zero down payment bike loan

What is a Zero Down Payment Two-Wheeler Loan?

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Two-wheelers are much appreciated and needed everywhere, from huge cities to small towns. Over time, two-wheelers have become more affordable to the general public.

Traditionally, two-wheelers were financed when the borrowers paid some amount as a down payment. However, now borrowers can get zero down payment and no-cost EMI bikes. 

Zero down payment bike loan is where the lender lends the borrower 100% of the on-road two-wheeler’s price. There will be no down payment required aside from the processing charge.

The lender will charge a two-wheeler interest rate on the loan with some amount of principal payments in form of EMIs.  

However, to avail of such a loan, the borrower will have to fulfil the eligibility criteria:

  • A person must be at least 18 years old at the time of applying for the loan and no more than 65 years old at the end of the loan’s tenure. 
  • Borrowers must be Indian residents and should have spent at least one year in the city.
  • Borrowers also need to have at least one year of work experience. 

A few documents to be provided are:

  • Identity, address, and income proof
  • ITR’s most recent version (for self-employed individuals), etc. 

To know more about the documents required, click here. 

Individuals can contact the lender’s representative for additional information on the zero down payment bike loan. 

The lender will then require the appropriate documentation and an application form. The loan application will be approved once the verification process is completed.

With Fullerton India, you can get a zero-down payment bike loan. The process is digital with fast approval, minimum documentation, attractive interest rates, and flexible repayment tenures. 

Further, you can calculate the EMI payments through the two-wheeler EMI calculator to know the loan’s affordability.

Must Read: Is No Cost EMI Available on 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

5 Perks of Funding Your Purchase with a Two Wheeler Loan

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Riding a two wheeler helps people catch up to the fast-tracked pace of today’s world. It eases the way and increases the speed at which an individual can travel from one place to the other. However, when it comes to purchasing a two wheeler, many people prefer delaying their purchase rather than spending their savings. Thanks to the easy availability of two wheeler loans, there is no longer a need to do so. 

Prospective borrowers can get two wheeler loan online approval within minutes and instantly fund their purchase. Find the five perks of funding bike purchase with a two wheeler loan.

5 Perks of two wheeler loan:

  • Competitive Interest Rates

Lenders’ attractive interest rates make EMIs affordable and loan repayment more manageable.

  • High-Value Financing

Depending on the eligibility and credit score, some borrowers may avail zero down payment bike loan from lenders, with which they can fund 100% of the bike’s value with a two wheeler loan.

  • Easy Eligibility

Lenders have simple eligibility conditions that almost everyone can fulfil. These include the borrower’s age, income, employment, and credit score. Anyone eligible for a bike loan can apply online and get fast approval.

  • Flexible Repayment

Flexible repayment terms allow borrowers to select their EMI amount according to their repayment capacity. This helps them repay their EMIs conveniently and pay off their loan in time.

  • Instant Disbursal

If eligible, the borrowers need to get their documents verified, after which they get two wheeler loan online approval and receive instant funds directly into their bank account.

These perks of two wheeler loans make the bike buying experience convenient and seamless for the borrowers. Moreover, online portals and apps let them apply for a bike loan online without any hassle.

Additional Read: Purchase Bike of your Dreams in this Festive Season

How Can One Buy A Bike Without Down payment?

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What Is Down payment?

Down payment of the money is the upfront payment the person availing loan needs to pay to purchase the bike. Down payment requires you to pay some cash to purchase the vehicle while the lender covers 80 to 90% of the loan.

At the same time, lenders offer zero down payment bike loans where the two-wheeler will be completely financed by the lender without having to pay any down payment. This is a boon when you don’t have sufficient cash liquidity to pay in advance for the vehicle. Additionally, you get the freedom of choosing your favourite bike without having to worry about arranging a lump sum.

Factors Affecting Two-Wheeler Down Payment

  • Cost of the Bike
  • Your Repayment Capacity
  • Credit Scores

Check your approximate monthly instalments using the Bike loan EMI calculator to determine if you will be comfortable paying off the loan amount without incurring any financial burden

You can apply for the two-wheeler loan is the lenders’ online app in four easy steps:

  1. Fill in the online application
  2. Upload required documents to confirm eligibility
  3. Once the documents are digitally verified, the lender will contact you to complete the terms and conditions.
  4. Once the process is done, the loan will be sanctioned, and the funds will be disbursed.

We provide two-wheeler loans with zero down payment, allowing you to purchase your bike without worrying about arranging a cash lump sum. Once your loan is authorised, the lender will calculate your EMI depending on the interest rate and loan period. We offer the lowest bike loan interest rates, between 8% and 28% per annum.

Must Read: Benefits of Using an EMI Calculator Beforehand for a Bike Loan