Zero Down Payment Bike Loan

The down payment is an amount of money paid by a customer at the beginning of the process of acquiring a costly commodity or service. The down payment is a percentage of the entire appraised value of the entity or service. A down payment allows the buyer to gain ownership of the purchased items while also lowering the monthly payment towards the mortgage principal and interest.

A zero down payment bike loan is a payment option in which your lender covers the entire cost of the bike. You will not be burdened to pay any money in advance while purchasing your bike. The only preliminary expense associated with a zero down payment bike loan is the processing fee, which is usually levied directly by the bank throughout the loan process.

Many financial institutions provide a zero down payment bike loan, but it's a good idea to perform comprehensive research and choose the finest among them before taking out a loan. You may choose the Bajaj Markets platform to acquire a zero down payment bike loan for a hassle-free experience as well as for numerous benefits.

Here are the following benefits of a zero down payment bike loan.

• You can buy a bike without worrying about the money.

• The bank will finance the vehicle's cost, after which you may return your loan in manageable EMIs.

• Your cash flow will be unaffected.

• You only have to pay the processing charges.

• The loan has a quick and easy disbursement process.

• You can get the loan with minimal documentation.

Below are the details of eligibility criteria for a zero down payment bike loan:

Salaried Individual

• The minimum age of the applicant should be 21.

• The maximum age of the applicant should be 65 at the end of the loan repayment tenure.

• The person must be an Indian citizen.

• The individual is required to have a good credit score.

• The monthly income should be at least Rs. 12,000.

• The applicant must have work experience of at least a year.

Self-employed Person

• The minimum age of the individual should be 21.

• The maximum age should be 65 at the end of the loan repayment tenure.

• The person must be an Indian citizen.

• The individual is required to have a good credit score.

• The monthly turnover should be a minimum of Rs. 12,000.

• The candidate must have been in business for at least two years.

Below is the table containing the interest rate & charges for a zero down payment bike loan.

Here is the list of documents needed for a zero down payment bike loan.

• Proof of identity (Aadhaar card, Voter Id card, Ration card, Passport, Driving license, or PAN card)

• Residential proof (Rent agreement, Passport, Aadhaar card, Utility bills, Passport, Voter Id card, or Ration card)

• Proof of income for the salaried person - Salary slips, Bank account statement, and ITR

• Proof of Income for the self-employed individual - Current ITR and Audited financial statements