How To Take Loan E Rickshaw-Apply Online

 E-rickshaws have now become very popular among Indian rickshaw pullers. Nowadays, e-rickshaws have created new employment opportunities for people. They give massive returns in less time and are easy to operate and have low maintenance and running costs. E-rickshaws were introduced in India in late 2010 along the lines of China, but sales were sporadic and not widespread. However, this segment gained popularity between 2015 and 2018.

You can easily drive a rickshaw in any state or city. But if a common man wants to buy his own e-rickshaw, the biggest problem facing him is where to get one to one and a half lakh rupees. If you are also facing the same problem, you can buy it on loan. How to take loan for e-rickshaw? Along with giving information about this, here you are being given detailed information about documents, eligibility and online application of E Rickshaw Loan (E Rickshaw Loan Apply Online).

E Rickshaw Manufacture and Design

The e-rickshaw has a tubular chassis of mild steel, consisting of 3 wheels with a differential mechanism at the rear wheels. A brushless DC motor is used for this. The electrical system used in Indian versions is 48V while in Bangladesh it is 60V. The body design from the most popular Chinese version is very thin iron or aluminum sheet. Bodies made of fiberglass are also popular due to their strength and durability, resulting in less maintenance.

It consists of a controller unit. They are sold based on the voltage and output current supplied, as well as the number of MOSFETs (metal oxide field effect transistors) used. Vehicle batteries are usually lead acid with a lifespan of 6-12 months. Deep cycle batteries designed for electric vehicles are rarely used.

E Rickshaw Types

Load Carriers

Load bearing versions of these rickshaws differ in their upper body, load carrying capacity, motor power, controller and other structural aspects, sometimes fitted with more powerful motors to lift loads up to 500-1000 kg.

Solar A Rickshaw

A direct solar powered rickshaw is an electric auto rickshaw that is driven entirely by one or more electric motors, powered by solar panels mounted on the vehicle, and is capable of being driven while the vehicle is in motion. In theory, solar panels could directly power the motor without the need for batteries, but in reality this would be an impossible design choice for a rickshaw, given its intended purpose. However, solar panels in e-rickshaws are not efficient and are not used frequently.

E Rickshaw Loan Related Information

Taking an electric rickshaw loan simply means that you can get money for it in the form of a loan from any bank or any private financial institution. Which is provided by the finance company. However, for this you are also charged annual interest. However, while taking an e-rickshaw loan, the entire amount of the vehicle is not provided by the bank or that financial institution, that is, you have to pay 20 to 25 percent of the total cost of the e-rickshaw. After this, you have to pay a fixed installment (EMI) every month.

E Rickshaw From Bank in Gujarati

If you want to buy your e-rickshaw by taking a loan from the bank, you have to go to the bank branch first with all your documents. If the bank agrees to give you a loan, the bank will give you a loan form. Which you have to fill very carefully, along with all those documents, the details of which are given in the loan form. Apart from this, if some other documents are required by the bank, you will be informed about it.

If you complete all the documents asked by the bank, then your documents will be verified. If your documents are found correct in the verification, your loan will be approved by the bank. For your information, let us tell you that your loan amount is given directly to the e-rickshaw selling company through a draft by giving it to your bank account.

E Rickshaw Loan From Agency

Currently, vehicles are also offered on loan by almost all types of vehicle agencies, although they are mostly private financiers. If you want to take a loan from a direct agency instead of a bank, you have to go to the agency with all your documents. The names of available financiers i.e. finance companies will be given to you in the agency. Also, which agency will give you which type of loan. This will also be informed.

On agreement with the finance company, after checking all your documents and taking 2 cancellation checks from you, your monthly installment (EMI) will be decided based on the loan amount. For your information, let us tell you that the finance company will pay only 80 to 85 percent of the total cost of the e-rickshaw and you will have to pay the remaining amount.

E Rickshaw Loan Percentage

If we talk about the loan percentage available for e-rickshaw here, mainly it is given only around 75 to 85 percent of the original cost of the e-rickshaw. For example, if the price of e-rickshaw is 1 lakh rupees, only 75 to 85 thousand rupees will be paid by the bank or financial institutions, you will have to pay the remaining amount yourself.

