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 and register their complaints , call on 7593864403 between 9am to 6pm on all days except holidays. You can also write to us on: customercare@mvafl.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.
Frequently Asked Questions – Regarding Moratorium
|
Sl.No. |
Question |
Response GENERAL FAQ’s |
|
1 |
What is the EMI moratorium provided for loans under COVID 19 – RBI’s regulatory package? |
The prevailing COVID-19 situation may pose a huge challenge for people at large. As a measure of solidarity, RBI has permitted all Indian Banks / Indian Financial Institutions to offer its customers up to 3 months moratorium (holiday) on their EMI payments falling due between 1st March 2020 to 31st May 2020. Essentially, it means that the customer will not be treated as a defaulter even if he/she does not pay their EMI until 31st May 2020. |
|
2 |
Who is eligible? |
All MVAFL customers who have availed any instalment loan prior to 1st March 2020 and instalment is due during the 3 months moratorium period, are eligible provided the account is standard (i.e., not in NPA) as on 1st March 2020. |
|
3 |
What will happen if I choose the EMI Moratorium? |
If you choose EMI moratorium, MVAFL will not collect EMI Payments on your loan till 31st May 2020 provided your request is approved as per company’s moratorium policy. |
|
4 |
After availing this scheme for 3 months, will we have to pay the interest for these 3 months also? |
Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan and same to be paid along with EMI due of June 2020 or the loan tenure will get extended by the corresponding period or more till all dues are recovered. |
|
For e.g.: if the EMI for the month of March 2020 has been paid and moratorium for April & May 2020 has been availed, then the loan tenure will be extended by 2 months or more until the accrued interest is also collected . The EMI will remain the same. |
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|
5 |
If I do not want the EMI moratorium, what should I do? |
If you do not want the EMI moratorium, no further action is+ required from your side. We will continue to bank your repayment instructions. |
|
6 |
Is it mandatory to avail this scheme? |
We encourage customers with adequate funds to continue paying during this period to avoid the accrued interest and tenor extension. |
|
7 |
Why was my account debited when the RBI has announced a moratorium? |
Granting of the Moratorium is at the discretion of MVAFL. We understand that all our customers may not opt for the Moratorium given that there is an additional levy of accrued interest payable under the terms of the Moratorium. If you wish to opt for the Moratorium, we would process your request and assess the same. |
|
8 |
What charges will I pay, if I avail of this EMI moratorium? |
If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest can be paid upfront at the end of moratorium or will be collected by extending the original tenor of the loan accordingly. |
|
9 |
How do I avail this EMI moratorium? |
Post Lock down our representative will be contacting you and will assess your financial condition basis which Moratorium will be taken up. Please visit our website www.mvafl.com and apply for moratorium in the link provided. You need to enter the details asked for |
|
10 |
I have more than one loan from MVAFL. Can I get moratorium for both the loans? |
Yes, you can opt for moratorium for each loan that you have availed from us. In that case you need to place separate request for each loan accessing our website www.mvafl.com Please remember that accrued interest for the EMI moratorium period will be applicable for each loan separately. |
|
11 |
What if I have already paid my EMIs and would like to avail the moratorium till 31st May 2020. |
You can avail of the moratorium benefits only for the unpaid EMIs. Please follow the process given above in Sr. No. 7-8 for availing the moratorium |
|
12 |
Does the moratorium affect my Credit Rating? |
No. Opting for the EMI moratorium will not affect your Credit Rating or Score during the moratorium period, i.e. until 31st May 2020. However, post the moratorium any delay in repayment of your EMI shall lead to the loan being treated as overdue and the same will be reported to the consumer credit bureaus. However, if there have been any principal or interest payment over dues prior to 1st March 2020 the adverse impact on credit history or credit score for such defaults will continue. |
|
13 |
Is the Moratorium an interest waiver scheme? |
No. It is not an interest waiver scheme, only a deferment scheme, i.e. you can pay your instalments along with accrued interest at a later date. However, interest during the moratorium will continue to be charged on the loan outstanding. |
|
14 |
Will there be any change in Terms & Conditions of my loan agreement |
No. There will be no change in Terms & Conditions of the loan agreement, apart from the Interest accrued on account of moratorium which will lead to change in tenor and /or change in EMI. |
|
15 |
If I have already paid the EMI for March 2020, will the scheme be available to me for next 3 months? Can I ask for refund of the EMI paid in March 2020, so that I can avail this scheme? |
No. The EMIs already paid will not be refunded. In such scenario, you can avail this scheme for next 2 instalments, till 31st May 2020. |
|
16 |
Will we have to pay all EMIs together, after 3 months? |
No. Your loan tenure will automatically be extended by 3 months or more, if you opt for Moratorium. For e.g. If you have availed loan before March 2020 and your last EMI was supposed to be paid by December 2020, then after granting of the moratorium scheme, your last EMI will be due in March 2021.However if you wish to pay all EMIs and accrued interest upfront to avoid extension of tenure you may do so. |
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17 |
Which is beneficial – paying regular EMI or availing the EMI deferment scheme? |
If customers have adequate cash-flows to pay the regular EMIs, then we strongly urge you to not apply for a moratorium, as it will lead to additional EMI payments in the future. |
|
18 |
I have issued NACH mandate to MVAFL to debit my bank account for EMI recovery. Do I have to cancel this mandate with my bank? |
No. It will be managed by MVAFL upon receipt of a confirmation from your end to avail the moratorium. |
|
19 |
Will penal interest (due to deferment) be levied for the instalments which are falling due between 1st March 2020 to 31st May, |
No, penal interest will not be charged due to deferment of the instalments which are falling due between 1st March 2020 and 31st May 2020. However, interest would continue to accrue on the outstanding principal at the applicable rate of interest for the loan. |
|
20 |
Is it OK if I continue to pay my instalment/interest and not apply for moratorium/deferment? |
Yes. Please continue to pay if you can afford to. It will help you avoid paying accrued interest during the moratorium period and avoid extension of your loan tenure |
