FAQ

Two Wheeler Loans

Who can avail Two Wheeler Loans?

Salaried & Self-employed Individuals, Students, Farmers, House Wife, Self Employed Professionals, Businessmen, Proprietorships, Partnership Firms, HUFs, Trusts, Private and Public Limited Companies.

What are the lending rates?

The lending rates vary on the basis of discounts & offers from time to time. Our sales team will recommend the best deal to meet your Two Wheeler loan requirements.

What are the loan tenure options?

Min 12 months & Max 48 months

Do you finance all Two Wheelers?

We finance all motor bikes & Scooters.

How much finance can I avail?

The minimum loan amount is Rs.25, 000. Maximum loan amount is limited to Rs.10 Lakhs. This is subject to finance amount not exceeding 100% of the on road value of asset.

How is the interest charged/calculated?

Interest is calculated on a monthly reducing basis - the principal gets reduced at the end of every month and interest is calculated on outstanding principal at end of the month

Do I have to pay any additional charges at the time of availing loan?

There is a nominal processing fee, documentation charge & stamp duty. This varies depending on the scheme. Our executive will assist you to choose the right scheme.

Can I use the Two Wheeler for Commercial Usage?

No

How do I approach for a Two Wheeler Loan?

You can approach us in any of the following ways

  • Apply online
  • Send an email enquiry to enquiry@mvafl.com with Name & Contact number.
  • Contact any of our representatives at Dealer points.
  • Walk into any of our branches.
  • Call us on 09946901212

 

How long will it take to process the loan?

Loan approval will be done on the spot, if all requisite formalities are complied with.

Loan processing will be completed within 24 to 48Hrs of loan documentation.

What are the stages involved in availing a loan?

The stages involved are:

Processing of the loan application & approval. Loan documentation. Payment release to dealer as per loan agreement.

What security/collateral do I have to provide?

Asset financed will be hypothecated/lien marked in favour of Muthoot Vehicle & Asset Finance Limited.

Do you  provide Insurance for Two Wheelers?

Yes, we can provide & finance Two Wheeler insurance at competitive rates through our  various tie–ups.

How do I repay the loan?

EMI’s in the form of PDC’s (Post Dated Cheques) or through NACH (National Automated Clearing House) debit.

Is the EMI charged as Advance EMI or Arrears EMI?

Both the options are available and can be provided as per your need.

 

Do I have the option for pre-closing or making part payment to the loan?

Pre-closing the loan is possible with a small pre-closure fee on the outstanding loan amount. Part payment to reduce the loan outstanding is not possible. 

If I am not able to furnish my income documents is there a special scheme for persons like me?

Yes.

What is the process of getting a Duplicate NOC in case the validity of the original NOC expires or if the original NOC get misplaced?

Duplicate NOC is a chargeable request - Rs 750 per loan A/c. You may visit the nearest branch for paying the amount and raise the request for Duplicate NOC. If your communication address has changed then you need to provide a copy of your current address proof at the same time.

What is the procedure for pre-closing the loan?

You can pre-close the loan any time after 6 months of availing the loan. You have to pay a pre-closure fee on the outstanding loan amount as per your loan agreement. You will have to give a request for pre-closure at the nearest branch along with the following documents.

Documents Required:

  • Main Applicant Identification & address proof required (Driving License or Passport or Voters card or PAN Card or Adhaar card).
  • Bank Statement showing last Month EMI clearance.
  • Kindly carry 1 cancelled cheque for RTGS, for refund if any.

Pre-closure amount can be paid through Cheque/ Draft favouring “Muthoot Vehicle & Asset Finance Limited”.

Once your loan is closed, No Objection Certificate and indemnity letter for unused cheques will be sent to your registered address within 10-12 working days.

Car Loans

Who can avail Two Car Loans?

Salaried & Self-employed Individuals, , Farmers, House Wife, Self Employed Professionals, Businessmen, Proprietorships, Partnership Firms, HUFs, Trusts, Private and Public Limited Companies.


What are the lending rates?

The lending rates vary on the basis of discounts & offers from time to time. Our sales team on understanding your requirement will recommend the best deal on your Car loan.

What are the loan tenure options?

Min 12 months & Max 84 months


Which Cars can be financed?

All cars will be funded other than Ambulance


How much finance can I avail of?

The minimum loan amount is Rs.75000 for New cars & 50000 for used cars and a maximum of  100%  on road based on  value of the asset.


How is the interest charged/calculated?

Interest is calculated on a monthly reducing balance basis. In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month

Do I have to pay any additional charges?

