Have you always wanted to purchase a bike, but the soaring prices due to inflation do not let you do so? Today, a vehicle is necessary to travel to and from work and go where you wish to. With the public transport system being in a cumbersome state to use, one should buy a two-wheeler like a bike to commute easily.
Make your dream of owning a bike come true with the zero down payment two-wheeler loan. A down payment for bike loan is the amount paid before the loan starts so that the principal amount can reduce. These new-age loans are designed to meet your needs and have a high amount with flexible repayment.
If you want to apply for a two-wheeler loan, then you must be aware of specific criteria that banks ask you to fulfill from your end to be eligible for the loan. In most cases, you need to be above the age of 18 to even apply for the loan and should be able to show a stable source of income with your salary slips for the previous six months. It is applicable for all whether you have your own business or are a salaried employee.
Usually, the documents include identity proof, income statement, and address proof. A zero down payment loan is ideal for those who do not have enough savings to make a down payment.
What is Zero Down Payment?
Zero down payment for a bike loan means that you need not put any amount for the down payment when purchasing your bike. That makes it easy for the buyer to repay as he will not be burdened by both repayment and EMIs together. The repayment of the loan can be through EMIs over a very flexible tenure, and in most cases, the pre-payment of the loan is also possible. Pre-payment means you can pay off the loan early to save on the interest that would be charged if you continue with the EMIs.
How to Choose A Lender
Before you finalize to take a loan, you must do thorough market research and know about the interest rates and repayment policies that each lender has. We would advise going with the lender with the lowest rate of interest and the most flexible repayment policy.
It would help if you also considered cash flow while you are taking a loan. Use a useful bike loan calculator and get a reasonable estimate of how your EMIs will look for different tenures and choose the one that suits you the most. In the calculator, you only need to fill in the loan amount and tenure to get the estimated EMIs.
The loan application is the most natural part of procuring a loan. Minimal documentation is required, and if you have a good CIBIL score, then your loan may be approved within 48 hours. After the approval, you will be able to drive your bike home without any hesitation.
At financial institutions, we will be more than happy to assist you with your loan requests. Our Customer Executives will be more than happy to tell you our company policies and how easy we make it to get a loan, whether for a bike or a house. We will also help you in setting up a repayment plan that will help you in timely repayments. It, in turn, will help your credit score and ultimately form a bond between both the lender and the borrower.