Vehicle Loan
It appears to operate as a Nidhi company (a type of non-banking financial institution in India) engaged in financial intermediation.
There is a listing on Justdial for “Metro Samrudhi Nidhi Sub-Banking” in Pratap Vihar, Ghaziabad, mentioning services like “Two Wheeler Loans” among other finance products.
✅ What you’ll want to check before an EV loan
find explicit publicly-available details stating that they offer dedicated EV (electric vehicle) loans, here are the things you should check to proceed safely:
1. Confirm they offer Electric Vehicle financing
Ask them whether they specifically finance electric vehicles (2-wheelers, 3-wheelers or cars) and what the terms are interest rate, tenure, down-payment .
Check whether the vehicle qualifies under any scheme Government incentive schemes) and whether the lender supports that.
2. Loan eligibility & documentation
What is the maximum loan amount and tenor (months) they allow.
Interest rate (fixed / variable) and what are all the associated fees (processing fee, early-repayment charges ).
What documents are required: ID proof, address proof, vehicle quotation, KYC, income evidence, Credit Score.
Special conditions for EVs (battery warranty, insurance requirements).
3. Check Nidhi company regulations
A Nidhi company’s primary business is borrowing and lending among its members. They are regulated under the Nidhi Rules. It’s important to check that any product offered is compliant and transparent.
Ensure that you understand the terms clearly and get everything in writing.
4. Understand the asset being financed
EVs, the residual value, battery life, warranty etc matter.
Check who owns the battery (if separate), insurance coverage, maintenance costs, etc which affect the viability of the loan.
5. Read the contract carefully
Make sure the repayment schedule (EMIs) is clearly defined.
What happens if you default? What are the repossession terms?
Incentives for earlier repayment? Or penalties?
6. Compare alternatives
Look at other lenders (banks, NBFCs, specialised EV finance providers) to compare interest rates, tenure, down-payment and total cost of credit.
Sometimes specialised EV finance might offer lower interest or better terms due to government subsidies/incentives.
Visit the branch of Metro Samrudhi Nidhi Ltd (Sub-Banking) in Pratap Vihar, Ghaziabad and request a meeting to discuss “EV loan” specifically.
Get a written quote for the EV loan: amount you need, vehicle model, interest rate, tenure, down-payment, EMI.
Ask them about any past cases of EV loans they’ve done (to understand how common it is for them)
Compare this quote with at least 1-2 other lenders (for example a mainstream bank’s EV loan product) to see if you are getting a competitive deal.
Before signing, ensure you fully understand the terms and get a copy of the loan contract.