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Eco-Friendly and Wallet-Friendly: Financing Your Electric Vehicle in India

electric vehicle loans

The EV revolution is in full swing in India, with the Indian Government aiming for 80% of two-wheeler and three-wheeler sales to be electric by 2030. With EV vehicles being the talk of the town, the question, “Should I also make the switch?” would’ve crossed your mind. The only thing holding you back could be the higher upfront cost of EVs. 

Today, we have with us an expert from Manba Finance, who will put light on electric vehicle loan, including EV two-wheeler loans and three-wheeler loans, to make it easier for everyone to take the plunge and contribute to a greener tomorrow.

What are the primary reasons for the boost in EV vehicles in India?

Manba Finance expert: According to recent statistics, around 28 lakh people in India use electric vehicles. The Indian Government has implemented many initiatives to ease the manufacturing of EV vehicles and their adoption by consumers. The widespread awareness campaigns highlighting the environmental benefits of electric vehicles are also prompting people to rethink their transportation choices. With fossil fuels depleting and air pollution increasing rapidly, it’s about time everyone made the switch. 

You can be one of the changemakers in India! Browse EV bike loans and EV scooter loans.

Are there any financial benefits of EV vehicles?

Manba Finance expert: EV vehicles are much more economical than petrol/diesel/CNG vehicles. Let’s say your petrol scooter gives an average of 50 km/l and the petrol cost is ₹100. With a daily commute of 50 km, your monthly cost will be ₹10,000. In contrast, an electric scooter covering 50 km on a full charge costing around ₹20 would amount to just ₹600 monthly. In addition to lower operational costs, electric vehicles (EVs) offer attractive benefits such as increasing resale value due to rising demand, tax incentives, and government subsidies. 

EV vehicles are costlier, so what are the best funding ways?

Manba Finance expert: The initial investment for EV vehicles is indeed on the higher side. However, companies such as Manba Finance, which is committed to the sustainability promise, have made electric vehicle loans available for people who wish to switch. They offer EV bike loans, EV scooter loans, and EV three-wheeler loans at low interest rates

What should you keep in mind when choosing an Electric Vehicle loans?

Manba Finance expert: Before you opt for the loan, you must assess two things: Are you eligible for the loan? Can you afford to pay EMIs? At Manba Finance, the eligibility criteria are simple—you must be a salaried or self-employed Indian resident between 21-59 years of age with an operative bank account. To understand whether you can repay the loan, consider your monthly income, the electric vehicle loan rates, down payment requirements, and repayment tenure. Manba Finance offers loans at the lowest EV three-wheeler and EV two-wheeler loan interest rates with a flexible 6-48 months loan tenure. Remember to use the EMI calculator for accurate answers. 

What is the EV loan application process? 

Manba Finance expert: The entire electric vehicle loan application process has shifted online. All you need is a laptop or smartphone and a stable internet connection. Go to the Manba Finance website, click ‘Apply Now,’ fill out the form, get voucher details, meet our representative, submit documents, and complete the process. 

Finally, do you have any tips on effectively managing the loan?

Manba Finance expert: Never miss an EMI payment! You must set aside the loan repayment amount monthly and ensure you do not use it for anything else. Plus, you can increase your EMI amount to pay off the loan faster if you get a salary hike. When you get a bonus, make a prepayment. 

Get a wallet-friendly electric vehicle loan at Manba Finance today!

Are you inspired to get an EV two-wheeler loan or three-wheeler loan? Manba Finance will be happy to help. If we missed anything in this blog and you have any more queries, please contact us today.

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