Unlock the power of mobility with Mangalam Industrial Finance Limited's Electric
Two-Wheeler Loan! Whether you're a commuter, delivery service, or eco-conscious
individual, our loan is tailored to provide easy access to electric vehicles,
revolutionizing your transportation needs.
With our Electric Two-Wheeler Loan, you can acquire state-of-the-art electric bikes
or scooters to enhance your daily commute or business operations. Whether you're
looking to expand your fleet, replace outdated vehicles, or embrace sustainable
practices, our loan is here to support your dreams.
We offer competitive interest rates based on the applicant's credit score, loan amount, and repayment tenure. To ensure transparency and convenience, please refer to the table below for more details:
| Loan Amount | For High-speed vehicle 80% of the on-road Price For Low-speed vehicles 70% of the on-road Price |
| Sourcing Area | All registered dealers and distributors of Wardwizard Innovations & mobility ltd( Joy e-bike) |
| Minimum Age | At the time of application, the minimum age must be 18 years for both salaried and self-employed applicants. |
| Maximum Age | Must not exceed 58 years at the end of loan tenure( for normal salaried) 60 years at the end of tenure ( for govt. salaried) And 65 years at the end of tenure (For self-employed) |
| Tenure | Min. 12 months Max. 36 months |
| LTV | 80% of the Invoice Amount for High-Speed Vehicle 70% OF Invoice for Low-Speed Vehicle (Insurance Cost: GST included) |
| Profile | Salaried (Employees working in private/institution/government/hospitals etc.) Self Employed (Professional/proprietor/partner/ director/agriculturists in individual capacity etc) |
Age :- Applicant must be between 18 to 65 years of age (Maximum Age criteria may vary depending on the profile of the applicant)
Citizenship:-Indian
KYC Authentication:-PAN and Aadhar Card validation is required
Here are the documents required for Electric Two Wheeler Loan Financing:
Identity Proof:- (PAN Card/Driver’s License/Voter’s ID/Aadhar card/Passport)
Photograph:- One passport-size photograph
Address Proof:- Residence Address Proof
Income Proof:- Last 3 Month’s Salary Slips / Form-16 (Optional)
Last 3 months Bank Statement
An electric two-wheeler loan is a financing option provided by Mangalam Industrial Finance Limited for individuals looking to purchase electric scooters or motorcycles.
Individuals meeting the eligibility criteria set by Mangalam Industrial Finance Limited including age, income, and credit score requirements, can apply for the loan.
Mangalam Industrial Finance Limited provides loans for a wide range of electric scooters and motorcycles from registered dealers and distributors of Wardwizard Innovations & Mobility Ltd. (Joy e-bike)
Documents typically required include identity proof, address proof, income proof, bank statements, and details of the electric vehicle to be purchased.
*Terms & Conditions Apply
Mangalam Industrial Finance Limited provides you with fast loan disbursal for purchasing Joy e-bikes electric two-wheelers.
Mangalam Industrial Finance Limited offers you an electric two-wheeler loan for buying any of the wide range of electric two-wheelers by Joy e-bike.
According to the applicant's profile, Mangalam Industrial Finance Limited gives you a loan with minimal documents and simple eligibility criteria.
Mangalam Industrial Finance Limited offers flexible repayment tenures ranging from 12 to 36 months, allowing borrowers to choose a tenure according to their preference.
Mangalam Industrial Finance Limited may offer insurance options such as two- wheeler insurance or comprehensive coverage along with the loan for added convenience and protection.
Applicants can apply for the loan through Mangalam Industrial Finance Limited’s website, branches, or authorized agents. The application process typically involves filling out a form, submitting required documents, and undergoing the loan approval process.
The loan processing time varies, but Mangalam Industrial Finance Limited strives to ensure a quick and efficient process. Once approved, the loan amount is disbursed promptly to the dealership or vendor selling the electric two-wheeler.
Mangalam Industrial Finance Limited provides loans for a wide range of electric scooters and motorcycles from registered dealers and distributors of Wardwizard Innovations & Mobility Ltd. (Joy e-bike).
*These FAQs provide a comprehensive overview of electric two-wheeler loans offered by Mangalam Industrial Finance Limited. Applicants are requested to contact us directly for specific details and personalized assistance.
*Terms & Conditions Apply
| Sourcing | Dealers & COCO Showrooms |
|---|---|
| Location | PAN INDIA |
| Minimum Age | Minimum age limit at the time of application is 18 years for both salaried and self-employed person |
| Maximum Age | The maximum age of the applicant must not exceed 58 years at the end of loan tenure for normal salaried, and 60 years at the end of tenure for govt. salaried, And 65 years at the end of tenure for self-employed applicants |
| Loan Amount | 80% of the on-road price for High-speed electric two-wheelers 70% of the on-road price for Low-speed electric two-wheelers |
| Minimum income |
For Salaried applicants Min. salary of Rs. 10000 P.M |
| Self Employed | Minimum business income of Rs. 120000 P.A Income is to be considered on the customer’s declaration basis |
| Tenure | 12 months to 36 months |
Identity Proof:- (PAN Card/Driver’s License/Voter’s ID/Aadhar card/Passport)
Photograph:- One passport-size photograph
Address Proof:- Residence Address Proof
Income Proof:- Last 3 Month’s Salary Slips / Form-16 (Optional)
Last 3 months Bank Statement
If the Residence address does not match to the Aadhar card, we can consider below mentioned documents as Address proof:
Individuals meeting the eligibility criteria set by Mangalam Industrial Finance Limited including age, income, and credit score requirements can apply for the loan.
