Three-wheeler vehicles are becoming increasingly popular in India. Whether in densely populated metropolitan cities or comparatively smaller Tier-2 cities, EVs three-wheelers have made their way through every lane in the country.
What is the reason for this? Well, to begin with, three-wheelers are more affordable to purchase, operate, and maintain than larger vehicles. Their compact size makes it easier to navigate congested areas and park in narrow spaces. In addition, electric three-wheeler vehicles also offer environmental benefits compared to traditional vehicles. In fact, according to the International Energy Agency (IEA), India had over 580,000 electric three-wheelers sales in 2023, emerging as the global leader in the electric 3W market.
If you wish to buy a three-wheeler but are concerned about digging into your savings to make hefty one-time payments, a three-wheeler loan is your answer! We know it’s a desirable opportunity, but before you rush to hit the ‘Apply Now‘ button, you must check your three-wheeler loan eligibility. This way, you can ensure that you meet lenders’ requirements and increase your chances of loan approval!
Recently, Raju from Pune got a three wheeler loan, and Sonu from Mumbai got a three-wheeler electric vehicle loan through Manba Finance. Our representatives guided them throughout the process to guarantee a successful loan approval. You can follow the same tips, too!
How did Raju and Sonu navigate their three-wheeler loan eligibility?
In four easy steps, the loan aspirants turned into loan buyers. Here’s how:
1. Raju and Sonu checked the essential eligibility criteria
Raju and Sonu began by checking if they met the essential eligibility criteria set by Manba Finance for getting a new three-wheeler loan. Since they were residents of India aged between 18 and 60 with an active bank account, they were immediately qualified for loan application. Three-wheeler loan applications online with Manba Finance are that simple and straightforward! However, it’s essential to remember that loan approval still depends on various other factors, as discussed.
Manba Finance Tips: A 2021 World Bank report shows that around 10-20% of Indians still do not have a bank account. If you do not have one, go to your nearest bank or apply online today. Without a functional bank account, you will become ineligible for the loan.
2. Raju and Sonu checked their credit score
Manba Finance explained to Raju and Sonu how having a good credit score of 750 and above can help them secure a high loan amount at lower interest rates with flexible repayment tenures. The representatives also discussed how it promises quicker and more successful loan approval.
Raju and Sonu had excellent credit scores, increasing their three-wheeler loan eligibility. Raju took an education loan for his daughter’s higher studies and paid every EMI on time, significantly boosting his credit score. On the other hand, Sonu owned and utilized a credit card optimally, which helped him build a positive credit history.
Manba Finance Tips: Do you want to build a high credit score? Here are five strategies to get closer to your goal:
- Use 30% or below of your total available credit.
- Pay your loans, product EMIs, and credit card bills on time.
- Build a longer credit history. To do so, keep all your old accounts active.
- Diversify the type of credit you have.
- Fact-check your credit reports.
3. Raju and Sonu learned every crucial detail of three-wheeler loans
Before applying for the loan, both the loan buyers had many valid questions that Manba Finance experts patiently resolved. Here are some of their queries which may help you as well:
- What is the maximum amount of the 3W loan I can get?
There is no upper limit for the three-wheeler loan. It mainly depends on the choice of vehicle and customer profile. We assess income, credit score, existing debt, down payment, and more. You can use the three-wheeler loan EMI calculator to evaluate how much you can afford.
- What is the interest rate for electric vehicle loans? Manba Finance offers the lowest interest rates in the market. However, the interest rate is decided based on the customer profile, location, and other factors.
- Do you need any collateral security?
No, Manba Finance offers collateral-free loans.
Manba Finance Tips: Our product page has more related FAQs. If your questions still need to be answered, please contact us directly.
4. Raju and Sonu gathered all the documents
Documentation is a critical component of three-wheeler loan eligibility. Your application will be instantly rejected if any required documents are missing. When Raju and Sonu learned about this, they first gathered everything needed during the application process, including their proof of identity (with DOB), proof of residence, and proof of income.
Manba Finance Tips: Although we require only one document from each of the three categories, gathering as many documents as possible is advisable. It ensures that you can quickly provide a substitute if a document is rejected for any reason.
Three-wheeler loans apply online with Manba Finance today!
We hope you are more confident about purchasing a three-wheeler loan by now. If you need a quick recap of the three-wheeler loan eligibility, we have you covered!
- Ensure you fall between the required age bracket.
- Have an operative bank account.
- Be a resident of India.
- Gather all the required documents.
- Build a good credit score.
- Use the three-wheeler loan EMI calculator.
- Understand the terms and conditions of three-wheeler loans.
Like Raju and Sonu, Manba Finance will be thrilled to support you on your 3W loan journey. Contact us today!
