With the world recognizing the importance of environmentally friendly and sustainable practices, every industry, including the automotive sector, is trying to produce green products. Green fuels and electric vehicles are actively replacing petrol and diesel automobiles.
Recent statistical reports reveal significant progress within the three-wheeler market. Of the 986,797 purchases made between 2023-24 in India, nearly 54% are electric three-wheelers, compared to just 15% in FY19. However, besides the eco-conscious trend, what is the driving force behind the EV revolution? The answer is the easy availability of affordable and customized three-wheeler loans!
Manba Finance interviewed five people who recently opted for a three-wheeler auto loan. The purpose was to understand their reasons for selecting a three-wheeler electric auto and the loan solutions they explored.
Mohanlal from Ujjain opted for low-interest loans
Mohanlal used to drive a CNG auto-rickshaw in Ujjain, Madhya Pradesh. When he learned that electric three-wheelers would cut his daily maintenance expenses by nearly half, he immediately decided to switch. When searching for lenders, he discovered that Manba Finance offered collateral-free EV three-wheeler loans in India at the lowest interest rates!
He shared his loan procurement experience and said, “Manba Finance considers the customer’s location, loan tenure and customer profile to offer the best EV three-wheeler loan interest rates. Being 35 years old, a resident of India, and having an operative bank account, I fulfilled all the eligibility criteria and went ahead with the three-wheeler loan application online. After reviewing my documents and finding out that I had a high credit score, they immediately approved a low-interest rate loan.”
Raju from Ahmedabad needed a flexible payment plan
Raju, a 12th pass, was looking for a job in Ahmedabad to support his family. After a few months of menial jobs, one of his friends suggested he drive a three-wheeler electric auto. Raju did not have much savings to make big purchases, so he looked up companies offering EV three-wheeler loans in India and found out about Manba Finance.
Raju told us, “I went through many lenders, but Manba Finance had the easiest eligibility criteria and fewer document requirements. They were also offering the most flexible payment plans, with a loan tenure ranging from 6 months to 4 years. I used their three-wheeler loan EMI calculator to decide on a comfortable repayment plan. Finally, I filled out their three-wheeler loan application online, and it was sanctioned within a day!”
Harihar from Mumbai explored Indian government subsidies and incentives
After working as a delivery partner in Mumbai for around two years, Harihar recognized the immense potential in the delivery industry and decided to expand his business in 2024. He already owned a three-wheeler cargo and decided to invest in one more. Through online research, he realized that an electric three-wheeler was much more cost-effective in the long run.
When asked about his decision, he explained, “Firstly, electricity is much cheaper than fuel. Secondly, the government is offering lucrative incentives for EVs under their newly launched Electric Mobility Promotion Scheme (EMPS). I realized the money I saved on fuel could be used to pay the driver’s salary. Plus, Manba Finance made the three-wheeler loan process quick and easy. With another three-wheeler added to my fleet, I now earn more than before.”
In a nutshell: Factors to consider when choosing financing options for your electric three-wheeler
If you are ready to get a loan for three-wheeler just like Mohanlal, Raju, and Harihar, here’s a complete checklist of things you must remember:
- Assess your eligibility criteria
- Gather all the required documentation
- Check for EV three-wheeler loan interest rates
- Use the three-wheeler loan EMI calculator to decide the loan term
- Research on ongoing subsidies
Manba Finance has helped over 9 lakh customers with personalized loan solutions. You can be next anytime, anyday! Don’t hesitate to reach out to us via call or WhatsApp. We’re eager to talk to you and provide you with the best three-wheeler auto loan options.
