What Is Zero Down Payment Bike Loan?

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Whether travelling to the workplace or going on a road trip, a two-wheeler is the most favourable mode of personal mobility. To make both your purchasing and travel journey hassle-free, you should consider availing a zero down payment bike loan. This will ensure that you get the bike without paying a single rupee from your pocket. A zero down payment assists you with a 100% bike finance for the two-wheeler and only requires a minimal processing fee on the loan amount.

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Zero down payment bike loan is an easy and hassle-free way to fund the purchase of a two-wheeler of your choice. The total loan amount, along with the interest amount, can be repaid in the form of monthly EMIs over a fixed tenure. 

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Apply for Two Wheeler Loan

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Down Payment on a Loan

A down payment is an initial payment that you make from your pocket towards a high-value purchase such as a vehicle, furniture, house, etc. In the case of bike finance, the lender keeps a specific margin that is the difference between the vehicle value and the approved loan amount before disbursing the funds to you. The margin can range between 5% and 15% of the actual price of the motorcycle. So, the lender then offers 85% to 90% of the bike’s value as funds.

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Zero Down Payment Bike Loan

In case of a zero down payment bike loan, the lender does not ask for your financial contribution. The entire cost of the vehicle is financed through the bike loan without requiring any down payment.

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Eligibility Criteria For A Zero Down Payment Bike Loan

The eligibility criteria for a zero down payment bike loan varies from one lender to another. But the standard eligibility criteria include:

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Annual Income: The minimum annual income for a salaried individual is ₹84,000 a year and ₹72,000 fo self-employed individuals.
Credit Score: Your CIBIL score plays a vital role in getting you cheap financing. If you have an excellent credit score, then you can avail a lower bike loan interest rate. 
Existing Customer: If you have a good relationship with a lender or if you are an existing customer, then you may get a cheaper bike loan interest rate
Age: The borrower’s age must be between 21 years and 65 years.
Working status: You should be working in an organisation or self-employed for a minimum of 1 year

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Documents Required for the Zero Down Payment Bike Loan Application

Listed below are documents required for a zero down payment two-wheeler loan:

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Identity Proof (any one of the mentioned):

Voters Id card, Aadhar Card Passport, PAN card and Driving license

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Address Proof (any one of the mentioned):

The property purchase agreement, Sale deed, Rental agreement, Driving license, Voters Id card and Passport

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Income Proof (any one of the mentioned):

Partnership/Proprietorship/Private Limited firms need to submit the salary certificate. 

Salaried individuals must submit the latest salary slip, and self-employed individuals need to submit the latest Income Tax Return.

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How can you apply for a Zero down Payment Bike Loan?

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Follow the steps mentioned below to apply for a zero down payment bike loan :

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1.Firstly, get in touch with a representative of the lending institution. The representative will understand your requirements and provide all the necessary details about the zero down payment bike loan
2.If you are interested in the availing the loan, then you can fill and sign the loan application form
3.Submit all the necessary documents
4.After successfully verifying the documents and loan application, a lending decision will be instantly taken by the lender

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Conclusion

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Applying for a bike loan is simple and easy. With affordable interest rates and easy to pay monthly EMIs, it’s one of the most viable options to finance the purchase of your bike.

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