In a world full of technology, E-bikes are making progress in luring people to switch from fuel vehicles to electric bikes. This is due to many reasons, but one primary reason is that electric bikes are affordable, environment friendly, and easy to maintain. Electric scooters or bikes are easy and comfortable to ride. That is why you can spend some money buying an electric two-wheeler for yourself. But if you face any financial crunch, there is another way to finance electric bikes.
LoanTap offers you e-bike loans to purchase electric scooters without spending fixed deposits or your savings. Even if your income is low, as much as 10,000 per month, you can buy an electric scooter online. That is another reason that makes the electric bike loan quite popular among the younger generation. You can get an instant bike loan by requesting from Fintech Lenders like LoanTap.
How does E-bike Loan work?
Are you looking for an affordable option to buy an electric scooter on EMI? Bike Loans are the perfect option for you to finance. LoanTap provides an accessible digital lending platform for getting electric scooter loans online. You can easily apply for a two-wheeler loan to purchase electric scooters online.
At LoanTap, We provide E-bike Term Loan to afford to buy your very own electric vehicle. It provides the immediate funds to buy any 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 1-3 years. The flexible Repayments option gives the chance to calculate the interest on the outstanding principal every month. This offer is best suited for Salaried professionals with a steady income.
Benefits of E-bike Loans from LoanTap
Electric Bikes are surpassing fuel vehicles in almost every country. The future of electric two-wheelers is colorful and eco-friendly for tackling climate change. It is the best solution for millennials to commute easily every day to work. These best mileage scooters reduce the emission of carbon gas and require less maintenance than cars or motorcycles. If you are thinking of buying a scooter online on EMI, LoanTap will finance your first e-bike. Applying for a loan is a simple process to get any personal loan to meet your urgent needs. This quick and seamless experience will let you feel at ease while collecting the cash to buy an electric scooter.
No Collateral: There’s no need for you to mortgage against the loan amount. LoanTap will never ask you to provide collateral as two-wheeler loans are essentially unsecured loans. Not submitting any collateral or asset makes it more convenient for salaried individuals to get electric bike loans.
Instant Loan Approval: LoanTap guarantees you the same-day approval of the bike loan without any physical verification. You will not face any constraints in getting a two-wheeler loan. You don’t need to go to any bank or financial institution as the whole process is online.
Minimum Paperwork: To verify your loan application, you will need to submit some documents on the website of the LoanTap. There will be no need to go through paperwork or waste your time filling up numerous forms. In this fast-paced process, all you need to do is fill out an online application form with proper personal and professional details.
Cheaper than Credit Card: Ebike Loans are a much better option than using credit cards to purchase electric bikes in India. It costs 2-3% interest rates monthly on the outstanding balance. On a per annum basis, it will cost you 24-36% towards the outstanding principal. LoanTap interest rates are much cheaper at 18% per annum.
Flexible Installments: You can choose the repayment method, including how you want to repay and which tenure suits you. Flexible Repayments give the benefits to pay the loan for e-bikes in fixed EMIs. Term Loans can help you get an electric scooter 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.
No Prepayments: There will be no prepayment or pre-closure charges on the loan amount if you repay in full after 6 months. Processing fees will depend on how much loan amount you request for buying the electric scooters.
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.
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, collect these documents 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.
LoanTap will sanction you the loan amount depending on which city you are living in and what type of income you have. They believe in an instant disbursal of loan amount after matching all the parameters. LoanTap offers e-bike Loans for amounts of INR 20,000 – 2,00,000 for tenures ranging between 6 months – 36 months. The interest rates range will vary based on customer profile, type of loan, and other factors.
Steps to apply for E-Bike Loan Online
LoanTap provides you with a simple and paperless process to credit the loan within 24 hours. You just need to follow some steps for completing the online application process. It takes a few minutes If you have the required documents with you. So follow the steps mentioned below:-
- Install the LoanTap app from Google Play Store or visit the page https://LoanTap.in/apply to apply online.
- Create your profile by filling out the basic details like email address and residential address.
- After creating a profile, check out the offers and enter the desired loan amount.
- Upload the basic documents or mail them to the team directly with proper validation.
- Wait for the verification of the documents and the credit score.
- Once the KYC is complete, the loan will be approved.
As soon as the process is done, the loan amount will be credited to your account to withdraw as per your minimum limit. The entire process will be complete within 24-36 hours. Try to repay the loan on the set repayment date to keep your credit score healthy and get a higher credit limit.
Why take Electric Bike Loans from LoanTap?
LoanTap provides a quick and easy process to avoid confusion regarding two-wheeler loans. They make sure the loan amount will be disbursed in less than 24 hours and credit the amount to use them. If you don’t need the loan money anymore, you can pre-close the loans after getting credited with the next month’s salary.
You can make your daily life better and easier with the best bike loans. Buy a scooter online on EMI without struggling financially. It is time to relax a bit and let LoanTap handle everything for you. If you need money to buy an electric bike, LoanTap is just at your fingertips.
About Hero Electric Flash Bike
Hero Electric is the most trusted brand in India, with over three lakh happy customers. India’s Electric two-wheeler company has created the largest base for manufacturing 2-wheelers. They have sold thousands of electric scooters across the country. There is a huge demand for e-bikes replacing expensive and high-maintenance vehicles.
Hero is the pioneer in selling Motorcycles and Bicycles. Now, the company is leading the Indian Electric 2-wheeler industry. They have produced many variants of Hero Electric Bikes. There are four common variants in Hero Electric Bikes, but the most popular is – Hero Flash E-Bike.
Hero Electric Flash LX
Hero Electric Flash is the comfort speed variant with a max speed of 25 km/h. It takes 4-5 hours for charging. Hero Flash Scooter can easily cover 50 km with 10 hours of a charged battery. This Electric Scooter runs on 250 watts of motor power. The battery capacity/Rating of the Hero Flash bike is 51.2 volts/ 30 Ah. The Hero Flash Wheels are 12 inches in size to provide more stability. There is no cruise control available in the Electric Flash Scooter to control the speed on the bumpy routes. You don’t need to register online to get the Hero Flash Electric Scooter.
Key Features
- Digital Instrument Cluster in front to get the information while riding.
- Telescopic suspension for providing stability on rough and bumpy roads.
- Alloy wheels make the scooter look stylish and lighter.
- Powerful LED HeadLamps to help you with safer rides in the dark.
- Portable Battery to easily charge at your home or office.
- Charge your phone battery by simply plug-in a USB port.
Hero Electric Flash Price: INR 59,640
Colors Available: Red and Metallic Gray
Hero Electric Flash LX ( VRLA)
Hero Electric Flash LX is a stylish and gorgeous-looking new electric scooter. It is the comfort speed variant with a top speed of 25 km/h. It takes 8 to 10 hours to get fully charged. Hero Flash Scooter can easily cover 85km with a full battery charge. This Electric Scooter runs on 250 watts of motor power. The battery capacity/rating of the Hero Flash bike is 48 volts/ 30 Ah. The Hero Flash Wheels are 12 inches in size made with the best quality alloy to support the routes. You don’t need to register online to get Flash Electric Scooters.
Key Features
- Digital Instrument Cluster to get all the information you need.
- Telescopic suspension for a jerk-free ride on rough and bumpy roads.
- Alloy wheels add style and stability to the scooter.
- Powerful LED HeadLamps go on safer rides in the dark.
- Portable Battery for charging easily at your home or office.
- Charge your phone battery with a plug-in USB port.
Hero Electric Flash Price: INR 46,640
Colors Available: Red and Metallic Gray
