An auto rickshaw loan, also known as a three-wheeler loan, is a type of financial product offered by banks or financial institutions to help individuals or small business owners purchase an auto rickshaw for commercial purposes. Auto rickshaws are commonly used as a means of public transportation in many countries, especially in urban and semi-urban areas.

• Loan Amount: The loan amount provided by the lender is typically a percentage of the auto rickshaw’s on-road price, including registration and insurance costs.
• Repayment Terms: Auto rickshaw loans come with structured repayment terms, usually in the form of monthly installments over a specific period, typically ranging from one to five years.
• Interest Rates: The interest rates on auto rickshaw loans can be either fixed or floating, depending on the lender’s policies and the loan agreement.
• Down Payment: Borrowers are usually required to make a down payment towards the auto rickshaw’s purchase price. The down payment amount can vary based on the lender and the borrower’s creditworthiness.
• Documentation: Borrowers need to submit documents like identity proof, address proof, income proof, and other relevant documents to apply for an auto rickshaw loan.
• Collateral: In some cases, the auto rickshaw itself may serve as collateral for the loan. If the borrower defaults on repayments, the lender can repossess the vehicle to recover the outstanding amount.
• Purpose: Auto rickshaw loans are specifically designed to facilitate the purchase of auto rickshaws for commercial use, allowing borrowers to start or expand their auto rickshaw business