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.
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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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.
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.
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:
Documents Required for the Zero Down Payment Bike Loan Application
Listed below are documents required for a zero down payment two-wheeler loan:
Voters Id card, Aadhar Card Passport, PAN card and Driving license
The property purchase agreement, Sale deed, Rental agreement, Driving license, Voters Id card and Passport
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.
How can you apply for a Zero down Payment Bike Loan?
Follow the steps mentioned below to apply for a zero down payment bike loan :
Conclusion
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.
