Buying your first bike can be a memorable occasion in a person’s life. It signals independence and freedom of mobility. For many, it may be a stepping stone to progress in life, be it reaching their workplace on time. You have two options when it comes to buying your first bike: a fuel-powered or an electric bike. The increase in carbon emissions and the resultant pollution of the atmosphere raises the need for clean and green transportation. This is the reason why there is a sudden proliferation of electric bikes. Several manufacturers and startups have come up with sleek new models with detachable lithium-ion batteries that can give you a comfortable ride without emitting dangerous fumes or creating noise pollution. The government is so keen on reducing carbon emissions that it is ready to incentivise both manufacturers and consumers to promote the use of electric vehicles. If you are facing any financial problems, an Electric Bike loan is the perfect solution for you.
What should you take into consideration while buying your first bike?
There are several factors that play a role in deciding on the first bike. Let us explore some of the critical ones.
Fuel or Electric
It is your choice if you want to go for a conventional fuel bike or an electric one. Given the way fuel prices are rocketing and considering the negative impact on the environment, it may be a wise decision to go for an electric bike as your first choice.
It would be critical to know how much mileage the bike gives for a single charge; the higher, the better. You can check out all the brands available and compare based on this parameter.
Electric bikes are far easier to maintain compared to fuel bikes as they have fewer moving parts. This makes them more economical in the long run.
The Central and State Governments are offering subsidies and incentives for the purchase of electric bikes. So you may end up saving some cash if you opt for a new electric bike in India.
Banks, NBFCs, and fintech companies are vying with each other to provide attractive financing schemes for the purchase of electric bikes. As a consumer, you can get great deals which will make the purchase of your bike even easier. After you compare the features of all the electric bikes available, you will need to make an informed decision based on the budget available. Here is where the financing comes in useful. If you are falling short of funds to buy the bike you really like, you can go for a personal loan or Bike Loan.
Can I use bike loan online to buy my first bike?
If you are an Indian citizen or resident over the age of 21 years and earn a net monthly income of over INR 30,000, you are eligible to apply for an electric bike loan from LoanTap.You can apply for a personal loan to buy a bike. We also have specialised loan products to help you purchase the bikes.
What is the process of applying for bike finance online?
The process of applying for bike finance online is very simple. All you need to do is download the LoanTap app on your smartphone. Fill out an online application with the complete details.
You will need to upload the following documents –
- PAN Card
- Aadhaar Card
- Salary Slips for the current month
- Bank statement for the last three months
- Income Tax Returns for the last two years (in case of self-employed)
Once this is done, the system will verify your application and check the uploaded documents. If everything is in order, your personal loan will be approved and the sanction letter will be issued. You can use it to buy the electric bike of your choice from the showroom near you.
You can pay off the loan over the agreed tenure. You can even foreclose the loan after six months without any prepayment penalty, although if you foreclose the loan prior to 6 months, foreclosure charges will be applicable.
Benefits of taking a loan from LoanTap
Bike finance online from LoanTap comes with several benefits.
Unlike traditional loans, bike finance online is disbursed within 24 hours. This is a very important feature as it can impact your purchase decision.
Traditional loans are limited by weekends/ holidays, but buying a new electric bike in India using a LoanTap loan has no such limitations. It is available around the clock.
Apart from an online application, there is no paperwork involved, which makes it convenient for borrowers.
A few mandatory documents, such as an Aadhaar card and PAN card, etc., are required to be uploaded, apart from which nothing else is required. This makes the process easy and hassle-free.
Cheaper than credit cards
Bike finance online from LoanTap works out cheaper than swiping your credit card. Credit cards charge 2.5-3% per month on outstanding balances, while a loan usually comes at half the price.
LoanTap follows a transparent process with no hidden charges. What you see is what you pay.
Getting your first bike can be an exciting experience. Make the most of it. Do a thorough research and make an informed decision after taking into consideration all the variables involved. Since it is an important choice to make and will impact your mobility, it makes sense to spend considerable time assessing the various models before coming to a conclusion. If your final choice looks a little steep because you are falling short of funds, don’t get flustered. LoanTap is ready with tailored solutions to help you realise your aspirations. Make your choice and let LoanTap finance it. Download the LoanTap app today.