In India, bikes are fast becoming the most popular means of transportation. Crowded public transport and rough roads make people desperate for bike. Bike loan interest rates vary from bank to bank. Two-wheeler loans have become extremely popular among the middle class in India as they enable them to purchase the bike of their choice at a low interest rate.
While most lenders prefer to pay a certain amount up front before a bike loan is authorized, there are some banks and private lenders that offer 100% financing for those who ride a two-wheeled vehicle, which means you can borrow money to buy a bike without down payment. Under nominal processing, some banks do not require owners of existing accounts to prepay on certain vehicle models, while some lenders offer 100% financing of the vehicle’s road value, and some banks also include registration and insurance fees.
Know More About Zero Down Payment Bike Loan
In most cases, when someone applies for a loan for a high-value purchase, such as a car or two-wheeled motorcycle, they must pay between 5% and 15% of the cost up front. This prepayment is called a down payment. The down payment requires some liquidity at the time of purchase. This is useful because you do not have to pay a large amount of money in full, but for a period of time that allows you to better plan and simplify your life.
Some Of The Benefits Of Zero Down Payment Bike Loan Are:
Here are some of the benefits of a zero instalment bike loan:
• You don’t have to spend money to buy a two-wheeled bike. The lender will finance the cost of the car, after which you can repay the loan using simple EMIs.
• Your liquidity will not be affected.
• If you miss your monthly EMI payment, there is no risk of losing money that you would otherwise lose if you paid in advance.
• The minimum age to be eligible can range from 18 to 21 years old and may vary from bank to bank. The maximum age for applying can be up to 65 years.
• Must be employed or self-employed.
• Must be a resident of India.
• Must have at least 1 year of work experience.
• If you are self-employed, you must have an existing business for at least 2 years.
• You will need to report any loans you have used in the past and make sure you have a good credit rating.
• Make sure that none of your cheques have been returned in the past year.
Documents Required For Zero Down Payment Bike Loan
• Proof of identity such as PAN card, voter ID, passport, etc.
• Proof of address, such as Aadhar, electricity bill, etc.
• Proof of income such as tax return, bank statement, salary slips, etc.
• Other KYC documents specified by the lender.
You can contact a representative of the loan company for more details on the zero down payment bike loan they offer you. You will then need to provide the lender with the required documents and an application for verification.