Question 1

What is a Green Loan for electric vehicles (EVs)?

Accepted Answer

Lenders have introduced green loans to encourage green transportation. With these, you can finance an e-vehicle and contribute to a healthy environment.

Question 2

How is a Green Loan different from a regular bike loan?

Accepted Answer

Green loan finance only e-vehicles, so that you can’t buy a regular petrol bike with this loan and vice versa.

Question 3

What types of electric vehicles can I purchase with a Green Loan?

Accepted Answer

You can finance any e-bike with the Rupyy green loan. Complete the application form and get quotes on your loan limit and eligible e-bikes.

Question 4

Can I get a Green Loan for a second-hand electric vehicle?

Accepted Answer

No, we only finance green loans on new electric vehicles.

Question 5

What is the loan tenure for a Green Loan?

Accepted Answer

The repayment period of a green loan is from 12-48 months. Do remember that the maximum tenure may change depending on your lender.

Question 6

How much loan amount can I get for an electric vehicle?

Accepted Answer

You’re allowed to borrow 90% of the e-vehicle’s on-road price.

Question 7

Are the interest rates for Green Loans lower than regular bike loans?

Accepted Answer

There might be a slight difference in the interest rates of green loans.

Question 8

Can I apply for a Green Loan online?

Accepted Answer

Yes, you can apply for a green loan online with Rupyy. Apply with us in three easy steps: 
1. Enter your mobile number 
2. Enter the OTP 
3. Click on the ‘Submit’ button.

Question 9

Are there any subsidies or incentives for taking a Green Loan?

Accepted Answer

You can claim a tax deduction of up to Rs.1.5 lakhs on vehicle loan interest under Section 80EEB of the Act, making your green choice more affordable.

Question 10

Can businesses apply for a Green Loan for their electric fleet?

Accepted Answer

Yes, businesses can apply for a Green Loan specifically for their electric fleet. This financial option is designed to support companies in making environmentally friendly investments, including the transition to electric vehicles.

Question 11

Who is eligible for a Green Loan?

Accepted Answer

A regular source of income, eligible age and valid documentation make you an ideal candidate for a green loan.

Question 12

Do I need a high credit score to apply for a Green Loan?

Accepted Answer

No, a high credit score won’t be required for a green loan. You will just need a minimum score of 700.

Question 13

What is the minimum credit score required for a Green Loan?

Accepted Answer

A minimum credit score of 700 can make you eligible for a green loan. Do know the minimum criteria may differ due to different lenders.

Question 14

Is there an age limit for Green Loan applicants?

Accepted Answer

Yes, you need to be at least 21 years or older to apply for a green loan. The maximum age is 60-65 years, depending on the type of employment.

Question 15

Do I need to provide collateral for a Green Loan?

Accepted Answer

Your purchase e-vehicle will act as collateral for the green loan, so there is no need to pledge any other asset.

Question 16

Can I apply for a Green Loan if I have an existing car loan?

Accepted Answer

Yes, you can apply for a green loan even with an existing loan; just make sure you have the repayment capacity to afford 2 EMIs at once.

Question 17

Does my income level affect my loan eligibility?

Accepted Answer

Yes, it does affect your loan eligibility. Instead of financing 90%, the limit may go down to 70-80% if you have a low income.

Question 18

Can I apply for a Green Loan with a co-applicant?

Accepted Answer

Yes, you can apply for a green loan with a co-applicant. Doing so will enhance your repayment capacity.

Question 19

Can I foreclose my Green Loan before the tenure ends?

Accepted Answer

To close a green loan, check with your lender and learn about their early repayment conditions.

Question 20

Is there a penalty charge for early repayment?

Accepted Answer

Yes, a 2-4% penalty charge applies to your early repayment. This ratio may differ from lender to lender.

Question 21

Can I part-pay my Green Loan?

Accepted Answer

Instead of paying the full loan balance, you can pay some portion of the loan balance to reduce EMI/tenure. Doing this will save you a substantial amount on interest charges.

Question 22

Should I close my loan early to improve my credit score?

Accepted Answer

No, you shouldn’t close your loan early just to improve your score because closing a loan early doesn’t have a huge impact on your score. It will only increase your score a few basis points.

Question 23

Are there any benefits for prepaying my Green Loan?

Accepted Answer

Yes, closing a loan early has the following benefits -

Early relief from EMI payments
Savings on the interest portion
Affordable closure fee

Question 24

How long does it take to process foreclosure requests?

Accepted Answer

This depends on the lender you have; some may take time, or some may approve your request within a few days.

Question 25

Can I negotiate the prepayment or foreclosure charges?

Accepted Answer

Yes, you have the option to negotiate for a lower fee if you’re an existing customer.

Question 26

What happens if I miss an EMI on my Green Loan?

Accepted Answer

You will have a grace period of 15 days to pay the due EMI with no penalty interest.

Question 27

Can I transfer my Green Loan to another lender?

Accepted Answer

Yes, you can refinance your green loan if you are getting better interest rates somewhere else.

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