Question 1

What is the loan amount I can avail for an Electric Three-Wheeler?

Accepted Answer

Virat: You can avail a loan of up to Rs. 4,50,000 or 90% of the on-road price of the vehicle. The minimum loan amount is Rs. 40,000.

Question 2

What is the loan tenure available for the Electric Three-Wheeler loan?

Accepted Answer

Virat: The loan tenure ranges from 6 months to 60 months, giving you flexibility to choose a repayment period that suits your financial situation.

Question 3

What is the interest rate for the Electric Three-Wheeler loan?

Accepted Answer

Virat: The interest rate is up to 30% (Annualised Reducing Rate) or a flat rate of 17%.

Question 4

What are the eligibility criteria for this loan?

Accepted Answer

Virat: To be eligible for the Revfin Electric Three-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 5

What documents are required to apply for this loan?

Accepted Answer

Virat: The required documents for the Revfin Electric Three-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 6

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 7

Can I foreclose my loan early without any charges?

Accepted Answer

Virat: Yes, there are no foreclosure charges if you choose to repay the loan early.

Question 8

What happens if I miss an EMI payment?

Accepted Answer

Virat: A fee of Rs. 250 is charged for each EMI bounce.

Question 9

Where can I apply for the Electric Three-Wheeler loan?

Accepted Answer

Virat: The loan is available through Revfin’s approved dealerships only.

Electric Three-Wheeler Loan

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