There is a nominal processing fee, documentation & stamp duty charge. This varies depending on the schemes. Our executive will assist you in choosing the right scheme for you.

Can I use the Car for Commercial Usage?

Yes ,but to meet credit norms


How do I approach for a Car Loan?

You can approach us in any of the following ways

  • Apply online
  • Send an email enquiry to enquirycar@mvafl.com with Name & Contact number.
  • Contact any of our representatives at Dealer points.
  • Walk into any of our branches.


How long will it take to process the loan?

Loan approval will be done with in 24 hrs

Loan processing will be completed within 24Hrs to 48Hrs from the date of completion of documentation.


What are the stages involved in availing a loan?

The stages involved are:

  • Application
  • Processing of the loan application & approval.
  • Documentation
  • Loan completion & payment to dealer as per the request of applicant.


What security/collateral do I have to provide?

Asset financed will be hypothecated/lien marked in favour of  Muthoot Vehicle & Asset Finance Limited.


Do you offer an Insurance Facility for Car Loans?

Yes. The Insurance facility is provided through a tie–up with - Magma HDI General Insurance Co Ltd.


How do I repay the loan?

EMI’s in the form of PDC’s (Post Dated Cheques) and through NACH (National Automated Clearing House) debit.


Is the EMI charged as Advance EMI or Arrears EMI?

Both the options are available suiting to your needs.


Do I have the option of pre-paying the entire loan amount?

Yes. Only a small prepayment fee on the outstanding loan amount would be payable.


If I am not able to furnish my income documents is there a special scheme for persons like me?

Yes.


What is the process of getting a Duplicate NOC in case the validity of the original NOC expires or if the original NOC get misplaced?

Duplicate NOC is a chargeable request - Rs 750 per loan A/c. You may visit the nearest branch for paying the amount and raise the request for Duplicate NOC. If your communication address has been changed then you can provide a copy of your current address proof at the same time.


What is the procedure for prepaying the loan?

You can prepay the loan any time after 6 months of availing of the loan. You have to pay a prepayment fee on the outstanding loan amount. For pre-closure of the loan you will have to give request for pre-closure by visiting the nearest branch along with the following documents for the closure of the loan.


Documents Required:

  • Main Applicant Identification & address proof required (Driving License or Passport or Voters card or PAN Card or Adhaar card).
  • Bank Statement showing last Month EMI clearance.
  • Kindly carry 1 cancelled cheque for RTGS, for refund if any.

Prepayment can be made either through Cheque/ Draft favouring “Muthoot Vehicle & Asset Finance Limited”.

Once your loan is closed, No Objection Certificate, along with Indemnity letter for unused cheques will be sent on your registered address within 10-12 working days.

Deposit

What are the products available under the Deposits Scheme?

Fixed deposits (non cumulative), Cumulative deposits and Recurring Deposits.

What is the difference between FD and CD?

In Fixed Deposits interest is payable monthly, half yearly or annually. In Cumulative Deposits interest is paid on maturity of the deposit.

What is the minimum deposit accepted under these products?

Minimum Rs.25000/- under Fixed Deposits and Cumulative Deposits and thereafter multiples of Rs.1000/- . For RD Rs. 500/- minimumand thereafter multiples of Rs.100/-

Is there prescribed application form for Deposits?

Yes, there is prescribed application form for Deposits and is available on the website.

How can I transfer the money for Deposits?

The amount can be tendered vide cheque/DD/Online in favour of Muthoot Vehicle & Asset Finance Ltd. The same will be collected through our branches listed in the website.

Can Deposit be made in the name of a minor?

Yes, Deposits can be made in the name of the minor. The minor should be represented by natural /legal guardian and the application form also should be signed by the natural/legal guardian. All communication addressed to the minor should be sent to the guardian.

If the parents of the minor are not alive, then who can represent the minor in the Deposit application form?

Only the person(s) who have been appointed as guardian (s) by the competent court should sign the application. A copy of the court order has to be submitted with the application form.

Who are the special category of customers?

Citizens above 55 years of age, freedom fighters, ex-service men & their widows , state/central Govt. pensioners & award winners .

Can deposit account be created in joint names?

Yes, mode of operation could be either or survivor, Former or survivor, Anyone of survivor, Jointly by all.

Who all cannot invest in Deposits?

Foreign Citizens, Persons of Indian Origin (PIO), Non Resident Indian (NRI), Charitabe Trust.

How is interest paid?

Interest is paid to customer’s bank account directly.

What is TDS on deposits?

