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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.

*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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