Q:What is the quantum of finance available to purchase a vehicle?

We facilitate loans ranging from 3 Lacs to 10 Lacs. The amount you are eligible for would depend upon factors like your income, credit score and other creditworthiness indicators.

Download Eligibility Criteria


Q:What is the minimum down payment required?

At least 10% of the vehicle on-road cost should be funded by the buyer.


Q: What is the tenure of financing?

Maximum permitted tenure is 36 months and minimum tenure is 12 months.


Q:How is the credit score or creditworthiness of an applicant determined?

The following factors are taken into consideration: 

  • CIBIL or other credit score from credit rating agency
  • Net monthly income [NMI] (take home income after any deductions)
  • EMI (amount payable for current loan request)
  • Total EMIs [TEMI] (EMIs on existing loans plus proposed EMI on new loan)
  • ECW Credit Score = Credit rating factor*Total EMI factor*Savings factor
    • Credit rating factor will be derived from the credit bureaus such as CIBIL, rationalizing it on a scale of 10. For applicants who are new to credit, 7.5 will be taken by default. Minimum eligibility is 5.
    • Total EMI factor will be calculated using the following formula: (1-TEMI/NMI)*10. The minimum eligibility on this factor would be 5.
    • Savings factor is calculated as ((0.75*NMI-TEMI)/EMI)*5 with a cap of 10 and minimum eligibility of 4
  • Minimum possible score with these parameters would be 100 and maximum possible is 1000


Q:What is the mode of financing?

The money will be transferred to the dealer on your behalf as a loan to you. The structure followed is a rent-to-own model. At any point of time, your percentage stake in the car can be determined. Expenses such as insurance will also be borne in the ownership ratio.


Q:What type of insurance do I need to take for the vehicle?

During the finance tenure, you would need to take either comprehensive or bumper to bumper insurance, as that is the assumption made in the financial model. After the tenure, you are free to take 3rd party insurance.


Q:Is there an early exit clause?

You can exit from the deal by purchasing the remaining stake in the vehicle at the current car value, as determined by ECW, at any time after the completion of the first year. There is no early exit penalty.


Q:What documents are required and how long will it take for me to get the financing?

The following documents are required:

  1. PAN and Aadhar
  2. If current address is not as per Aadhar, then address proof
  3. Income proof (to substantiate the NMI mentioned in the application)
  4. Last 6 month bank statements (as secondary proof for the income)
  5. Quotation for the vehicle to confirm the cost

Download document checklist for Salaried Employees and Self-employed individuals

Once you have submitted your loan request and provided the necessary documents, we will let you know within 3 days whether you are eligible for the financing. Once it is approved, we would post the deal on the investors portal, and once it is fully subscribed you would need to transfer our fees and physically sign the agreements after which we would transfer the sanctioned amount to the dealer within 2-3 working days.


Q:Can I purchase the vehicle from any car dealer?

Yes, you can purchase from any authorized car dealer. Our staff would need to visit the dealer to confirm the purchase details.


Q:What are the fees charged byeCarWorld?

2% of the funding amount (plus applicable taxes) will be charged by us and deducted from the loan amount.


Q:When do the EMIs start and what is the mode of repayment?

The EMIs start from the month after the month in which the delivery of the vehicle was taken. The payment is due on the 7th of every month for the tenure of the financing.
A NACH or ECS mandate will be taken from you for the account from which you want to make the repayments. PDCs will also be taken in case there is an issue with the NACH payment.


Q:Who can invest in deals available on ecarworld.in?

Any person who is having a PAN card and an Indian bank account can invest.


Q:What is the amount an investor can invest in one deal?

As per the RBI regulations, an investor can invest upto Rs. 50,000 in one deal. Also, at any point in time, an investor can invest upto a maximum of Rs. 10 Lac on P2P portals.


Q:What are the expected returns?

You can expect returns on an average of 14% annualized, calculated on an IRR basis. The returns will be on a monthly basis and will start in an average of 1 month from the date of investment.


Q:What are the expected returns?

The tenure ranges from 12 months to 36 months, though majority of the deals are of 24-36 months as those are the preferred option for buyers.


Q:My belief system does not allow me to invest in fixed return investments. Can I invest through eCarWorld.in?

Yes. Since all the deals are based on equity and structured as rent-to-own deals, there is no fixed return component here. This is also one of the reasons why many buyers would prefer to finance their vehicles through eCarWorld. Expenses such as insurance and other exigencies are also borne in ownership ratio.


Q:What are the fees for investing through eCarWorld?

2% of the invested amount (plus applicable taxes) is taken from the investors upfront, at the time of investment.eCarWorld does not take any amount from the monthly payments made by the buyers.


Q:Will I get the principal amount back at the end of the investment tenure?

No. The monthly payments include both profits as well as principal repayment, and hence there will not be any lump sum payment at the end of the investment tenure.


Q:Can the returns from the deal I have invested in be reinvested in other eCarWorld deals?

The returns would come to your bank account, from which you can reinvest based on the availability of deals on the portal. The RBI regulations do not allow us to reinvest the returns on your behalf.


Q:What does eCarWorld do in the case of default?

eCarWorld will try its best to prevent willful default. However, despite our best efforts, if there is such a case, we will try to help the investors by undertaking recovery procedures and legal recourse on their behalf.