If the estimated annual interest paid/credited or likely to be credited /paid on the deposits/ exceeds or is likely to exceed Rs.5000/- during the financial year, it is obligatory on the part of the deductor of tax to deduct income tax at source. However, to avoid such deduction of Tax, the investors can furnish self-declaration in form 15G/H or by submitting the exemption certificate from the respective Income Tax Authority for every financial year.

What is 15G/H form?

It is a self declaration by the depositor for which the form can be obtained from the company. Branches will provide pre-printed 15G/H forms for the depositors which the depositors are required to return duly completed and signed. Form 15G/H is sent to the depositor on the basis of the estimated interest payable for the full financial year.

Eligible for 15G/H in case of individuals

Form 15G :

# The individual should be less than 60 years of age at the time of furnishing the declaration. # The total income during the financial year (ie year 2018-19) should not exceed the basis exemption limit as per income tax ie Rs.2,50,000/-. If the total income during the financial year exceeds or is likely to exceed Rs.2,50,000/- then the individual cannot submit Form 15G.

Form 15H :

If the individual is 60 years but less than 80 years of age , then the total income during the financial year (ie year 2018-19) should not exceed the basic exemption limit as per the income tax ie. Rs.5,00,000/-.

Eligibility for 15G if in case of persons other than Individuals :

15G can be submitted by a HUF, Association of persons, Body of Individuals & Artificial Juridicial persons. If the total income during the financial year does not exceed the basic exemption limit as per the income tax ie Rs.2,00,000/- for FY 2018-19.

Is it enough to furnish the form only once at the time of placing the deposit?

Yes. Form 15G/H will have to be submitted at the beginning of each financial year covering all the existing deposits and if the deposits are made during the year then a new Form 15G/H will have to be submitted. However, if there are any changes in the income tax laws , then a new form 15G/H would be required to be submitted

What type of certificate is issued for the Tax deducted at source?

Tax deduction certificate in the prescribed form 16A will be provided to the customer.

In case of salaried person, if the income tax is deducted at source from salary, can he/she furnish 15G/H?

No. As he/she is an assessee, the form 15G/H cannot be furnished.

What is the significance of furnishing Permanent Account Number?

As per the provision of income tax, every person receiving any sum or income from which tax would be deducted should furnish his PAN to the person deducting tax. Please note if PAN is not furnished then form 15G/H & other exemption certificate submitted will be invalid and tax will be deducted at the higher rate as applicable. In the absence of PAN, no credit of the tax will be available in Form 26 AS on the NSDL website. Also if PAN is not submitted, no TDS certificate will be generated from TIN website for the tax deducted by the company

What happens when interest rate is revised?

When interest rate comes down, depositor looses nothing as we are bound to pay the contract rate as of rules now When Interest rates go high, it is applicable only for fresh deposits and renewals.

What happens when interest rate is revised?

When interest rate comes down, depositor looses nothing as we are bound to pay the contract rate as of rules now.When Interest rates go high, it is applicable only for fresh deposits and renewals.

 In case depositor needs money urgently, can he preclose the deposit ?

RBI direction does not allow closure of deposits before the completion of three months from the date of deposit. After the completion of three months deposit can be preclosed as per the terms and conditions described in the application form.

Is Loan against Deposit allowed?

Yes. Loan against deposit is allowed upto 75% of the deposit amount after completion of three months from the date of deposit.

What is the interest rate charged on the loan against deposit?

Interest is charged 2 % above the contracted rate of interest on deposit .

What are the documents required if the depositor dies?

Attested copy of death certificate, Term Deposit Advice/receipt, Will or testament if any or copy of legal heir ship certificate.

What are the options of renewal of deposit ?

Depositor has the option to renew the deposit either the principle alone or along with interest.

 

 

 

Domestic Money Transfer

Is this a credit card or a debit card?

No, this is neither a credit card nor a debit card. It is a wallet created with full KYC. Wallet owners can do cash loading into this wallets and can initiate fund transfers to Bank accounts across India.

What is a 'Pin Number'? 

PIN is the 4-digit number, PIN is sent along with wallet through SMS. PIN is required to complete payment transaction and also to login to the wallet. PIN should not be shared with anyone and it should be kept confidential.

Where do I lodge a complaint?

A customer can contact our Call Center on Toll free No; 18001211210, 24X7 and register their complaints or can call on 7593864428 between 9am to 6pm on all days except holidays. You can also write to us on:  muthootmoney@muthootgroup,com                    

Do I reveal my wallet pin number if I have some queries to your rep over the phone?

