What’s the e-bike mortgage eligibility and tips on how to apply? – LoanTap

Printed on : March 02, 2023

With the latest emphasis on the atmosphere and the large-scale adoption of a number of eco-friendly practices, it’s no shock that electrical autos generally have change into highly regarded amongst the youthful technology who’re very eager on doing their bit for the planet. Getting an electrical bike on your day by day commute is a superb solution 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 properly. It’s possible you’ll be questioning how a lot they value and whether or not you’ll be able to afford them. Properly, they do value a tad bit greater than the gas equivalents however they ship extra when it comes to operating prices. In reality, they end in first rate value financial savings over the lifetime of the car. You’ll be able to cease worrying if the upper electrical bike value is a trigger for concern since LoanTap has the right answer for you.
LoanTap presents 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 selection. You’ll be able to repay the identical over 12-36 months at rates of interest between 13-15percentp.a. You’ll be able to 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’ll be able to qualify for an electrical bike mortgage utility should 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 earnings of INR 10,000?
  • Is your credit score rating over 630?

In the event you 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 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 all the way down to the mannequin of your selection.

Step 3 – You’ll be able to select to go to a vendor 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 calm down whereas the system evaluates your utility. 

If all of the paperwork are right, your mortgage utility might be accredited.

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

Benefit from the LoanTap Benefit

LoanTap gives personalized loans which might be designed to supply a superior buyer expertise. 

  • Instantaneous approval – The loans are accredited immediately and disbursed inside 24 hours, not like 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’ll be able to apply for a mortgage in response to 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 is no such thing as a paperwork concerned and it’s essential to add solely the necessary paperwork for processing the mortgage.
  • Comfort – You’ll be able to full the method sitting at house with no visits to the financial institution. This offers you peace of thoughts and you may calm down 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 direction of a cleaner and greener future for the nation. LoanTap will make it easier 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!