E-Bike Mortgage Eligibility Standards, Paperwork Wanted And How one can Apply?

Printed on : March 02, 2023

With the latest emphasis on the setting and the large-scale adoption of a number of eco-friendly practices, it’s no shock that electrical automobiles typically have grow to be very fashionable amongst the youthful era who’re very eager on doing their bit for the planet. Getting an electrical bike in your each day commute is a superb method to present your dedication to the setting. These bikes are clear and inexperienced, releasing zero carbon emissions and never including to the noise air pollution as nicely. You could be questioning how a lot they value and whether or not you’ll be able to afford them. Effectively, they do value a tad bit greater than the gas equivalents however they ship extra when it comes to working prices. In truth, they lead to first rate value financial savings over the lifetime of the automobile. You may cease worrying if the upper electrical bike value is a trigger for concern since LoanTap has the proper resolution for you.
LoanTap provides user-friendly electrical bike loans which might be available inside 24 hours of utility. You will 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 13-15% p.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 situations 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 when 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 web month-to-month revenue of INR 10,000?
  • Is your credit score rating over 630?

In the event you answered sure to the entire 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 varied 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 slim right 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 a web based 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 loosen up whereas the system evaluates your utility. 

If all of the paperwork are right, your mortgage utility shall be accepted.

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

Benefit from the LoanTap Benefit

LoanTap offers custom-made loans which might be designed to offer a superior buyer expertise. 

  • Instantaneous approval – The loans are accepted immediately and disbursed inside 24 hours, in contrast to conventional loans which might take as much as per week for disbursement.
  • 24/7 availability – Because the course of is digital, it isn’t restricted by working hours, weekends or holidays. You may apply for a mortgage based on your individual comfort.
  • Cheaper choice – In the event you examine the electrical bike mortgage with private loans or bank cards, you’ll understand 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 a paperwork concerned and you want to add solely the necessary paperwork for processing the mortgage.
  • Comfort – You may full the method sitting at dwelling with no visits to the financial institution. This provides you peace of thoughts and you may loosen up whereas making use of for the mortgage.


Congratulations to you 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 allow 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 trip away in your model new bike!