Question 1

How is iVOOMi scooter loan EMI calculated monthly?

Accepted Answer

iVOOMi scooter loan EMIs include the principal amount as well as the interest i.e. EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:
{P x R x (1+R)^N / [(1+R)^N-1]}
where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.

Question 2

Which documents I need to have to apply for a iVOOMi two wheeler loan?

Accepted Answer

To get your iVOOMi scooter loan application with the selected lender, you would be required to submit your KYC documents, which include your identity proof and current address proof, a copy of your PAN Card, your bank statement and your income proofs (Form 16/Salary Slips/ITR). You can get the exact requirement from your loan consultant after applying with us.

Question 3

What will be the minimum down payment for a iVOOMi Bike/Scooter loan?

Accepted Answer

The lenders generally finance 90% of the ex-showroom price of the iVOOMi two wheeler. Some customers might be eligible for 100% funding too. This means the minimum possible down payment that you have to pay includes the RTO and insurance charges for the iVOOMi scooter. Down payment is the difference between the on-road price of the iVOOMi scooter and the amount funded by the lender.

Question 4

What will be the rate of interest on a iVOOMi scooter finance?

Accepted Answer

The interest rate primarily depends on the principal amount and tenure of the loan amount of the iVOOMi two wheeler. Interest rate of lenders generally varies from 9.7% per annum to 15% per annum.

MODEL	EMI (36 MONTHS)
iVOOMi S1	Rs. 1,685
iVOOMi Jeet	Rs. 2,728
iVOOMi Eco	Rs. 2,467

iVOOMi scooters Finance

iVOOMi Two Wheeler Loan EMI