Apply for bike loan

Can I Buy a Bike Without Any Down Payment?

Yes. You can buy a bike without a down payment if you meet the eligibility criteria set by your selected financial institution. The loans that involve zero down payment for a two wheeler are called the zero down payment bike loans. They are also called the 100% financing bike loans. These kinds of loans offer features like:

  • Instant approval
  • 100% financing
  • Loan amount up to 30 lakhs*
  • Interest rate starting at 8%
  • Flexible repayment
  • Minimal Documentation

Zero Down Payment Bike Loan Eligibility Criteria:

  • The borrower should be above 18 years of age while applying for the loan
  • The applicant should not exceed 65 years of age at the end of loan tenure
  • The borrower should be residing in the concerned city for a minimum of one year
  • The applicant should have at least one year experience in the current company

Documents Required for a Two Wheeler Loan

The bike loan requires only minimal documentation. Hence, the application process is simple and easy to meet. Let’s check the requirements for a zero down payment two-wheeler loan:

  • ID Proof – Aadhar card/ PAN card/ Passport/ Employment ID
  • Address Proof – Rental Agreement/ Property Purchase Agreement/Sale Deed/ Voters ID
  • Income Proof – Bank Statements/ Salary Slips/ ITR

On meeting the eligibility criteria and furnishing the documents, the applicant can contact the lending institution and talk to the representative to discuss the terms. If the lender offers satisfactory terms, the applicant can fill and sign the application form and submit the required documents. Once the documents are verified, the lender will immediately disburse the finances to the borrower’s bank account.

Must Read: 5 Perks of Funding Your Purchase with a Two Wheeler Loan

3 Things to Know Before Applying for Two Wheeler Loan

The rapid evolution in vehicles’ technology and the craze for two-wheeler loans has led to increased loan applications. It is important to know about a few things before applying online for a two-wheeler loan.

Why take a two-wheeler loan?

  • In the pandemic, a situation where one must maintain social distancing, it is a safer and much more economical solution to commute on the bike rather than using public transport.
  • With two-wheelers, you can avoid all traffic and wait for less at the traffic signals.
  • Their maintenance cost is much lower than four-wheelers.
  • The rate of approval for loans for bikes is higher than those of four-wheelers.
  • The pollution caused by two-wheelers is lesser than in four-wheelers due to better fuel efficiency.
  • Offer great resale value.
  • They are much easier to park and offer better mileage.

Things to keep in mind

Before applying for a bike loan, here are some key points to keep in mind.

  1. Check for low-interest rates: Different lenders offer different rates of interest. You must choose the lender with the lowest bike loan interest rate. It will help in reducing your monthly EMIs.
  2. Know your requirements: Only borrow the amount you need for the bike purchase. Overborrowing can cause you excess financial burden and increase your EMI.
  3. Plan your repayment: Instead of just procuring the loan, decide how you will be repaying it also.

Conclusion

Bike loan is a great option to choose at the time of the pandemic. With so much competition in the market, the above points will help you choose the right lender.

Must Read: 6 Benefits Of Two Wheeler Loans You Should Know About