Be it for the purpose of conveyance or be it your dream bike, if it comes to purchasing a bike, there cannot be a better financing option than a zero down payment two wheeler loan. Amidst the current COVID-19 pandemic situation, people all across India are looking to switch to private transportation options to avoid public transport for safety. And, when it comes to the most sustainable, feasible and affordable personal transportation option, bikes or two wheelers are the best choice.
What To Know About Zero Down Payment Two Wheeler Loans?
Numerous banks and other lenders including finance corporations across India are offering two wheeler loans. While getting a two wheeler loan in New Delhi might be a very simple and seamless process, zero down payment two wheeler loans are also abundant in recent times.
As the name suggests, a zero down payment bike loan is a kind of finance where the entire purchase amount of the bike is financed by the lender. The principal loan amount is equal to 100% of the bike’s cost and the buyer does not have to pay anything up front in the form of down payment. The only up front payment you would probably have to make is the processing fee of the loan. Although, most banks and other lenders add and calculate it through the EMIs you pay.
For people who have a shortage of cash but need a two wheeler on an urgent basis, will find the option of zero down payment bike loans to be very feasible and beneficial.
Benefits of Zero Down Payment Bike Loans
There are several benefits of two wheeler loans in New Delhi, especially when it is a zero down payment one. Let us take a look at some of the key benefits of duch zero down payment loans:
- You can avoid the hassles of arranging for instant cash to purchase a two-wheeler.
- You can repay your loan in easy EMIs.
- The interest rates are not exorbitant.
- Your liquidity is not affected.
Eligibility and Documentation For Zero Down Payment Bike Loans
Eligibility
While the eligibility of such loans varies from lender to lender, there are certain common and basic eligibility requirements. Let us check them out:
- The minimum age of eligibility is between 18 years and 21 years. The maximum age of eligibility can be up to 65 years.
- Such loans are available for both salaried and self-employed professionals.
- The applicant must be a resident of India.
- The applicant must have a stable job with a minimum of 1 year work experience. The minimum salary drawn must be at least ₹12,000
- If you are self-employed, the existing business you have must be operating for at least 2 years.
- The applicant must have a good credit score.
Documents Needed
The basic documents required to apply for a zero down payment loan for a two wheeler are:
- Proof of identity (PAN card, passport, voter ID card, etc.)
- Proof of address (electricity bill, rent agreement, Aadhaar, etc.)
- Proof of income (at least past 3 months bank account statements, IT file for businesses salary certificate, etc.)
- KYC documents as required by the lender.
Applying For A Two Wheeler Loan in New Delhi
To apply for a zero down payment two wheeler loan, you will find both online options from various lenders and banks, and you can also find options at the two wheeler dealership you are choosing. You can also talk to representatives of the bank or lender and you can also visit the branch of the bank or lender’s office for all information and details.
