Looking for EV? need loan? Get it in 5 mins that's too from Green NBFCs

Enjoying easily available loans for vehicles is a rare luxury. And when it comes to EVs, the lane gets more narrower. However, with the rise of EV financing institutions like Green NBFCs (Non-banking financing companies), financing your EV is now easier than ever before. Companies like

Ecofy

What exactly are Green NBFCs? How they are better? 

Green NBFCs are institutions that provide cheap and easy loans to any entity that has decided to reduce its carbon footprint. Green NBFCs are the answer to the problems customers generally face when they seek loans for their electric vehicles from regular banks. The main issues lie in the availability, process, and terms & conditions of the loans often provided by these banks. And how NBFCs are better? Simple! Because they solve these issues.

How are Green NBFCs better?

The Rate of Interest by these NBFCs, generally, starts from 5.99 % only, unlike the high-rate loans given by banks. Obviously, it depends on your CIBIL score. Well, some banks do provide lower interest rates, however, on average any bank takes 1-2 days for any loan approval. In contrast, a Green NBFC only takes a minimum of 5 minutes to approve your loan.

Moreover, banks charge you a significant amount in the case of foreclosure but when it comes to NBFCs these charges are next to nothing and sometimes, literally nothing. In addition, financial products by green NBFCs are optimised for EV purchases, unlike banks’ general financial products for every vehicle. Sometimes due to your CIBIL score, you might not be eligible for loans in banks but NBFCs might help you out. 

How to claim your 5-min loan?

Although all Green NBFCs follow almost the same procedure, some steps might differ or vary depending on the company. But not to worry, if you are stuck anywhere in between, just call our EVGURUS at 9099900563 and we will help you navigate through this journey. To apply for any EV loan we highly recommend you thoroughly refer to the steps mentioned below– 

Step1- Login to your NBFC app

After selecting your Green NBFC, open the page and log in with your phone number to create your ID. You will receive an OTP to finalise your profile. 

Step2- Select Vehicle

After logging in, choose the EV which you want to buy. Assuming that you are trying to finance your EV only after selecting your preference, just search for your favourite ride for which you want to sanction your loan.

Step3- Digital KYC

The NBFC app will further require you to perform the “Know Your Customer (KYC)” exercise. In this, you have to upload your documents such as an Aadhar Card, PAN card, Income Proof, an additional address verification document such as an electricity bill and some other family background details.

Step 4- Bureau check 

Further, the app will check your CIBIL score and customise an offer for you.

Step 5- Offer Generation 

Following the Bureau Check, you will be provided with a loan offer starting from Rate Of Interest(ROI) as low as 5.99%. Moreover, you will get to know the downpayment options which you can opt as per your requirements. 

Step 6- eNACH process

Electronic National Automated Clearing House or eNACH is a process to verify your bank account details from which your instalments will be paid. The NBFC will first ask customers to enter their bank details and then usually sends Rs1 to the customer’s account for verification. For further authenticity, the NBFC might also ask you to upload your Digital sign and a selfie. Following the procedure and after accepting all the terms and conditions, the user can proceed to the next step.

Step 7- Sanction letter- Hurray! The Loan Approved!

Following the eNACH step, the NBFC institution will take a few minutes to process all the data and will provide a hand-to-hand sanction letter of loan approval. And VIOLA, We are halfway there!

Step 8- Walk into your nearest showroom

Now walk into your nearest showroom and show your sanction letter to the Dealer. After crosschecking all the details, submit your downpayment amount and receive a receipt for your payment. 

If you are planning to buy your ride online, then also you don’t have to worry a bit. You can contact the dealer in virtual mode and make all transactions online. In the end, you will just need the receipt of the downpayment, either hardcopy or softcopy no worries. 

Step 9-  Submit the receipt & enter personal details

The downpayment receipt received from the dealer is further needed to be uploaded on NBFC’s platform. After uploading the receipt, the user is asked to enter personal information such as address proof, income proof and some other documents. Here, the same documents that you may have uploaded for the digital KYC will be needed again to move further.

Step 10- UTR generation 

And just like this, your loan will be disbursed. The NBFC platform will generate a Unique Transaction Reference(UTR) as proof of loan disbursement. The customer is required to share this UTR with the dealer in order to check the completion of the transaction. 

Step 11-  Enjoy your ride

Well done! You have hit the jackpot of EV financing deals! Now roll out your brand new EV from the showroom and make your journey more beautiful than the destination!

Attaboy NBFCs! 

Switching the commute trend from conventional gasoline-powered vehicles to electric counterparts is a challenging job. This transition of trend is further pushed by the government’s subsidy and EV companies' constant effort to provide a pocket-friendly product. However, the importance of credit-providing companies is often overlooked in this sector. It is for companies like Ecofy, and evfin by Greaves and many more to carry the responsibility of bridging the transition cost for EV enthusiasts. Creating a comprehensive ecosystem is very necessary to promote EV adoption in India and Green NBFCs with their optimised and cheap EV loans are an important stakeholder in the revolution. So if you are looking to finance your EV, then these NBFCs are worth checking out!