E Rickshaw Loan in 2023

Last Updated on October 4, 2023 by Brajesh

E Rickshaw Loan in 2023:

What is E Rickshaw

E Rickshaw is now very common and most cheapest form of transportation for every Individual. E Rickshaw are small 3 wheeler vehicle operated with battery of 650 watts to 1400 watts. Vehicle doesn’t only save fuel but also provide greater mobility then other pulled rickshaw. E- rickshaw are eco friendly and are also profitable to the owner where they can generate ₹ 500 to ₹ 600 daily.

Problem of buying a E Rickshaw

As they are profitable for owner as well as for traveler generally for a short distance travel, hence numbers of E Rickshaw is increasing in the market. However one most important challenge lies here is owning an E Rickshaw, as generally people who are low earner or earn below par fails to arrange the fund to own an E Rickshaw vehicle. Generally cost of owning an E Rickshaw comes around ₹150000/- to ₹500000/-

Good news: E Rickshaw Loan in 2023

Now their are many banks and NBFC who are offering E Rickshaw Loan in 2023. These financial institution provides loan up to 80-85 percent of total Invoice. Some banks have exclusive scheme like E Rickshaw Loan in 2023.

One such Bank is Bank Of India

BOI E Rickshaw Finance

Some important point on E Rickshaw Finance by BOI can be noted as below:-

  • All Individual can apply for this Loan
  • Minimum margin is 15 percent of cost of invoice
  • Term loan to be paid in maximum 48 months/EMI
  • Battery cost is also funded by the bank to be paid in 18 EMI
  • Only one vehicle will be funded by the bank at one point of time
  • Maximum 3 vehicle can be financed under this scheme.
  • Not much documentation is required, borrower can visit the nearest branch

Click here for more details

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