Zero Down Payment Bike Loan

A zero down payment bike loan is a payment option in which your lender covers the entire cost of the bike. When you opt for this option, you are not required to pay any money in advance while purchasing your bike. The only preliminary expense associated with such two-wheeler loans is the processing fee, which is usually levied directly by the bank.

Many financial institutions provide such loans. Before you opt for this option, it is important to understand this financing option in further detail.

Here are the features and advantages of a zero down payment bike loan:

• The lender finances the entire bike purchase

• You can repay the loan through manageable EMIs

• Your cash flow remains unaffected

• You need to pay the processing charges only during initial phase of the tenure

• You can get the loan with minimal documentation

While the criteria may differ from one lender to another, here are some common eligibility requirements you should know about:

• The minimum age of the applicant should be 18 years

• The maximum age of the applicant should be 65-70 years at the end of the loan repayment tenure

• The applicant must be an Indian citizen

• The applicant should have a good credit score

• If salaried, the applicant must have work experience of at least 1 year

If self-employed, the applicant must have been in the current business for at least 2 years

The following table contains the interest rate and other charges usually associated with these loans:

Here is the list of documents you are usually asked to submit when applying for this loan: