Jan 20, 2020Other Loans
Nothing beats the thrill of riding your own bike to places; be it commuting to the workplace or going on a road trip. So, to make both your buying and travel journey a piece of cake, you can consider applying for a zero down payment bike loan, wherein you can get the bike without spending a single rupee from your own pocket. Sounds unreal? But, it is absolutely true. A Zero down payment two wheeler loan only asks for a minimal processing fee on the loan amount but gets you 100% finance for the vehicle’s cost.
A down payment is an initial contribution that you make from your own pocket towards a high-value purchase such as a vehicle, house, etc. In case of a two-wheeler loan, the lender maintains a specific margin (the difference between the vehicle cost and the approved loan amount) before disbursing the funds to you. The margin could be anywhere between 5% and 15% of the actual cost of the motorcycle. Thus, the lender then provides 85% to 90% of the scooter’s value as funds.
For example - The bike which you plan to buy costs Rs 85,000. If the down payment for the bike is 10%, then you will have to pay Rs 8,500 upfront. The remaining amount would be funded by the lender in the form of a bike loan.
In case of a no down payment two wheeler loan, the financial institution does not ask for your own financial contribution. The lender rather finances the complete cost of the vehicle. Thus, you can expect the purchase to be 100% financed by the lender. There is no worry to have additional funds at hand or liquidity to borrow funds. Also, you can enjoy the freedom of choosing the motorcycle brand and make before applying for the funds.
Given below are the features and benefits of applying for a zero down payment bike loan:
Below-given are the eligibility criteria for zero down payment two wheeler loans in India:
Listed below are documents for a zero down payment two wheeler loan:
Below are steps on how to apply for the loan:
A zero down payment two wheeler loan is the best way to finance your motorcycle because it does not make you shell any money of your own at the initial stage of purchasing the bike. You can choose from the different repayment schedules which are available and repay the loan amount in easy EMIs.