Are you looking for an affordable option to commute daily? E-bikes are an inexpensive option rather than buying fuel motorbikes. Buying electric scooters can help in saving money as they require low maintenance. Electric Scooters make life so easy and convenient. As Global warming is on the rise, there is a huge demand for electric vehicles in almost every country.  It is an eco-friendly and pocket-friendly bike for millennials. Electric Scooters have multiple benefits such as zero fuel consumption, easy to charge, and no emission of carbon.  

But, buying your very own electric bike needs funds ranging between INR 50,000 – 1,00,000. If you don’t have enough funds to buy an electric scooter, Ebike Loan is the ideal solution for you. The Fintech lenders like LoanTap offer you the best bike loan at your fingertips. 

But, how does E-bike Loan work?

At LoanTap, we provide E-bike Term Loan to afford to buy an electric vehicle. It credits the loan amount to get any variant of electric bike ranging between Rs. 30,000 – Rs. 1,50,000 from brands like Hero electric. You can pay off an electric bike loan in Fixed Equated Monthly Installments over a tenure of 3 years. This offer is best suited for Salaried professionals with a steady income. Also, you can get any personal loan for any bike ranging from INR 20,000 – 2,00,000 for tenures ranging between 6 months – 60 months. 

Benefits of  E-bike Loans from LoanTap

Applying for a loan online is a quick and simple process to meet your urgent needs. LoanTap offers you a seamless experience with an online application process, where you need to fill in your personal and bank details. Here are some advantages of getting Bike Loans from LoanTap.

No Collateral: You don’t need to submit your assets or collateral to get the loan amount. The LoanTap team will never ask you to give any security against the loan. As 2 wheeler Loans are unsecured loans, it makes them more convenient for young salaried individuals.

Instant Loan Approval: LoanTap guarantees you the same-day approval of the bike loan after verifying the documents. There’s no need to wait in a long queue to get a two-wheeler loan, as the whole process is done online. As soon as the LoanTap team verifies your profile, the loan will be disbursed within 24 hours without making you wait. 

Minimal Documentation:   You can avail of the instant Electric bike loan online after uploading some documents on the LoanTap. There will be no need to go through paperwork or waste your time filling up numerous forms. Just fill out an application form and submit the signed copies of documents online. 

Cheaper than Credit Card: E Scooter loan is an affordable option than using credit cards to purchase electric bikes in India. It costs 2-3% interest rates monthly on the outstanding balance. After calculating per annum, it will cost you 24-36% towards the outstanding principal. LoanTap interest rates are much cheaper at 13-15% per annum. 

Convenient Instalments: You can choose the repayment methods and tenure based on your bank history, profile, and credit score. The convenient  EMI payments method makes online bike loans popular among the younger generation. You can pay off the loan for e-bikes in fixed EMIs. E-bike Term Loans is the ideal solution for financing electric bikes from brands like Hero electric.

No Hidden Charges: Bike Loan offers instant cash with no hidden or pre-closure charges. We follow a transparent process of approving your loan request. The LoanTap team tries to process the loan application on the same day to credit the amount quickly.

Eligibility Criteria for Availing E-bike Loan 

If you are looking forward to buying an electric scooter, you have come to the right place. LoanTap understands your need to buy a bike using personal loans. You can go for a scooter loan If you qualify under the below-mentioned eligibility criteria.  

  • You are an Indian citizen or resident
  • You are over 21 years of age
  • You should have a net monthly income of INR 10,000. 
  • Applicants must have valid bank statements for six months. 

Basic Documents for Availing E Bike Loans 

After qualifying all the criteria, you can go for a 2 wheeler bike loan. The process of getting or applying for a two-wheeler loan is easy and affordable. You should prepare some required documents to verify your profile. We have listed the following documents to upload while filling out the online application form. 

If you are a salaried person, keep these documents ready for bike finance:

  • PAN Card
  • Aadhaar card/Driving license/Passport for proof of permanent address
  • Copy of latest utility bill/telephone bill/postpaid mobile bill/ registered rent agreement for current address proof

If you are a self-employed/business person with a steady income, you can apply for a two-wheeler loan with these basic documents:-

  • PAN Card
  • Aadhaar card/Driving license/Passport for proof of permanent address
  • Copy of latest utility bill/telephone bill/postpaid mobile bill/ registered rent agreement for current address proof
  • Business establishment proof
  • ITR for the last two years
  • House ownership proof like a property tax receipt, electricity bill, etc.

Anyone can get the loan for an electric scooter on EMI, the loan amount will be decided on factors such as city, type of income, and profile. If you pass all the conditions, LoanTap will credit the loan amount on the same-day.  

Steps to apply for E-Bike Loan Online

You can apply for two-wheeler loans by following the online application process. It takes a few minutes If you have the required documents with you. So follow the steps mentioned below:-

  1. Install the LoanTap app from Google Play Store or visit the page https://LoanTap.in/apply to apply online.
  2. Create your profile by filling out the basic details like email address and residential address.
  3. After creating a profile, check out the offers and enter the desired loan amount.
  4. Upload the basic documents or mail them to the team directly with proper validation.
  5. Wait for the verification of the documents and scrutiny of the credit score.
  6. Once the KYC is complete, the loan will be approved.

 As soon as you match all the parameters, the loan amount will be credited to your account in 24-36 hours.