All you have to share is your mobile number, Transaction ID if available, and Beneficiary details to whom the transfer was initiated. Our executive will be able to answer instantly with available information on status of your enquiry, if there is additional information required it will be forwarded to concerned team and resolved.

Where can i activate my Muthoot Money wallet?

You can activate your Muthoot money wallet at Muthoot Finance branches and any authorised Muthoot Money outlets.

What is a full KCY Muthoot Money wallet?

A full KYC customer is only permitted to do Money transfer to other bank accounts from Muthoot Money wallet. You need to submit identification proof and address proof as suggested by RBI guideline from time to time. On successful verification of information the wallet will be approved as a full KYC wallet and you will be permitted to do fund transfers up to Rs.50,000 in an year.

What are the charges for Money transfer?

As per RBI regulations maximum of 1.5% of the transfer amount will be collected as charges.

 

Commercial Vehicle Loan

Who can avail a Commercial Vehicle Loan?

Businessmen,  Proprietorship Firms,  Partnership Firms, HUFs, Trusts, Private and Public Limited Companies,  Self-employed Individuals,  Drivers, Fleet owners, Farmers

If I am not able to furnish my income documents is there a special scheme for persons like me?

Yes, you have to prove your experience in commercial vehicle industry, we will provide the loan considering your expertise and experience in relevant field.

If I have no experience in commercial vehicle industry, can I get a loan?

Yes, with an industry experienced guarantor or with proof of captive application (vehicle purchased for supporting existing business)

What are the lending rates?

The lending rates vary on the basis of discounts & offers from time to time. Our sales team on understanding your requirement will recommend the best deal on your CV loan.

What are the loan tenure options?

Min 12 months & Max 72 months


Which Commercial vehicle can be financed?

All Commercial vehicle models except special application Vehicles


How much finance can I avail ?

The minimum loan amount is Rs.100000 for New CV  & 75000 for used CV and a maximum of  100%  on Ex-showroom price.


How is the interest charged/calculated?

Interest is calculated on a monthly reducing balance basis - the principal gets reduced at the end of every month and interest is calculated on outstanding principal at end of the month.

Do I have to pay any additional charges at the time of availing Loan?

There is a nominal processing fee, documentation charge & stamp duty. This varies depending on the scheme. Our executive will assist you to choose the right scheme.


How do I approach for a CV Loan?

You can approach us in any of the following ways

  • Apply online
  • Send an email enquiry to enquiry@mvafl.com with Name & Contact number.
  • Contact any of our representatives at Dealer points.
  • Walk into any of our branches.
  • Call us on 09946901212

 

How long will it take to process the loan?

Loan approval will be done with in 24 hrs

Loan processing will be completed within 24Hrs to 48Hrs  of loan documentation.


What are the stages involved in availing a loan?

The stages involved are:

  • Processing of the loan application & approval.
  • Loan Documentation
  • Release of payment to dealer / seller as per the loan agreement.


What security/collateral do I have to provide?

Asset financed will be hypothecated/lien marked in favour of  Muthoot Vehicle & Asset Finance Limited.

How do I repay the loan?

EMI’s in the form of PDC’s (Post Dated Cheques) or through NACH (National Automated Clearing House) debit.


Is the EMI charged as Advance EMI or Arrears EMI?

Both the options are available and can be provided as per your need.


What is the process of getting a Duplicate NOC in case the validity of the original NOC expires or if the original NOC get misplaced?

Duplicate NOC is a chargeable request - Rs 750 per loan A/c. You may visit the nearest branch for paying the amount and raise the request for Duplicate NOC. If your communication address has been changed then you can provide a copy of your current address proof at the same time.


Do I have the option of pre-closing the entire loan amount?

Yes. Only a small prepayment fee on the outstanding loan amount would be payable.

What is the procedure for pre-closure of the loan?

You can pre-close the loan any time after 6 months of availing the loan. You have to pay a pre-closure fee on the outstanding loan amount as per your loan agreement. You will have to give a request for pre-closure at the nearest branch along with the following documents.

Documents Required:

  • Main Applicant Identification & address proof required (Driving License or Passport or Voters card or PAN Card or Adhaar card).
  • Bank Statement showing last Month EMI clearance.
  • Kindly carry 1 cancelled cheque for RTGS, for refund if any.

Payment can be made either through Cheque/ Draft / RTGS favouring “Muthoot Vehicle & Asset Finance Limited”.

Once your loan is closed, No Objection Certificate and indemnity letter for unused cheques will be sent to your registered address within 10-12 working days.

MUTHOOT VEHICLE & ASSET FINANCE LTD

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