E-Bike Mortgage Eligibility Standards, Paperwork Wanted And Methods to Apply?

Printed on : March 02, 2023

With the latest emphasis on the surroundings and the large-scale adoption of a number of eco-friendly practices, it’s no shock that electrical autos generally have turn into highly regarded amongst the youthful era who’re very eager on doing their bit for the planet. Getting an electrical bike to your each day commute is a wonderful strategy to present your dedication to the nation. These bikes are clear and inexperienced, releasing zero carbon and never including to the noise air pollution as nicely. You might be questioning how a lot they value and whether or not you’ll be able to afford them. Nicely, they do value a tad bit greater than the gas equivalents however they ship extra when it comes to operating prices. In truth, they end in respectable value financial savings over the lifetime of the car. You may cease worrying if the upper electrical bike worth is a trigger for concern since LoanTap has the right resolution for you.
LoanTap presents user-friendly electrical bike loans which can be available inside 24 hours of utility. You may get between INR 20,000 to INR 2,00,000 to purchase the electrical bike of your alternative. You may repay the identical over 12-36 months at rates of interest between 13-15percentp.a. You may foreclose the mortgage after six months with none prepayment penalty.

Who’s eligible for an electrical bike mortgage?

LoanTap specifies some eligibility circumstances that have to be fulfilled earlier than you’ll be able to apply for an electrical bike mortgage.

You may qualify for an electrical bike mortgage utility in the event you can reply the next questions within the affirmative.

  • Are you an Indian citizen or resident?
  • Are you over the age of 21 years?
  • Do you earn a internet month-to-month revenue of INR 10,000?
  • Is your credit score rating over 630?

For those who answered sure to all the above questions, you qualify to use for an electrical bike mortgage.

How do you apply for an electrical bike mortgage?

LoanTap has created a digital mortgage course of that’s extraordinarily handy for debtors. It’s designed to make your borrowing expertise nice and stress-free. 

Right here is how one can apply for an electrical bike mortgage from LoanTap

Step 1 – Go to the LoanTap on-line market and discover the assorted fashions of electrical bikes on provide.

Step 2 – After evaluating all of the options, value, battery life, guarantee, after-sales service and community of charging stations, you’ll be able to slender all the way down to the mannequin of your alternative.

Step 3 – You may select to go to a supplier close to you to look at the bike bodily earlier than you finalize your buy.

Step 4 – Obtain the LoanTap app in your smartphone

Step 5 – Fill out an internet utility with the required particulars and Add the next paperwork –

  • PAN Card
  • Aadhaar Card
  • Financial institution Assertion for the final 3 months
  • Wage slip for the final month

Step 6 – Now sit again and chill out whereas the system evaluates your utility. 

If all of the paperwork are right, your mortgage utility will likely be authorized.

Step 7 – The mortgage will likely be credited to your account inside 24 hours. In case you are finalizing the bike by means of the net market, the quantity will likely be straight deposited within the supplier’s account whereas you’ll obtain the sanction letter.

Benefit from the LoanTap Benefit

LoanTap offers personalized loans which can be designed to supply a superior buyer expertise. 

  • Instantaneous approval – The loans are authorized immediately and disbursed inside 24 hours, in contrast to conventional loans which might take as much as every week for disbursement.
  • 24/7 availability – For the reason that course of is digital, it’s not restricted by working hours, weekends or holidays. You may apply for a mortgage in accordance with your personal comfort.
  • Cheaper choice – For those who examine the electrical bike mortgage with private loans or bank cards, you’ll notice that it’s a cost-effective choice at 13-15% in comparison with 18% + charged on private loans and 30-36% on bank cards.
  • No hassles – There isn’t any paperwork concerned and you should add solely the obligatory paperwork for processing the mortgage.
  • Comfort – You may full the method sitting at residence with no visits to the financial institution. This provides you peace of thoughts and you may chill out whereas making use of for the mortgage.


Congratulations to you if in case you have made up your thoughts to buy an electrical bike as your contribution in the direction of a cleaner and greener future for the nation. LoanTap will assist you to meet your aspirations by providing you a pleasant electrical bike mortgage immediately. Use the digital app to get your mortgage processed and credited inside 24 hours and experience away in your model new bike!