Best Brand for Electric Scooters – Hero Electric

The Brand Hero was founded by Late Mr. Dayanand Munjal in 1956. Since then, they have catered mobility to millions of people in India. Recently, Mr. Vijay Munjal has started Hero Electric, as a leading manufacturing company of electric 2-wheelers. They have been the front runner in the electric mobility industry in India. Hero Electric Company has one mission of “ No Emission,” which makes the country greener with positive and zero pollution transportation. 

Hero India offers various models such as Hero Electric Photon, Hero Optima E5, NYX, Hero Optima LX  at affordable prices. At Hero Electric, you can choose any variant depending on the city’s speed and comfort speed. But, if you are looking for the most elegant and inexpensive variant, Hero Electric Optima will be the right choice for you. There are four other variants of  Hero Optima for you to choose from as per your needs. Check out now and buy your first one!

About Hero Optima Scooter

Hero Electric Optima HX – Single Battery

Hero Electric Optima Scooter gives you a comfortable riding experience. It offers a maximum city speed of 42 km/h. You can fully charge the Hero Optima Hx in 4-5 hours. It has 550 | 1200 watts of power with a battery capacity/ rating of 51.2 volt/ 30 Ah. You can go for a longer rider of 80 km with a fully-charged single battery. It has cruise control to control the speed of the scooter. You will not face any riding problems with the 12-inch wheels. 

Key Features

  • Stylish Digital Instrument Cluster for all the information you need.
  • Telescopic suspension to ensure a jerk-free and smooth ride. 
  • USB port to charge your device while riding.
  • Alloy wheels to make the vehicle look lighter and more stable.
  • Portable Battery to make charging easy and convenient.
  • LED Headlamps for a safer ride in the dark.
  • Remote Lock and Anti-theft Alarm for extra safety. 
  • Regen Braking to convert the kinetic energy into stored energy. 

Hero Electric Optima Price: INR 55, 580

Colors Available: Gray, Blue, and White

Hero Electric Optima HX – Dual Battery

Hero Electric Optima Scooter comes with a dual battery that offers a city speed of 42 km/h. It gets fully charged in less than 5 hours. Optima Electric Scooter has 550 | 1200 watts of motor power with a battery capacity/ rating of 51.2 volt/ 30 Ah. You can easily cover the 122 km with a fully-charged dual battery. The cruise control facility is available to help with decelerating the scooter during obstacles.12-inch wheels of Hero Optima provide more stability on bumpy roads.

Key Features

  • Get all the information from the stylish Digital Instrument Cluster.
  • Telescopic suspension ensures a jerk-free and comfortable ride. 
  • A simple plug-in USB port available for charging your phone.
  • Alloy wheels give a lighter and more stable look.
  • A portable battery makes charging easy at home or office. 
  • LED Headlamps brighten the dark routes.
  • Remote Lock and Anti-theft Alarm add extra safety.
  • Regen Braking is used for converting kinetic energy into stored energy. 

Hero Electric Optima Price: INR 65,640

Colors Available: Gray, Blue, and White

Hero Electric Optima LX  ( VRLA)

The Hero  Optima Electric Scooter looks stylish when you go for a ride on the country road. It can run with the max comfort speed of 25 km/h after charging for 8 to 10 hours. Optima Electric Scooter has 250 watts of motor power with a battery capacity/ rating of 48 v/ 30 Ah. A Hero Optima Bike LX can cover 50 km If you charge the battery fully. The cruise control facility is available to help with decelerating the scooter during obstacles. The 12-inch wheels of Hero Optima Lx provide enough friction on the wet roads and a stable ride. 

Key Features

  • In front, the Digital Instrument Cluster provides required details.
  • Telescopic suspension ensures smooth rides on rough and bumpy routes.  
  • USB port available to plug-in your device on long rides.
  • Stylish Alloy wheels make the bike lighter.
  • A portable battery makes charging easy at home or office. 
  • LED Headlamps provide perfect brightness in the dark routes. 

Hero Electric Optima Price: INR 51,440

Colors Available: Gray, Blue, and White

Hero Electric Optima LX 

Hero Electric Optima LX scooters make you look smart and stylish at the same time. It can go with a top speed of 25 km/h and takes up to 8 to 10 hours to get fully charged. Hero Optima Electric Scooter has 250 watts of motor power with a battery capacity/ rating of 48 v/ 30 Ah. A Hero bike can cover 85 km If you charge the battery fully. The 12-inch wheels of the Optima electric scooter provide a faster and comfortable ride. 

Key Features

  • Digital Instrument Cluster at front provides required details.
  • Telescopic suspension ensures smooth rides on rough and bumpy routes.  
  • USB port available to plug-in your device on long rides.
  • Stylish Alloy wheels make the bike lighter.
  • A portable battery makes charging easy at home or office. 
  • LED Headlamps helps in safer rides in the dark

Hero Electric Optima Price: INR 67,440

Colors Available: Gray, Blue, and White

Bike LoanTwo Wheeler LoanElectric Bike Loan
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Satyam Kumar is banking industry veteran with enriched experience of more than 20 years. Apart from founding LoanTap and FinTech Association of Consumer Empowerment, he is an avid traveler and holds keen interest in Blogging. He has amassed profound knowledge in FinTech trends, banking, consumer trends, food and mythology which he loves sharing with others.
Satyam kumarSatyam KumarCEO & Co-Founder, LoanTap asset 8 asset 9
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