Two-wheelers are immensely popular amongst middle-class families who aspire to own a bike. It is easy to commute with bikes or scooters through potholes, gullies, and traffic. If you have a low income or cannot deploy your savings, EVs can be expensive for you. Electric vehicles sales rose as a better alternative to petrol bikes in times of rising oil prices.
LoanTap offers you affordable E-Bike loans with a minimum down payment option. With attractive interest rates and low-cost EMIs, this bike loan has made it easier for people to purchase a two-wheeler. In this fast-paced life, you want to buy everything online and spend more time on eCommerce sites to shop from the comfort of your home. LoanTap brings you an accessible and easy-to-use digital lending platform for you, where you can apply for an E-Bike loan online without any physical verification. In fact, LoanTap has the largest online e-bike marketplace where you can explore varieties of e-bikes from notable brands, pick the e-bike of your choice, connect with your nearest dealer, and apply for an e-bike loan at the same place without moving from your chair.
What is a down payment for E-bikes?
E-bikes provide you with eco-friendly and inexpensive commuting solutions. You can take a loan to finance your very first two-wheeler. When you take an Ebike loan for purchasing high-range electric scooters, you need to make payments of between 5% – 15% of the loan amount upfront. Down payment requires maintaining the liquidity in your bank account while purchasing an ideal bike. Any lender will provide you the loan amount with 20% of the vehicle’s value as a downpayment. Why should you take an e-bike loan from LoanTap? What is the advantage of borrowing from LoanTap? Read on.
But, what exactly is the minimum down payment for an E-Bike Loan?
Minimum Down payments make the lending process secure and hassle-free for the borrowers. A Bike loan with Zero downpayment covers the entire cost of an electric bike you want to buy from popular brands. You only need to qualify for some conditions to be eligible for a minimum down payment bike loan. Also, how much down payment you need to pay on the loan amount depends on your income sources, the cost of a bike, and repayment tenure.
Eligible Factors for Availing the Down Payment Amount
The amount of downpayment will be calculated depending on the following factors. LoanTap also ensures you get the lowest EMI on the loan amount possible. To know a suitable downpayment, you must check the mentioned factors below:
- The cost of the bike
- Make and model of the bike
- Your credit history
- Your current repayment capacity
To determine the minimum downpayment, borrowers can use LoanTap’s bike EMI calculator to know the amount of EMI. The selected down payments and EMI value can help you pay off the Ebike loan without burdening you financially. It also allows you to check your CIBIL score and repay the value in a shorter period.
Eligibility Criteria for a minimum down payment E-bike Loan
To avail of the minimum downpayment for an electric bike loan, you should be a potential borrower meeting all the lending requirements. LoanTap has prepared a list of eligibility conditions to qualify for an online two-wheeler loan. So let’s look at the eligibility criteria to acquire an online electric bike loan.
- The applicant should be between 21 and 60 years of age.
- Applicant must be salaried or self-employed professional
- You must be an Indian citizen/ resident.
- You should earn a minimum salary of Rs.30000/month.
- One year of experience is needed to qualify for the loan.
- Your business should be at least two years old.
- Your credit score must be decent.
If you match all the parameters, you are eligible for the loan amount. Before applying for the minimum payment electric bike loan, you are required to submit application papers with verified details. Check out the documents needed to upload for completing the online loan application process.
Basic Documents Required for Electric Scooter Loan
LoanTap offers you a seamless and quick loan process, where you don’t need to spend more time on lengthy documentation. However, like any other loan, you need to provide valid documents for getting the down payment loan. Here is the list of required basic documents to avail of electric vehicle loan at low-interest rates:-
If you are a salaried person/Self-employed, 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
- 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. Personal Loans usually provide you with loan amounts of INR 25000 – 10,00,000 for tenures ranging between 6 months – 60 months. The interest rates range will vary based on customer profile, type of loan, and other factors.
How to apply for E-bike Loan Online
Buying Electric Bikes is easy with Electric Vehicle Loans, which are essentially unsecured. Instant personal loans for two-wheelers can be very useful, as it saves your savings and finances your new electric scooter. LoanTap is the most -trusted lending platform, which allows you to access any personal loans online. Also, prepare a quick guide to apply for the best bike loans.
- Step 1: Visit the LoanTap website to fill out the application form with your personal and professional details. You can also go for the KYC verification online process. Complete the online process by Installing the LoanTap app from Google Play Store.
- Step 2: Once you have filled out the application form, you should upload the required documents after proper verification.
- Step 3: If you match all the parameters, your loan will be approved soon and you can get the amount in your bank account.
If your credit score is decent and fulfils all the conditions, the entire process will not take more than 24-36 hours. You have the flexibility to decide the tenure for the fixed repayments. You can pay off the entire loan after six months without any prepayment charges. E-Bike Loan from LoanTap is a perfect solution to get immediate funds for purchasing a two-wheeler. It will reduce the struggle of commuting daily to work by bus or taxi. Bike Loans Online makes everything easier for salaried individuals and self-employed professionals to get any bike from popular brands.
Advantages of Down Payment E-Bike Loan
Buy an electric bike with EMI from LoanTap’s Bike Loan. Along with this, you will enjoy the advantages of applying for a bike loan with no down payment. Here is the list of pros that come with the zero down payment e-bike loan and how it is beneficial to maintain your credit score.
- No need to worry about compromising monthly expenses and save money for buying your two-wheeler.
- The loan will cover the entire cost of the vehicle, after which you can repay in the form of manageable EMIs.
- It will help you to manage the account balance and have no effect on monthly cash flow.
- You can get the loan approval instantly with little documentation.
- You are allowed to choose a loan amount and repayments tenure based on your needs.
Features of getting E-bike Loans from LoanTap
Electric Bikes ensure the best ride with comfort and style. The younger generation is switching from petrol vehicles to EVs for an easy commute. These electric scooters are the future of the automobile industry, which can help in reducing air pollution and enjoy the ride hassle-free on bumpy roads. If you are planning to get a two-wheeler, LoanTap will help you by financing an e-bike.
Collateral-free: LoanTap Ebike Loans are unsecured loans, which don’t require any collateral. This primary feature makes it more convenient for the younger generation when they struggle with managing monthly expenses.
Instant Approval Online: LoanTap gives you e-bike loans online within 24-36 hours after verifying your documentation. There will be no hassles in getting the two-wheeler loan when the entire process is online. You don’t need to go to any bank or financial institution. LoanTap provides an accessible digital lending platform to get instant two-wheeler loans.
Minimal paperwork: There will be no paperwork or physical verification needed. You don’t have to waste your time filling up numerous norms. Today, getting an online bike loan is a simple process where applicants need to fill out an application form and submit the mandatory documents.
Better than Credit Card: If you use a credit card to buy the bike, it costs 2.5-3% interest rates monthly on the outstanding balance. On an annualized basis, it will cost you 30-36% towards the outstanding principal. LoanTap interest rates are much cheaper at 18% per annum.
Flexible Repayments: It will give you benefits to pay the loan in fixed EMIs. Personal Loans have fixed interest rates on the sanctioned loan amount. Flexible Repayments will provide options on how to repay the easy bike loan and decide the duration of tenure.
Transparent Process: 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.
Our simplified online lending platform offers customized personal loans to meet your urgent needs. This quick and efficient experience will let you feel at ease while collecting funds to buy an electric bike with the down payment. You can get a suitable bike with the minimum down payment value with no hidden charges and higher interest rates.