Question 1

How is Okaya Electric bike loan EMI calculated monthly?

Accepted Answer

Okaya Electric bike 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.

Question 2

Which documents I need to have to apply for a Okaya Electric two wheeler loan?

Accepted Answer

To get your Okaya Electric bike 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.

Question 3

What will be the minimum down payment for a Okaya Electric Bike/Scooter loan?

Accepted Answer

The lenders generally finance 90% of the ex-showroom price of the Okaya 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 Okaya Electric bike. Down payment is the difference between the on-road price of the Okaya Electric bike and the amount funded by the lender.

Question 4

What will be the rate of interest on a Okaya Electric bike finance?

Accepted Answer

The interest rate primarily depends on the principal amount and tenure of the loan amount of the Okaya Electric two wheeler. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum.

MODEL	EMI (36 MONTHS)
Okaya Faast	Rs. 3,322
Okaya Freedum	Rs. 2,138
Okaya Faast F2B	Rs. 2,731
Okaya Faast F2F	Rs. 2,432
Okaya ClassIQ	Rs. 2,254

Okaya Electric bikes Finance

Okaya Electric Two Wheeler Loan EMI