity proof (Aadhaar card, PAN card, or passport), address proof (utility bill or Aadhaar card), and income proof (salary slips or bank statements). In some cases, vehicle-related documents, including the purchase invoice and insurance, may also be needed.
• Complete the Application: Fill out the loan application form with the correct information about yourself and the vehicle. Submit it online or at the branch, along with the required documents.
• Review Loan Terms: Understand the processing fees, Equated Monthly Instalment (EMI), and loan tenure. Choose terms that align with your financial capacity and repayment ability.

These steps can ensure a smooth application process for securing your first electric two-wheeler loan. The interest rates, application process terms and conditions for loans vary between financial institutions and are subject to change.