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Electric Two-Wheeler Loan

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 Whether you're looking to expand your fleet, replace outdated vehicles, or embrace sustainable practices, our loan is here to support your dreams.

Mangalam Industrial Finance Limited's Electric Two-Wheeler Affordable Loans.

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)

Eligibility Criteria for Electric Two-Wheeler Loan

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Age
Citizenship
KYC
  • 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

Documents Required

Here are the documents required for Electric Two Wheeler Loan Financing:

For Salaried Applicants:
identity proof_icon
Identity Proof
Photograph_icon
Photograph
adress proof_icon
Address Proof
Income Receipts_icon
Income Proof
  • 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

Frequently Asked Questions

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

Features & Benefits of Electric Two-Wheeler Loan

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Quick Disbursal

Mangalam Industrial Finance Limited provides you with fast loan disbursal for purchasing Joy e-bikes electric two-wheelers.

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Attractive Interest Rates

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.

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Easy Documentation

According to the applicant's profile, Mangalam Industrial Finance Limited gives you a loan with minimal documents and simple eligibility criteria.

...

Flexible Loan Tenure

Mangalam Industrial Finance Limited offers flexible repayment tenures ranging from 12 to 36 months, allowing borrowers to choose a tenure according to their preference.

Frequently Asked Questions

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

Eligibility Criteria for Electric Two-Wheeler Loan by Mangalam Industrial Finance Limited

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

Required List Of Documents To Apply For Electric Two-Wheeler Loan

For Salaried Applicants:
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Identity Proof
...
Photograph
...
Address Proof
...
Income Proof
  • 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

Additional Information About Address proof documents

If the Residence address does not match to the Aadhar card, we can consider below mentioned documents as Address proof:

  • Utility Bill: electricity, telephone, post-paid mobile phone, piped gas, water bill any of the mentioned, latest 3 months from the date of application.
  • Bank passbook/Statement (updated within 90 days), Property or Municipal Tax receipt.

Frequently Asked Questions

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

Get Loan At Attractive Interest Rates for Electric Two Wheelers by Joy e-bike

Interest Rate Parameters for a minimum CIBIL score of 650

  • 12% If CIBIL Score 700 & above
  • The interest rate may vary for CIBIL scores less than 700

*Please Note: Owned residence and CPV (physical or video) are mandatory for
first-time borrowers or CIBIL score as -1.

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%
Schedule of charges
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.

Processing Fees Bifurcation for Rajasthan and Other States

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

Frequently Asked Questions

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

Frequently Asked Questions

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

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