Do you wish to own and ride an electric scooter with numerous benefits? If you have a limited budget to buy an electric scooter, don’t worry there is a process to get it in EMI.
Buying an electric scooter in Nepal through an Equated Monthly Installment (EMI) scheme is a convenient option for many people who prefer to spread out the cost of their purchase over time. While the process may not be overly lengthy, certain official documents are required to avail of this facility.
If you are not aware of the process of how to buy a scooter in installments in Nepal, read on in this blog.
How To Apply for EMI for Electric Scooter in Nepal
To apply for EMI on an electric scooter in Nepal, first of all, research the scooter that matches your specifications and choices. To buy an electric scooter in installments, it is better to acknowledge which scooter you are opting for because it is a long-term investment.
If you’re interested in buying an electric scooter in Nepal and opting for EMI, you’ll be glad to know that Yadea offers low-interest rates for installments. Yadea electric scooters provide reasonable EMI options, making them a favorable choice for those considering buying their scooters in Nepal.
Here’s how you can apply for EMI for an electric scooter in Nepal:
1. Visit the Dealership
To have a detailed and clear knowledge about the EMI process it is better to visit the store by yourself and meet the dealership in person. Yadea has 7 dealers and counting, you can visit any of our electric scooter showroom in Nepal. Discuss your interest in purchasing the scooter through EMI and inquire about the specific requirements and documentation needed for the application process.
2. Fill Out the Application Form
You will then be provided with an application form to be filled out. This form will require your personal information, contact details, employment details, and income-related information. Make sure that you provide accurate and complete information.
3. Document Submission
In addition to the application form, you need to submit supporting documents. These documents include proof of identification, such as a citizenship card or driving license, as well as proof of address.
Income and bank statement documents are required to verify your income and assess your ability to repay the installments. You will also need to provide your bank account details, including the account number and bank statements, for verification purposes. Some dealerships may ask for employment information, including your job title, company name, and contact details, as part of the verification process.
4. Application Processing
Once you submit the application form and documents, the dealership will forward your application to the respective financial institution or lending agency for processing. The lending agency will assess your eligibility based on the provided information and documents.
5. Loan Approval and Offer
If your application is accepted you will get a loan offer from the lending company. The offer will clearly state the loan amount, interest rate, loan term, and monthly payment amount. Before accepting the offer, thoroughly review it and make sure you understand the terms and conditions.
6. Down Payment
After accepting the loan offer, you must make a down payment toward the electric scooter’s total cost. The down payment amount can vary based on the lending agency and the specific EMI scheme. You must pay the down payment as per the dealership’s instructions.
7. Loan Disbursement and Ownership Transfer
Once you have made the down payment, the lending agency will disburse the loan amount directly to the dealership. The dealership will then proceed with the necessary documentation and formalities for transferring the ownership of the electric scooter to your name.
8. EMI Repayment
After the loan disbursement, you will need to repay the loan in monthly installments as per the agreed-upon terms. Budget your finances accordingly to ensure timely repayment and avoid any penalties or complications.
Criteria To Be Eligible for E-scooter EMI
There are requirements that you must meet in order to be qualified to buy an electric scooter using the EMI process. These requirements may change depending on the dealership and the financing institution involved. Here are some typical factors to take into account:
You must be a Nepali citizen, 21 years or older, to apply for an EMI on an electric scooter.
EMI requires you to repay the loan in monthly installments. So, to be eligible for this criteria you must have a stable income stability.
Lending agencies often require applicants to demonstrate a stable source of income. This could be in the form of regular employment, self-employment, or any other reliable source of income.
Your credit history and credit score may be evaluated by the lending agency to assess your creditworthiness. A good credit score enhances your chances of approval and may result in more favorable terms.
Ability to Repay
You should have a sufficient income level to comfortably repay the monthly installments. Lending agencies may consider your income-to-debt ratio to ensure that your financial obligations are manageable.
Documents Required to Buy E-scooter in Installments
There are some documents that are required to buy an e-scooter in installments. The necessary documents that you shouldn’t miss out on are:
- 2 Passport size photos
- Citizenship Certificate/Passport Photocopy
- Pictures of the e-scooter to be obtained before the implementation of EMI
- Driver’s License for a two-wheeler
- Electricity / Water bill
- Land Ownership Certificate photocopy if needed.
- MOA and AOA photocopy if needed
- Proof of stable salary.
- Tax/PAN/VAT certificate Photocopy
Buying Electric Scooters in EMI from Yadea: Things to Know
At Yadea, we offer the best interest rates for buying electric scooters on EMI. Our process is easy, and you can have confidence in your installment purchase with minimal monthly payments. All you need to do is provide us with your application form and required documents, and we will take care of submitting them to the bank for processing. We will handle all the paperwork for you and make sure the application process goes smoothly.
Yadea has established partnerships with several prominent banks in Nepal. These banks include Himalayan Bank, Kumari Bank, Global IME Bank, Mega Bank, and NMB Bank. These associations allow customers to avail of EMI facilities and purchase Yadea electric scooters with financing options provided by these banks.
EMI Down Payment for Electric Scooters in Nepal
When purchasing a scooter in Nepal, the down payment is the initial lump sum amount that you pay in the first installment. The specific down payment requirements can vary depending on the company’s policies. In the case of Yadea, the down payment for their scooters in Nepal is typically set at 50% of the total purchase price. This means that you would need to pay half of the scooter’s cost upfront as a down payment when buying a Yadea scooter through their financing options.
We have partnered with Tapaiko Bazar, where you can enjoy the benefit of a 0% down payment. The amount of the down payment will be estimated based on your annual income.
When you’re thinking about buying an electric scooter with monthly payments, it’s important to consider the interest rates. At Yadea, we offer the lowest interest rate, which means you’ll end up paying less overall. You can even get a 0% interest EMI plan for buying an electric scooter. Keep in mind that we work with different banks, so interest rates may vary a little bit.
EMI and Loan Payment
When you choose to pay off your loan in installments (EMI), you can spread the repayment over a period of 6 to 18 months. However, it’s important to remember that the exact duration of the EMI may vary depending on the policies of the bank we are working with, as we have connections with different banks.
Now that you have a clear idea of how to buy a scooter in installment in Nepal, hurry up and look out to buy the best electric scooter in Nepal and have all the benefits yourself.