EV 2-Wheeler auto Loan

Home >> Services >> EV 2-Wheeler auto Loan

EV 2-Wheeler auto Loan

Get a Loan up to Rs. 1.25 Lakh for salaried individuals to purchase an Electric Two-wheeler for personal use. With this loan, individuals can borrow a fixed sum from us and repay it in equal monthly installments over the loan tenure of upto 36 months.

ELIGIBILITY CRITERIA

Nationality: Indian
Monthly Salary: Starting from 25,000 based on the city you live in.
CIBIL Score: 670 or higher
Age: 21 to 50 years

DOCUMENTS REQUIRED

Identity proof: PAN card/ Aadhar card / Driving Licence
Address proof: Utility bill, passport, rent agreement, sale deed.
3 Month Salary slip.
Bank statement of last 6 months reflecting salary credit.
Vehicle Registration Certificate, Vehicle Insurance.

APPLICATION PROCESS

Check your eligibility.

check your eligibility for an EV 2- wheeler Loan with just a few details.

Upload documents.

complete your application by uploading a few documents.

Get a loan offer.

we will evaluate & propose a fair loan offer to you.

Sign Your Loan Agreement & Get the Disbursement in Minutes

You will get the funds in your account after verification.

APPLICABLE FEES AND CHARGES:

Type of fees	Applicable Charges
Rate in Interest	24 % Flat Interest Rate
Processing Fees	Up to 5% of the loan amount (Inclusive applicable taxes)
Bounce Charges	In case of default of repayment instrument, Rs. 1,500 per bounce will be levied
EMI Bounce Charges	Rs. 250 per bounce will be levied
Penal Charges	Delay in payment of installment (s) shall attract the Penal Charges of Rs 20, per day per installment from the respective due date until the date of receipt of full installment(s) amount.
Document Processing Charges	2500 (Inclusive applicable taxes)
Prepayment Charges	NIL
Stamp duty	Payable as per respective state and deducted upfront from the loan amount, if applicable.
Broken Period Interest	NA

FREQUENTLY ASKED QUESTIONS

Can I Get A 100% Loan on EV 2-Wheeler?

Yes, you can avail 100% of the vehicle amount as an EV 2-wheeler loan.

Do I Need a Guarantor for an EV 2-wheeler Loan?

If you fulfil the loan eligibility criteria, you will not need a guarantor.

What Is the Minimum Down Payment For 2-wheeler Loan?

The minimum down payment for an EV 2-wheeler Loan can be anywhere between 10-15% of the on road price.

What are the minimum and maximum tenures of an EV- 2-wheeler Loan?

MLB offers flexible tenures on their EV 2- wheeler Loans product. The minimum and maximum tenure are from 3 months to 36 months.

Do I have the option to pre-pay the entire loan amount?

Yes, you can opt for premature closure of loan after the expiry of the Cooling off/look-up Period - 3 days from the loan disbursal date.