E-bikes or electronic bikes are a new hot rage in the world of bikes. Powered by electricity, e-bikes and e-scooters are eco-friendly modes of transportation. They release no harmful emissions, require zero petrol, and even cut down on noise pollution. With increased pollution levels and fossil reserves running out in the world we live in, e-bikes are indeed a boon and the need of the hour.

However, due to limited infrastructure and manufacturing capabilities, especially in India, e-bikes are a bit on the expensive side. If you too have been considering purchasing an e-bike or an electric scooter, but are discouraged by their high prices, then worry not. This article is just for you! Because you can now finally have the bike of your dreams with a simple solution, i.e., an EMI.

Yes, similar to other vehicles and automobiles, e-bikes too, are available on loans. But, how does one go about purchasing an e-bike on EMI? What is the process? Is it similar to buying a regular bike on EMI? Read ahead to find out the answers to all of your questions and more.

What Is The Eligibility For An E-Bike Loan?

Firstly, let’s find out the age criteria for purchasing an electric bike. The minimum age requirement is to be over 21 years of age to apply for an e-bike loan. On the other hand, some banks require the individual to be 22 years and over, while a few others may offer loans to those 18 and above. The maximum age requirement that remains common among all is that one cannot be over 65 years of age at the time of loan maturity.

Additionally, you should be a citizen or resident of India. For those who are salaried individuals, your monthly income must be over Rs. 8,000. You must also be on the list of permanent staff and working for at least 6 months in your current company. For salaried and self-employed individuals whose current job or business involves less than 6 months of experience, you must have an overall 2 years of work experience to show.

We must point out that the eligibility for an e-bike loan may vary from institution to institution. For this reason, it’s best to check with the bank of your choice on what their exact criteria are and go about fulfilling those accordingly.

Also see: How To Get A Two-Wheeler Loan

Documents Required For An E-Bike Loan

The documentation required for an e-bike loan is pretty simple and straightforward. It can be categorized into three verticals – ID proof, Address proof, and Income proof. For ID proof, you can submit either your PAN card, Aadhar Card, or Passport. For Address proof, any one of the following documentation will work: electricity bill, mobile or telephone bill, passport, Aadhar card, or your purchase agreement. And lastly, for income proof, you will have to submit either your last 3 months’ salary statements or your bank account statements of the last 3 months.

Do note that this isn’t an exhaustive list, and the bank you’re dealing with could request more documents as per their rules and requirements.

Also see: Documents Required To Buy A Two Wheeler In India

Calculating Your E-Bike Loan EMI

Once you have finalized the type of loan you’ll be seeking, the next step is determining the EMI on your e-bike loan. Many banks offer an EMI loan calculator on their websites themselves. These calculators will effortlessly help you calculate and arrive at your monthly installment amount, aka the amount you need to pay each month. All you have to do is enter your total loan amount, the rate of interest, and the loan period/tenure. And voila! You’ll get to know your EMI at the simple click of a button!

Things To Remember

One of the things you must keep in mind is the processing fees. Many people get too caught up in their EMI and interest rates and forget to factor in the bank’s processing fees. However, some banks and institutions do offer zero-cost EMIs. We recommend exploring all your options well before making your decision in order to get the best deal that works for you.

Moreover, if you have a high CIBIL score – a score based on your credit profile and history – you CAN negotiate and try to lower your interest rates with your bank. This works especially well if it’s a bank you have a longstanding relationship with.

The most crucial bits are usually mentioned in tiny, fine font under “terms and conditions”. But don’t let that deter you. Do your bit of research, read up online on your bank requirements, and get ready to bring home the bike you have always wanted!


As you can see, buying an e-bike or e-scooter on loan is simple and surprisingly quite similar to loaning a regular bike. But, there is one big difference. Unlike a regular bike, your purchase of an e-bike will not only be personally fulfilling, but also more environmentally friendly. And it doesn’t end there. Did you also know that certain state governments in India offer incentives and tax benefits on the purchase of an electric vehicle? Plus, low-speed electric two-wheelers do not require registration or a driver’s license. This means that you can practically save money when you buy an e-bike.

E-bikes do not harm or pollute the environment in any way. In a country like India, where the air quality index is so poor, more and more e-bike purchases can help the situation in ways we cannot imagine. So, are you excited to buy your first e-bike and parade it around town?

Also see: Two Wheeler Traffic Rules In India