Question 1

What is the maximum loan amount I can avail of for an Electric Two-Wheeler?

Accepted Answer

Virat: You can avail of a loan amount of up to Rs 1,50,000 or 75% of the total on-road vehicle price, whichever is lower. The minimum loan amount available is Rs 30,000.

Question 2

What is the interest rate on the Revfin Electric Two-Wheeler Loan?

Accepted Answer

Virat: The loan comes with two interest rate options: an annualised reducing rate of up to 30% or a flat interest rate of 17%. You can choose the option that best fits your financial planning.

Question 3

What are the eligibility criteria for applying for this loan?

Accepted Answer

Virat: To be eligible for the Revfin Electric Two-Wheeler Loan, you must be between 21 and 60 years old at the time of the loan application. You are also required to have a minimum monthly income of Rs 12,000. Additionally, you must provide essential documents such as a PAN card, proof of residence, three months' bank statements, and six post-dated cheques

Question 4

What documents are required to apply for this loan?

Accepted Answer

Virat: The required documents for the Revfin Electric Two-Wheeler Loan include your PAN card, proof of residence, and a bank statement from the last three months. You will also need to submit six post-dated cheques along with vehicle-related documents, such as the registration certificate and vehicle insurance. Moreover, the installation of an IoT tracking device through a Revfin-approved vendor is mandatory

Question 5

Are there any additional charges associated with the loan?

Accepted Answer

Virat: Yes, a few additional charges are associated with this loan. There is a processing fee or origination charge of up to 5% of the loan amount. If an EMI payment bounces, a fee of Rs 250 is charged per instance. Legal and incidental charges are applicable as per actual costs. However, there are no loan cancellation or foreclosure charges, and there is no additional charge for late EMI payments

Question 6

Can I foreclose the loan early, and are there any penalties?

Accepted Answer

Virat: Yes, you can foreclose your loan at any time without any foreclosure charges. There are no penalties for early repayment, giving you flexibility in managing your finances.

Electric Two-Wheeler Loan

बैटरी चार्जिंग से छुटकारा, फुल चार्ज बैटरी मिनट में पाएं (E-2W with Swappable battery)

How to maintain your electric 2 wheelers ?