Who would not like to buy their dream vehicle at the instant they set their eyes upon them? But, the reality is that most of us are bound to have the mere glimpse of our desired ride and go without buying. The most apparent reason behind this is undoubtedly the lack of proper funds or other financial liabilities. Nobody would risk their bread or butter just to buy a bike of their choice.
But, imagine having your dream bike without risking your day-to-day income or curbing your daily needs? With Zero Down Payment bike loan, this is possible. The extreme efforts of several automobile companies or bank’s tie-ups have made this possible. The advent of this scheme has transformed the selection and preferences of the buyers as the market is open for everyone.
How is it different from the regular loan-process?
A large number of automobiles, banks and other independent financial authorities are providing the needy ones with this alternative of purchasing a bike without giving the minimum down payment for bike loans. However, the loan differs from a regular vehicle loan in several ways. With a standard loan- process there is a clause included in the scheme of paying 20 to 25% of the price money beforehand. On the other hand, the zero down payment bike loan facility as the name suggests doesn’t require such amount. Also, there is no limit of maximum loan issued as your full price is converted directly into the loan granted. In the cases of typical loans, the maximum loan amount a bank or a company approves constitutes only 85% of the whole sum.
Who can avail this zero down payment facility?
For making it convenient for the buyer, the company offers a zero down payment bike loan only to those who meet the eligibility criteria of the company or the bank concerned. Some of these parameters are listed here to give you better insight:
- The buyers have to be adults above 18 years of age and are currently not having debt or EMI running.
- They must satisfy the minimum income criterion set up by the bank or financing company. The loan is granted to those who have regular sources of income as the bank or company itself needs a security source to rely upon for the payments.
- Even if you’re purchasing the bike on zero down payment for the bike loan scheme, you still have to pay the minimum processing fee set up by the lender.
- If the buyer is a credit card holder, then a good credit score can be quick access to your loan granting. The credit scores are used as a validation of your character as a responsible loan payer.
How to apply for the zero down payment loans for bikes?
The zero down payment loans is as easy as any regular loan to avail. All you need to do is submit suitable papers along with the loan granting application form in the office of the lender. The documents include several Xerox copies of income proof, permanent residential papers or Identity proofs such as a Voter ID card, Aadhar or PAN card. Once, documents are verified and approved the officers of the lending company, or banks would consult you, and you can take your bike home within 48 hours.
The only thing you need to carry in mind after the loan is granted is that the monthly instalments of these loans must be paid on time. For this purpose you can use bike loan EMI calculator to check EMI online. On failing the condition, your credit score may get reduced, and the scope for future loan granting would be reduced altogether.