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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
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Photograph
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Address Proof
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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.

*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

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