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Hero Electric scooters Finance
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FAQs for Hero Electric Finance
Q) How is Hero Electric scooter loan EMI calculated monthly?
A) Hero Electric scooter loan EMIs include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula: {P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.
Q) Which documents I need to have to apply for a Hero Electric two wheeler loan?
A) To get your Hero Electric scooter loan application with the selected lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs (Form 16/Salary Slips/ITR). You can get the exact requirement from your loan consultant after applying with us.
Q) What will be the minimum down payment for a Hero Electric Bike/Scooter loan?
A) The lenders generally finance 90% of the ex-showroom price of the Hero Electric two wheeler. Some customers might be eligible for 100% funding too. This means the minimum possible down payment that you have to pay includes the RTO and insurance charges for the Hero Electric scooter. Down payment is the difference between the on-road price of the Hero Electric scooter and the amount funded by the lender.
Q) What will be the rate of interest on a Hero Electric scooter finance?
A) The interest rate primarily depends on the principal amount and tenure of the loan amount of the Hero Electric two wheeler. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum.