Mudra Loan For E-Rickshaw

If you are an individual who wants to get a Mudra Loan For E-Richshaw and looking for complete details, you are at the right place. You can easily purchase an e-rickshaw for commercial purposes by taking Mudra Loan. It is become your source of income as you can transport goods and passengers using it.

To buy such vehicles, any individual in India is eligible to take Mudra Loan. We are presenting below the complete information that you should know to get a Mudra Loan for a rickshaw in India.

You will have to present all the relevant information in the form of the Mudra Loan Project Report to the bank and showcase the financial need as well.

The project report will inform the bankers about the economic, managerial and practical aspects of your business plan. Following are the elements that you should include in the Mudra loan project report for e-rickshaw.

Get Mudra Loan For E-Richshaw

Objectives

This is a micro business plan and you want to buy the e-rickshaw for commercial purposes so that the transportation of passengers and goods is done. This will help you earn your living.

Eligibility

You can get a mudra loan if you are strongly eligible for it.

• The individuals who are dealing in transport can avail of this loan.
• Individuals who want to own their transport vehicles like e-rickshaws to earn money can get this loan.
• What is required is that you must have government-granted approval to run an e-rickshaw for goods and passenger transport.

Purpose

You can state your purpose properly by mentioning whether you want to buy a new e-rickshaw or it is a proposal for a one-time battery replacement.

Nature of Facility

Term loan

Quantum of Finance

How much finance is required is to be listed in the business plan that you submit to the bank. You can avail a maximum of Rs 5 lakh for an electronic-rickshaw mudra loan.

For More Information Read: Project report for Mudra Loan

How can one take a PMMY loan to buy an e-rickshaw in India?

You have to visit the bank with your business plan to get the Mudra loan. There you must ask the banker for a Mudra Loan. You need not provide anyone’s guarantee for this loan and security too.

Present the quotation for an e-rickshaw in the business plan and you can avail loan of up to 5 lakhs. The government provides a subsidy for such a loan also. If you are an SC/ST, you get more benefits and you get loans easily.

The borrowers who wish to avail of the PMMY Loan can go through the checklist.

Documents Needed for E-Rickshaw Mudra Loan

• Identity proof- Self-attested copy of Voter ID, Driving License, PAN card, Adhaar Card, Passport etc.
• Residence Proof: Electricity Bill, Ration Card, Telephone Bill, Voter card, Bank Passbook, Latest account statement, Property Tax etc.
• Latest Photograph in passport size-2
• E-Rickshaw Quotation
• Name of the supplier, price of the rickshaw, details of extra parts.
• Identity Proof- License, registration certificate, proof of Minority etc.

For more information Read:

NOTE

• There is no processing fee
• No collateral guarantee
• You can repay the loan within 5 years
• You must not be a defaulter of any Financial institution.

Frequently asked question on Mudra Loan for E-Rickshaw