July 19, 2024
What’s the e-bike mortgage eligibility and the best way to apply? – LoanTap

Revealed 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 on the whole have grow to be very talked-about amongst the youthful era who’re very eager on doing their bit for the planet. Getting an electrical bike to your day by day commute is a superb method 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 effectively. It’s possible you’ll be questioning how a lot they price and whether or not you’ll be able to afford them. Nicely, they do price a tad bit greater than the gas equivalents however they ship extra when it comes to working prices. Actually, they end in respectable price financial savings over the lifetime of the car. You may cease worrying if the upper electrical bike value is a trigger for concern since LoanTap has the right resolution for you.
LoanTap provides user-friendly electrical bike loans which can be available inside 24 hours of software. You will get between INR 20,000 to INR 2,00,000 to purchase the electrical bike of your selection. 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 situations that must be fulfilled earlier than you’ll be able to apply for an electrical bike mortgage.

You may qualify for an electrical bike mortgage software for those who 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?

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 supply.

Step 2 – After evaluating all of the options, price, battery life, guarantee, after-sales service and community of charging stations, you’ll be able to slim right down to the mannequin of your selection.

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 software 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 software. 

If all of the paperwork are appropriate, your mortgage software shall be authorized.

Step 7 – The mortgage shall be credited to your account inside 24 hours. If you’re finalizing the bike by the net market, the quantity shall be immediately deposited within the supplier’s account whereas you’ll obtain the sanction letter.

Benefit from the LoanTap Benefit

LoanTap supplies personalized loans which can be designed to offer a superior buyer expertise. 

  • Prompt approval – The loans are authorized immediately and disbursed inside 24 hours, not like conventional loans which may take as much as every week for disbursement.
  • 24/7 availability – For the reason that 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 possibility – For those who examine the electrical bike mortgage with private loans or bank cards, you’ll notice that it’s a cost-effective possibility 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 could add solely the necessary paperwork for processing the mortgage.
  • Comfort – You may full the method sitting at house with no visits to the financial institution. This provides you peace of thoughts and you may calm down whereas making use of for the mortgage.


Congratulations to you you probably 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 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!