What You Need to Know About Three-wheeler loans?

In an economically developing country like India, owning one or a fleet of three-wheeler vehicles can be financially beneficial.
Commercial three-wheelers are now a lucrative option for people who are involved in the transportation business. Hence, commercial three-wheeler loans come handy if you are planning to invest in one. There are also used commercial vehicle loans available in banks and NBFCs too.
Chola offers loans for new three-wheelers. You can choose from a wide range of 3 wheelers from the best the industry has to offer. Based on your requirements, Chola offers customized solutions with quick and hassle-free service. You can give us a call, walk-in to the nearest Chola branch or just apply online.

What are the 3 types of three-wheeler loans?

New Three-wheeler Loan

The standard three-wheeler vehicle loan is for customers who want to buy a new three-wheeler vehicle. There are financiers who can cover up to 100% of the commercial vehicle’s ex-showroom price. Lenders can also offer additional funding in case the three-wheeler needs body construction or a host of other modifications.

Loan for Used Three-wheeler

To help those people, lenders offer used three-wheeler loans designed for vehicles under the operational age of 15 years. These loan schemes tend to cover up to 90 percent of the pre-owned vehicle’s asking price.

Three-wheeler Loan Refinancing

Three-wheeler vehicle refinancing schemes are for three-wheeler vehicle owners who need a top up to their already existing auto-loan. This scheme is helpful for vehicle owners to avail extra loan amount for emergencies and also to buy new vehicle or for doing repairs on existing automobile.

Common features of three-wheeler loans

Catering to customers in rural and urban regions
Low down payment
Fast approval
Minimum documentation
Attractive rate of interest
Wide branch network for customers who prefer to walk in
Flexible tenure

You can now avail three-wheeler vehicle loans from Chola hassle-free with best-in-class technology and a helpful customer support team. Enjoy flexible tenure, easy repayment options and a seamless experience with Chola.