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Electric Four-Wheeler Loan Eligibility
With the growing popularity of Electric Vehicles (EVs), Shriram Finance is offering a four-wheeler electric loan, to support your transition to eco-friendly transportation. To ensure a faster and hassle-free loan processing experience, understanding the electric four-wheeler loan eligibility is crucial. This guide will help you navigate the eligibility criteria, necessary documents, and tips for improving your chances of securing an electric four-wheeler loan.
Eligibility Criteria for Electric Four-Wheeler Loan
When you apply for an electric four-wheeler loan, you need to meet certain eligibility
criteria. Here are the main requirements:
AgeYou must be between 18 and 70* years (The applicant should not be older than 70 years at the end of the loan tenure).
Nature of BusinessThis loan is mainly for transport-related businesses.
Credit ScoreA good credit score is usually necessary
Meeting these criteria will help you get approved for your loan more easily.
Documents Required for an Electric Four-Wheeler Loan
- Photo Identity and Address Proof Document
- Aadhaar Card
- Passport
- Driving License
- Income Proof Document
- Last three months' bank statements
- Income Tax Returns (ITR)
- Audited company accounts from the last financial year
- Cash flow statement
- Address Proof
- Gas Connection Card
- Water Bill
- Electricity Bill
- Prepaid Mobile Bill
- Telephone Bill
- Asset Related Documents (Pre-Sanction)
- Pro Forma invoice and margin money receipt for a new vehicle
- Sale deed for used vehicle purchase
- Valuation report for a used vehicle
- Registration certificate for a used asset or registration certificate with hypothecation in favour of the company
- Asset Related Documents (Post-Disbursement)
- Original invoice of the new vehicle with hypothecation in favour of the company
- Registration certificate and hypothecation in favour of the company for used vehicle.
How to Improve Your Electric Four-Wheeler Loan Eligibility?
Here are some simple steps to improve your eligibility for an electric four-wheeler loan:
Step 01
Improve Your Credit Score: Check your credit report regularly and fix any mistakes. Clear your debts and keep your credit usage low.
Step 02
Increase Your Income: Look for additional income sources.
Step 03
Reduce Existing Debts: Paying off existing loans can improve your debt-to-income ratio, making you more attractive to lenders.
Step 04
Maintain Stable Employment: Job stability can positively affect how lenders view your application.
Step 05
Provide Complete Documentation: Make sure all required documents are accurate and complete to avoid delays in processing.
By taking these steps, you can increase your chances of getting a favourable loan.
Eligibility Criteria for Electric Four-Wheeler Loan for Self-Employed
If you are self-employed, there are some specific criteria you need to meet when applying for an electric four-wheeler loan:
Age Requirement
You must be between 18 and 70 years old at the end of the loan period.
Business Stability
You need to show proof that you have been in business for at least one year.
Income Verification
You will need to provide detailed income proof, such as recent bank statements and tax returns.
Creditworthiness
A good credit score is essential as it shows how well you manage your finances.
Understanding these specific criteria will help self-employed applicants prepare their applications better.Getting an electric four-wheeler loan requires careful attention to eligibility criteria and documentation. By ensuring that you meet the necessary requirements and preparing all relevant documents, you can make the application process smoother and increase your chances of approval. Whether you're self-employed or part of a transport-related business, being informed is key to successfully financing your electric vehicle purchase.
Electric Four-Wheeler Loan Eligibility FAQs
How to get a four-wheeler loan with a low credit score?
To secure a loan with a low credit score, check your credit score for edits, gather necessary documents, and consider secured loan options. Utilize our quick online application and choose a repayment plan that fits your financial situation for better management.
What is the maximum age limit for applying for the electric four-wheeler loan?
The applicant should not be older than 70 years at the end of the loan tenure.
What documents do I need to provide to apply for an electric vehicle loan?
To apply for an electric vehicle loan with Shriram Finance, you need to provide one document from each of the following categories:
• Photo Identity Proof: Address Proof: Aadhaar Card, Passport, or Driving License.
• Address Proof Document: Gas Connection Card, Water Bill, Electricity Bill, etc.
• Income Proof Document: Last three months' bank statements, Income Tax Returns (ITR), etc.
• Asset Related Documents (Pre-Sanction): Pro Forma invoice and margin money receipt or sale deed for used asset purchase.
• Asset Related Documents (Post-Disbursement): Original invoice for the new asset with hypothecation.
How long does it take to get approved for an EV car loan?
Shriram Finance typically offers quick approvals for EV car loans. The approval process can take just a few days, depending on the completeness of your documentation.
What is the minimum credit score for an electric vehicle loan?
Ideally your credit score should be above 750. Having a good credit score can significantly improve your chances of getting approved for an electric vehicle loan.
Can I apply for an electric four-wheeler loan without income proof?
Income proof is generally required when applying for an electric four-wheeler loan with Shriram Finance. This helps lenders assess your ability to repay the loan. However, if you are self-employed, you can provide alternative documentation such as bank statements or audited financials to demonstrate your income stability.
Can businesses apply for electric four-wheeler loans for commercial use?
Yes, transport-related businesses can apply for electric four-wheeler loans from Shriram Finance specifically for commercial use.
Are there pre-approved loan offers for existing customers?
Yes, Shriram Finance may offer pre-approved loan offers to existing customers based on their repayment history and relationship with the company.
Low Processing Charges & Quick Loan Disbursals on EV four wheeler loan.
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