Learn Why Electric Vehicles are the Future of Transportation
Published on : October 03, 2022

“India is on the cusp of a ground-breaking revolution in e-mobility.”- Shri Narendra Modi, PM of India.

The environmental pollution in India reached dangerous levels in the last couple of years. According to the climate index in 2020, India was in the top 5 which means it is susceptible to climate change. This information has forced the government to sit up, take notice and roll out a nationwide plan for e-mobility. The smooth transition to electric vehicles would also require the road infrastructure to be strengthened as it would be difficult to use them on rough roads.

The statistics on electric vehicles and the supported infrastructure in India are astonishing. Over 7.6 lakh electric vehicles have been registered to date and over 1800 electric charging stations have been installed. Over 25 states have notified or drafted state electric vehicle policies. There are over 380 electric vehicle manufacturers in India. Electric vehicle sales have gone up by 133% from 2015-2020. Over 2656.62 kilotonnes of carbon emissions have been reduced. Over 1.32% of all vehicle sales in 21-22 were electric. The statistics are heartening and it indicates that as a nation we are moving in the right direction.

With more people switching to electric vehicles as a clean and green alternative to fuel vehicles, it is obvious that they will become the future of commuting in India. This will lead to more and more people aspiring to buy electric bikes for their daily commute. Not all of them would be able to afford to buy it out of ready funds. They would require financial assistance to convert this dream into reality.

This is where LoanTap steps in to provide convenient online bike loans that can help you buy your electric bike easily and pay off in convenient instalments over the agreed tenure. This will help you manage your cash flows better. 

What are personal loans?

Personal loans are essentially unsecured loans that can be used for any legal purpose. LoanTap has tailored personal loans to meet the various needs of individuals. An electric two-wheeler loan is part of the same bouquet of offerings. You don’t need to pledge any assets to avail of this loan. The eligibility criteria are kept simple so that the target audience can benefit from the scheme.

Who qualifies for electric two-wheeler loans?

LoanTap has kept the eligibility requirements so simple that a majority of the target population can meet them. To get a loan from LoanTap-

  • You must be an Indian citizen or resident
  • You must be over the age of 21 years
  • You must  have a minimum net monthly income of over INR 10,000

If you meet all these conditions, you cross the primary eligibility and you can apply for the loan comfortably.

How do you buy EV Bikes in India using two-wheeler loans?

The process of buying an electric bike in India is very easy. All you need to do is download the LoanTap app on your smartphone and fill out an online application with the required details.

You will need to upload some basic documents to establish your credentials-

  • PAN Card
  • Aadhaar Card
  • Salary Slip for the current month
  • Income Tax Returns for the last two years if self-employed
  • Bank Statements for the last three months

Once you upload these documents your job is done. Now sit back and relax while the system processes your application. If all your documents are found correct, your loan will be approved and a sanction letter will be issued. You can use this sanction letter from LoanTap to buy any electric two-wheeler of your choice from any showroom. Your loan will be to a maximum of 80% of the on-road price of the bike.

LoanTap offers loans from INR 20,000 to INR 200,000 for tenures up to 36 months at competitive interest rates.

What are the benefits of a two-wheeler loan from LoanTap?

There are several benefits of availing of a loan from LoanTap to buy an electric two-wheeler some of which are discussed below –

Easy Hypothecation- The bike is easily hypothecated against the loan and the papers are released when the loan is paid off in full.

Cheaper than credit cards – Personal loans are way cheaper than credit cards. Credit cards charge 2.5-3% per month while you can get a personal loan at half the rate.

24/7 availability – Online loans are available around the clock while traditional loans are limited by bank holidays and weekends.

Instant Disbursal – Traditional loans may take over a week to be credited while instant electric bike loans may be disbursed within 24-36 hours.

No Paperwork – Since the entire process is digital there is no paperwork involved. You just need to fill out an online application.

Minimum Documentation- The online electric bike loans require you to upload minimum documents as proof of identification, address and income.

Manage your EMIs- You can choose your EMI tenure according to your convenience and manage your cash flows. It is best to use an EMI calculator to work out the optimum EMI for you.

Wrap Up

Getting a two-wheeler loan from LoanTap is a convenient method of obtaining funds to realize your dreams. Use these funds to get the electric bike of your choice and enjoy a clean and green commute. LoanTap specializes in customized offerings that meet the specific needs of individuals and help them in meeting their aspirations. This option eliminates the need to borrow from friends and family or depend on unscrupulous money lenders. If you are planning to buy an electric bike to switch to a clean environmentally friendly commute, you should consider downloading the LoanTap app today. Go, do your bit to make the planet a better place to live in. Get an electric bike today. Let LoanTap help you make your dream come true.