Mangalam Industrial Finance Limited provides loans for a wide range of electric scooters and motorcycles from registered dealers and distributors of Wardwizard Innovations & Mobility Ltd. (Joy e-bike).
Documents typically required include identity proof, address proof, income proof, bank statements, and details of the electric vehicle to be purchased.
The maximum loan amount depends on various factors such as the applicant’s income, creditworthiness, and the cost of the electric vehicle.
Mangalam Industrial Finance Limited offers flexible repayment tenures ranging from 12 to 36 months, allowing borrowers to choose a tenure that suits their financial situation.
*Terms & Conditions Apply
Interest Rate Parameters for a minimum CIBIL score of 650
| Parameters | For Low-speed electric vehicle by Joy e-bike | For high-speed electric vehicle by Joy e-bike |
|---|---|---|
| Loan amount | 70% of on-road price | 80% of on-road price |
| Rate of interest | 14% | 12% or 14% based on CIBIL score & documents |
| Residential address | Owned house mandatory | Both owned or Rented profiles can be funded |
| Income | Minimum 10000 RS. | Minimum 10000 RS. |
| CIBIL norms | 700 & above | CIBIL below 700 – ROI = 14% CIBIL aove 700-ROI=12% |
| Charges Description | Fees / Charges |
|---|---|
| Processing fees (Non-Refundable) | INR 2500/- |
| EMI Bounce | INR 400/- per EMI bounce |
| Cheque /ECS Swap | INR 500/- per transaction |
| EMI Pickup /Collection Charge | INR 150/- per visit |
| Late payment/Penal charges/ Default interest/Overdue (per month) | 2% of the unpaid EMI or up to INR 300 whichever is higher |
| Duplicate NOC | INR 500/- |
| Physical Statement of Account/Repayment Schedule | INR 500/- per statement |
| Foreclosure | 5% of the Principal loan outstanding amount |
| Loan Cancellation Charges | INR 2000/- |
GST as applicable will be levied on all service charges.
The pre-payment/foreclosure of the loan has to be done using the customer’s own funds Please note the above schedule of charges is subject to be revised from time to time by the MIFL, as will be updated on the official website of the MIFL.
For All states except Rajasthan:
| Bifurcation of processing fee | |
|---|---|
| Processing fee | 1500 |
| Documentation charges | 364 |
| Tax @ 18% (App. PF & Doc Charges) | 336 |
| Stamp | 300 |
| Total | 2500 |
For Rajasthan:
| Bifurcation of processing fee | |
|---|---|
| Processing fee | 1500 |
| Documentation charges | 288 |
| Tax @ 18% (App. PF & Doc Charges) | 322 |
| Stamp | 390 |
| Total | 2500 |
Mangalam Industrial Finance Limited provides loans for a wide range of electric scooters and motorcycles from registered dealers and distributors of Wardwizard Innovations & Mobility Ltd. (Joy e-bike).
Documents typically required include identity proof, address proof, income proof, bank statements, and details of the electric vehicle to be purchased.
The maximum loan amount depends on various factors such as the applicant’s income, creditworthiness, and the cost of the electric vehicle.
The interest rate varies based on the applicant’s credit score, loan amount, and repayment tenure. Mangalam Industrial Finance Limited offers competitive interest rates.
*Terms & Conditions Apply
An electric two-wheeler loan is a financing option provided by Mangalam Industrial Finance Limited for individuals looking to purchase electric scooters or motorcycles.
Individuals meeting the eligibility criteria set by Mangalam Industrial Finance Limited, including age, income, and credit score requirements, can apply for the loan.
Mangalam Industrial Finance Limited provides loans for a wide range of electric scooters and motorcycles from registered dealers and distributors of Wardwizard Innovations & Mobility Ltd. (Joy e-bike).
Documents typically required include identity proof, address proof, income proof, bank statements, and details of the electric vehicle to be purchased.
The maximum loan amount depends on various factors such as the applicant’s income, creditworthiness, and the cost of the electric vehicle.
Mangalam Industrial Finance Limited offers flexible repayment tenures ranging from 12 to 36 months, allowing borrowers to choose a tenure that suits their financial situation.
The interest rate varies based on factors such
as the applicant’s
credit score, loan amount, and repayment tenure. Mangalam Industrial
Finance Limited offers
competitive interest rates.
Yes, there may be a processing fee and other
charges applicable to
the loan.
These fees and charges are clearly communicated to the applicant.
Yes, borrowers have the option to pre-close or pre-pay the loan, subject to applicable terms and conditions.
Mangalam Industrial Finance Limited may offer insurance options such as two- wheeler insurance or comprehensive coverage along with the loan for added convenience and protection.
The loan processing time varies, but Mangalam Industrial Finance Limited strives to ensure a quick and efficient process. Once approved, the loan amount is disbursed promptly to the dealership or vendor selling the electric two-wheeler.
Applicants can apply for the loan through Mangalam Industrial Finance Limited’s website, branches, or authorized agents. The application process typically involves filling out a form, submitting required documents, and undergoing the loan approval process.
*Terms & Conditions Apply
Mangalam Industrial Finance Limited is a Non-banking Financial Institution providing hassle-free loans. with easy and quick loan facilities. We aid our customers with financial solutions primarily for the purchase of Electric Two-Wheelers.
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