Zero Down Payment Bike Loan: In this article, we will know what is 0 Down Payment Bike Loan and how to take it. If your dream is to buy a bike and you are short of money, then you can join the bike loan and fulfill your dream.
There are many banks and financial institutions that are providing bike loans to the customers at attractive interest rates. Many banks are providing zero down payment bike offers 2022 to the customers. In this article, we will know in detail what is zero down payment bike loan and how can we take it, so you read this article till the end.
What is a bike loan?
When we take a loan to buy our favorite bike, it is a bike loan. There are many banks and financial institutions which are providing bike loans to the customers. You can apply online for this loan through the official website of the bank and you can apply offline by visiting your nearest bank branch.
Bike loan is of both type Secured & Unsecured loan. Under unsecured bike loan you do not have to provide any collateral or security but under secured bike loan you have to give collateral or security.
What is down payment?
First of all, it is very important for you to know what is a down payment bike loan? When any person buys a bike of any company, then you must have heard that how much is its down payment.
When a customer buys an expensive item such as a bike, car or house, he has to make some partial payment in the beginning which Down Payment It is called The down payment is a portion of the purchase price that is paid upfront and the balance amount is taken by the customer as a loan.
The higher your down payment, the lesser the loan you need to take, the lower your monthly payment will be and the lower interest rate you will have to pay over the long term. To buy a bike, you pay some amount from yourself, it is called Down Payment.
What is zero down payment bike loan?
As the name suggests, in this case you have to pay zero down payment. It is a form of payment. In this case the lender covers the entire cost of the bike, you don’t have to pay a single rupee.
In case of Zero Down Payment Bike Loan, you may have to pay a processing fee which is levied throughout the loan process. Apart from this processing fee, you do not have to pay any other amount.
There are many banks and financial institutions which 0 Down Payment Bike Loan are providing. Under zero down payment bike loan, you can get a loan of 100% of the on-road price of your bike. But before taking a loan on zero down payment, you should take complete information about that loan.
Benefits of Zero Down Payment Bike Loan
- Even if you do not have a single rupee, you can still buy the bike as the lender pays the full price of the bike.
- Once the loan is taken, all you have to do is pay the loan through EMI.
- You only have to pay the processing fee.
- You can avail the loan with minimal documentation and faster processing.
Zero Down Payment Bike Loan Eligibility
Eligibility may vary depending on the lender. Some of the general eligibility are as follows:
- The customer must be a citizen of India.
- All salaried and self-employed individuals can take advantage of this loan.
- The minimum age of the applicant should be 18 to 21 years.
- And the maximum age should be 65 years.
- The monthly income of the applicant should be Rs 12,000 or more.
- If you have already taken a loan, then you have to give the details.
- Applicant should have good CIBIL score. Generally a credit score of 750 or above is considered good.
- Salaried person should have at least 1 year work experience.
- Self employed person should be in business for at least 2 years.
Zero Down Payment Bike Loan Documents Required
Documents can be of different types in different banks and financial institutions. Some common documents are as follows:
- Proof of Identity: Voter ID Card, Aadhar Card, Ration Card, Passport, PAN Card, Driving License.
- Residential Proof: Passport, Aadhar Card, Pan Card, Voter ID Card, Ration Card, Passport, Utility Bill, Rent Agreement.
- Proof of Income for Salaried Individual: Salary Slip, Bank Account Details and ITR.
- Proof of Income for Self Employed Individual: Current ITR and Audited Financial Statements.
0 Down Payment Bike Loan Fees and Charges
There are different types of charges levied by the lender on the bike loan which may vary from bank to bank. Some common fees and charges are as follows:
| processing fee | up to 3 |
| document fee | up to 3 |
| Rate of interest | different from lender to lender |
| foreclosure fee | different from lender to lender |
| stamp duty | different from lender to lender |
How to apply for zero down payment bike loan?
Before applying, you have to check whether you fulfill all the conditions of the lender or not. If you fulfill all the eligibility then you can contact the representative of the bank by calling the customer care number of the bank.
You should have all the necessary documents and you can apply by visiting your nearest bank branch. If your loan is approved, the loan amount is transferred to your bank account.
Conclusion
In this article we have you Zero Down Payment Bike Loan in Hindi Provided complete information about If you do not have money and want to buy a bike, then you can take a loan from the lender who is providing zero down payment bike loan.
If you have any other type of information regarding this loan, then you can contact the helpline number of the lender.
Questions related to down payment bike loan:
When we buy any valuable item like car, bike or house, we have to pay some part of its value and the rest is paid by the lender in the form of loan, then whatever part we give is a down payment.
If we do not have to pay even a single rupee to buy a valuable item such as a car, bike or house, then it is a zero down payment.
It depends on the individual bank and financial institution.