Electric Four-Wheeler Loan

Shriram Finance offers loans for transport-related four-wheeler Electric Vehicles (EVs) with competitive interest rates starting at 10%* p.a. Shriram Finance provides up to 95% finance on the on-road price of new electric vehicles and up to 90% for used electric four-wheelers. Loan tenures range from 12 to 48 months, enabling borrowers to select a repayment plan that suits their financial needs. The finance options are designed to make purchasing eco-friendly vehicles easier and more accessible.

Yes, Four-Wheeler Electric Loan from Shriram Finance comes with various benefits that promote the adoption of eco-friendly transportation. Individuals taking out electric vehicle (EV) loans from Shriram Finance can benefit from tax exemptions under Section 80 EEB of the Income Tax Act. This provision allows for a tax deduction of up to ₹1,50,000 on the interest paid for loans taken to purchase electric vehicles. Shriram Finance offers competitive financing options with interest rates starting at 10%* p.a. This initiative aims to promote the adoption of electric mobility while providing financial relief through tax benefits for consumers investing in eco-friendly transportation.

Electric Four-Wheeler Loan from Shriram Finance provides a streamlined digital application process for electric vehicle loans through its website and mobile app, making it convenient for customers to access finance options. By leveraging this digital application process, four-wheeler green finance offered by Shriram Finance aims to facilitate the transition to eco-friendly vehicles while providing competitive finance options tailored to customer needs.

Yes, Shriram Finance generally allows prepayment on electric four-wheeler loans. However, it must be understood that there is a minimal fee levied on the prepayment of electric four-wheeler loans. Contact a representative from Shriram Finance for more details on these charges.

Yes, obtaining insurance is a crucial requirement for loan approval for Four-Wheeler Electric Loan from Shriram Finance. According to the Motor Vehicles Act of 1988, all vehicles must have at least third-party insurance coverage. This requirement is strictly enforced by financial institutions, including Shriram Finance, which will not approve a loan without proof of insurance. Additionally, comprehensive insurance is recommended as it covers both third-party liabilities and damages to the vehicle itself, providing broader financial protection for the owner. Therefore, securing appropriate insurance is a crucial step in the loan approval process for electric vehicles.

If your Four-Wheeler Electric Loan application is rejected, don’t lose hope. Start by understanding the specific reasons for the rejection, such as a low credit score, high debt-to-income ratio, or incomplete documentation. To improve your electric vehicle finance chances for future applications, work on enhancing your credit score, reducing existing debts, and ensuring all required documents are accurate and complete. Consider reapplying after addressing these issues and be prepared with all necessary information to demonstrate your financial stability. Taking these proactive steps can significantly increase your likelihood of securing a loan in the future.