Shema E-Vehicle scooters Finance

Shema E-Vehicle 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.

To get your Shema E-Vehicle 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.

The lenders generally finance 90% of the ex-showroom price of the Shema E-Vehicle 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 Shema E-Vehicle scooter. Down payment is the difference between the on-road price of the Shema E-Vehicle scooter and the amount funded by the lender.

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