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A zero down payment two-wheeler loan is offered by almost every bank today. This guide will give you a brief idea about this type of loan
A two-wheeler vehicle is more common than ever. As a mode of personal transport, it is convenient and affordable. It doesn’t require massive parking space and doesn’t cost a lot to maintain either. Buying a two-wheeler vehicle has also become easy, with zero down payment two-wheeler loans helping people fulfil their automobile dreams.
With that in mind, let us know everything about the zero down payment bike loan.
What is a zero down payment two-wheeler loan?
Bank and other financial institutions offer two-wheeler loans to people who want to purchase a bike or scooter. A traditional loan does not lend the full amount for the purchase of the two-wheeler to the customer. It requires the buyer to pay a certain amount as a down payment.
Zero down payment bike loan is a way to ensure that the customer does not have to worry about any financial cost upfront. No down payment means that once the loan is approved, the customer can take the vehicle without having to worry about making any payments by themselves. The only initial cost involved in zero down payment loans is a loan processing fee, which is usually charged directly at the bank’s end through the loan.
How to apply for a two-wheeler loan?
A two-wheeler loan application process can be started online as well as offline.
To start an online process, you need to visit the bank’s website. Find the two-wheeler loan section and read through the steps mentioned carefully. You can start the process with the ‘Apply now’ button. When applying for a bike loan with IDFC FIRST Bank, starting your online application process is simple. You will be required to enter your phone number and personal details.
Once your information is processed and your loan is approved, the money is quickly disbursed in your account. IDFC FIRST Bank offers up to 95% funding on two-wheeler loans, and there is no processing fee either.
For an offline process, visit a bank branch and consult a representative about their zero down payment bike loan services. Remember to carry all the documents with you.
Two-wheeler loan eligibility and documents
Before you decide to apply for a two-wheeler loan, it is advisable to check the required documents and eligibility parameters. These parameters will vary from one bank to another.
If you are applying for a two-wheeler loan with IDFC FIRST Bank, the following is the eligibility criteria:
- Applicant must be over 21 years of age. For an applicant between the age of 18 to 21 years, having a co-applicant is mandatory.
- The applicant should be an Indian resident.
Whether you are applying online or offline, here are a few documents you will need to submit to ensure a smooth process:
- Proof of identity and address
- Passport-size photograph
- Loan application form (available online & offline with the bank)
A down payment is a small, partial amount paid by the customer, with the rest coming from the bank.
Why should you opt for a two-wheeler loan?
A bike or a scooter is one of the most convenient modes of transport. It is more affordable than a four-wheeler and efficiently serves the purpose of easing your commute. Getting a zero down payment two-wheeler loan allows you the financial flexibility of owning this asset without compromising on your present financial goals.
Depending on your credit score and where you are getting the loan from, the interest rates can be affordable, which consequently lowers your EMI amount. You can also decide on a comfortable tenure to pay the loan back.
Getting a loan to make a purchase and paying it back responsibly also reflects well in your credit score. If you are looking to boost your credit report, this could be an option. Also, with a loan, you can choose from a wider range of options rather than sticking to the select few that you could have afforded without the loan.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.