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.
*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
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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