What Is A Zero-Down Payment Two-Wheeler Loan?
You can get yourself a two-wheeler and ride the town even when you’re low on cash. Make your buying as well as travel journey effortless by getting up to 100% financing of the value of the vehicle.
What is a down payment on a loan?
A down payment is a kind of payment made when you loan a high-value item, such as a two-wheeler or a car. When you take a two-wheeler loan, there is a specific margin set, which is the difference between the cost of the vehicle and the approved loan amount. You have to pay this margin/deposit, which can be anywhere between 5% and 15% of the value upfront.
What is a zero-down payment two-wheeler loan?
A much better deal that won’t cost a single penny is the zero-down payment facility. Some finance companies make it easy for you to get your dream bike without having to wait to accumulate sufficient finances. In this case, your financer pays the entire value of the two-wheeler. You have to meet the eligibility criteria, and you can have the freedom to take home your preferable bike.
What are the eligibility criteria for a zero-down payment two-wheeler loan?
Here is a list of eligibility criteria you need to fulfill for a zero-down payment bike loan –
As a borrower, you need to be at least 18 years old and not older than 65 years of age at the time of loan tenure.
You should be residing in the city/the given address for a minimum of 1 year.
You should have working experience of at least a year.
Financers pay a lot of attention to your credit score as well as your current loans if any. If you have a high score, you can even get cheaper financing.
What are the documents required to get a two-wheeler loan?
Here is the list of all the documents you would require for a two-wheeler loan –
- Voters Id card
- PAN card
- Driving license
- Photo of credit card
- A copy of employment ID with your photograph
- For salaried people, the latest salary slip or salary certificate has to be submitted.
- For Partnership/Proprietorship/Private Limited Firms, a salary certificate is acceptable along with details of deductions, designation, and name of the authorized signatory.
- For self-employed individuals, a copy of the latest income tax return is to be submitted.
Anyone of the following can be provided:
- Property purchase agreement
- Rental agreement
- Sale deed
- Driving license
- Voters Id card
- Gas connection bill
- Electricity bill
- Telephone bill
- Life insurance policy
- Ration card
What are the benefits of a two-wheeler loan?
- Get instant approval for a loan by filling an online form
- The loan amount can be up to Rs. 30 lakh*
- Bike loan interest rate can be anywhere between 7.85% and 28% per annum*
- Get the funds you want with minimum documentations
- Choose from wide options for loan repayment periods
- You can repay your loans with reasonable EMIs and improve your credit score
How can you apply for a loan?
- Contact with the right financer. Research well and compare your options.
- The financer will provide you details about the zero-down payment loan
- Fill out an online form if you find them suitable
- They will evaluate your loan application and verify your documents
- Read the terms and conditions that will help you avoid penalties
- The bike will be on your way once the financer has taken a decision.
Today, the process of getting a loan is quite easy and hassle-free. Zero down payment Two wheeler loan is the best way to finance your motorcycle. Fill a form, calculate EMI using an online EMI calculator, check eligibility and interest rates, and get your funds quickly.