Affordable Electric Scooter Loans with Low Interest Rates

Rohan KadamRohan Kadam
3 min read

As India moves toward a greener and more sustainable future, electric scooters are rapidly becoming a preferred mode of transport. With their low running costs, eco-friendliness, and ease of maintenance, e-scooters offer a smart alternative to petrol-powered vehicles. But while these scooters save money in the long run, the initial purchase cost can still be a hurdle. That’s where affordable electric scooter loans with low interest rates come into play.

Why Choose an Electric Scooter?

Before diving into financing options, here’s why more people are switching to electric two-wheelers:

  • Zero emissions

  • Low maintenance

  • Cheaper to operate (no petrol required)

  • Ideal for city commutes

  • Eligible for government subsidies (FAME-II & state-level incentives)

What Are Electric Scooter Loans?

Electric scooter loans are financing solutions specifically designed to help individuals purchase battery-powered two-wheelers. These loans are offered by banks, NBFCs, and even some EV manufacturers in partnership with lenders. The key benefit? You get to own an electric scooter by paying monthly EMIs instead of the full price upfront.

Benefits of Low-Interest Electric Scooter Loans

  • Lower Monthly EMIs: A reduced interest rate means you’ll pay less over time.

  • High Loan-to-Value (LTV): Some banks finance up to 100% of the on-road price.

  • Flexible Repayment Terms: Tenure typically ranges from 12 to 60 months.

  • Quick Processing: Many lenders offer instant or same-day approvals.

  • Minimum Documentation: Aadhaar, PAN, income proof, and bank statements are usually enough.

Leading Banks & NBFCs Offering EV Loans

LenderInterest Rate (Approx.)Loan TenureSpecial Features
State Bank of India (SBI)From 7.5% p.a.Up to 7 yearsNo foreclosure charges
HDFC BankFrom 7.99% p.a.Up to 5 yearsSpecial EV schemes
ICICI BankFrom 8.25% p.a.Up to 5 yearsFlexible repayment
Bajaj FinservFrom 9.5% p.a.Up to 4 yearsQuick approval
Hero FinCorpFrom 10.5% p.a.Up to 3 yearsIn-store financing

Note: Rates vary by credit score, location, and vehicle model.

Eligibility Criteria

  • Minimum age: 18 years

  • Salaried or self-employed individual

  • Good credit history (CIBIL score of 700+ preferred)

  • Valid KYC documents

  • Stable source of income

How to Apply

  1. Choose your electric scooter and dealer

  2. Compare loan offers from different lenders

  3. Submit your application with required documents

  4. Get loan approval and disbursal

  5. Take home your electric ride , Apply Swiploan.

Tips to Get the Best Deal

  • Compare multiple lenders before choosing a loan

  • Check for hidden charges like processing fees or prepayment penalties

  • Look for bundled insurance or subsidies to lower overall cost

  • Negotiate with your dealer for manufacturer tie-up loan deals


Final Thoughts

Electric scooters are not only a smart choice for your wallet but also for the planet. And with easy financing options available at competitive interest rates, owning one has never been more convenient. Whether you’re a student, a working professional, or a delivery executive, an affordable electric scooter loan can help you get on the road without breaking the bank.TO KNOW MORE:

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Written by

Rohan Kadam
Rohan Kadam