E Rickshaw Loan Interest Rate Information

If we talk about the loan interest rate for e-rickshaw, it varies from financial institution to financial institution. If you take your e-rickshaw directly from the agency, the interest here is around 10 to 12 percent. Apart from this, if you take a loan from a bank, here you are charged around 7 to 8 percent interest. Apart from this, if any kind of scheme is being run by the government then you will also get the benefit of that scheme, but in such cases it takes a lot of time to approve the loan.

Loan Repayment Deadline

Mainly for all types of vehicles the loan tenure ranges from 1 year to 3 years. But if you have taken this loan from any bank then the loan repayment period can be up to 5 years. Especially in such cases if you have a big house or a lot of land or any other big thing that the bank can fully trust you with. For your information, let us tell you that you cannot take any type of loan for less than 1 year, even if you have the ability to repay the loan within 1 year.

On non-repayment of Loan Amount

If you have taken your e-rickshaw loan and for some reason are unable to pay the monthly installments, this can be a very risky task for you. But if your problem is genuine, the finance company may give you some extra time to repay the loan amount. However, if you are unable to repay the loan amount, your e-rickshaw will be confiscated by the finance company.

However, you can’t even go to the police about this because when you bought this rickshaw, its registration certificate (RC) already mentioned that this rickshaw was taken on loan from a leading company. Overall, it means that the e-rickshaw is fully owned by the financial institution from which you took the loan for it, until you deposit the remaining installments of the e-rickshaw.

E-Rickshaw Loan Documents Required

• PAN Card
• Aadhar Card
• Income Proof
• If the applicant is from BPL family. So BPL card is necessary.
• Bank Account Passbook

How to Apply for E-Rickshaw Loan

• First of all you have to go to the official website of the bank.
• On the home page of the website, select the vehicle loan option.
• In this option you have to search and click on e-rickshaw loan.
• Now the loan application form will open in front of you, after filling all the information asked, attach the documents and click submit.
• Your form as well as all the documents will be checked by the bank, if everything is done correctly, your loan will be approved by the bank.

Electric Rickshaw Top 5 Benefits

Zero Pollution

E-rickshaws have proven to be a great last mile solution for Indian roads. Currently, CNG-powered autos are considered the cleanest local commuting solution. However, battery-powered e-rickshaws are a zero-pollution option. Even if we replace existing CNG autos with e-rickshaws, it will reduce CO2 emissions by 1,036.6 tonnes per day (or 378,357 tonnes of CO2 emissions annually). Not only this, it also does not cause noise pollution like an auto.

Cheaper and Better

E-rickshaws are much cheaper than traditional last mile solutions such as autos, which are the second most economical mass mobility option. An e-rickshaw costs around Rs. 1 lakh, while the ICE-based auto is priced at Rs. Can be up to 3 lakhs, depending on the state in which it is purchased.

Low Maintenance

Powered by batteries that can be charged at a charging station or swapped at a battery swapping station. E-rickshaws are easy to operate and maintain as compared to conventional autorickshaws.

Easy Ride

E-rickshaws are shorter than traditional pedal rickshaws and being closer to the ground, they prove a smoother turning and riding experience. This makes them ideal for congested and heavily trafficked urban roads as well as rough and narrow rural roads.

Higher Earning Potential

E-rickshaws contribute not only to sustainability but also to the socio-economic development of e-rickshaw drivers and their families. With low cost of operation, e-rickshaw drivers can earn more and more comfortably than regular rickshaw drivers. Now with the rise of battery swapping services, e-rickshaw drivers are also able to overcome range anxiety as they can swap a discharged battery at a swapping station and be back on the road within minutes.

E Rickshaw Future in India

In the early days, e-rickshaws were imported, but now they are being manufactured locally. Many OEMs are producing highly advanced lithium-ion batteries and the ecosystem is growing rapidly.

The biggest challenges faced by e-rickshaws in the early years were range concerns and lack of adequate charging infrastructure. However, with the rapid expansion of the battery swapping network, it is now possible for e-ricksh