Paying a certain amount upfront for booking a two wheeler has been the norm so far. But now there has been a disruption in this system, courtesy of lenders who are willing to extent a zero down payment bike loan.
Under this scheme, you can book a two wheeler of a brand and model of your choice without making any payment upfront. Owing to having availed of the loan, it is the lender who pays the entire amount on your behalf. Going ahead, you can pay the lender via comfortable monthly instalments and a low bike finance interest rate.
One of the main advantages of this scheme is that it greatly minimizes your financial burden. In addition, the loan requires minimal documentation for approval, and lenders disburse the amount as soon as they verify the information. As long as you meet the eligibility criteria, this scheme can prove to be a perfect financial solution for your daily travelling requirements.
How would you react on being informed about a scheme wherein you can book a two-wheeler of your choice without having to pay a single penny upfront? Courtesy of the zero down payment bike loan, it is indeed possible to buy a vehicle regardless of your financial situation. Since the entire amount is paid by the lender, you need not worry about the bike finance interest rate being too high. The processing fee is all that the lender requires you to pay in lieu of extending this loan facility.
While the down payment scheme requires you to pay upfront to claim ownership of the bike, the zero down payment system works the other way round. Under this scheme, you can still book a two wheeler model that you like, but the payment need not happen at the time. Availing of the zero down payment bike loan implies that the lender would pay for the purchase, and you would henceforth pay the lender via easy monthly installments.
Plus points of a zero down payment bike loan
Booking a two wheeler under the zero down payment loan scheme accrues the following benefits –
Financially feasible – One of the most attractive features of this scheme is that it negates your financial worries. So, you can choose the latest model from any reliable brand with desirable features and functionalities without worrying about cash flow or a budget shortfall.
Ease of repayment – Repay the loan with ease via manageable monthly instalments after having gained possession of the bike. Not only does the loan exempt you from paying upfront at the time of booking the vehicle, but also ensures that no additional charges are levied except for the processing fee. An added advantage stems from low bike finance interest rate, which brings down the instalment amount.
Swift approval – Begin by checking whether or not you are eligible for availing of this loan by going through the criteria. You can undertake the process both online and offline, and the next step entails gathering the requisite documents that would prove your eligibility. Having uploaded the documents, fill in the form and apply for the loan.
To render this facility user friendly, lenders ask for basic documents and following verification, approve the loan within the shortest possible time. Due to minimal documentation and fast disbursal, this loan is both convenient and cost effective for buying a two wheeler.
Requisite documentation
Lenders ask for the following documents to approve the zero down payment bike loan –
- A relevant document that proves your identity with the lender;
- Any document which bears your residential address and can be accepted as proof of the same;
- Regardless of whether you are salaried or self-employed, lenders would require proof of income in form of salary slips, financial statements and so on;
Are you eligible for this loan?
This aspect is probably the most important part of the application. The criteria might vary slightly for salaried and self-employed individuals, but some basic requisites that remain the same are –
- Age of the applicant, wherein the minimum is 21 years and the maximum ceiling is 65 years for the loan to be granted;
- It is mandatory for the applicant to be an Indian citizen to avail of this loan;
- A good credit score always comes in handy for any loan, and the zero down payment bike loan is no exception;
At times lenders also consider the length of employment, but this varies from one entity to another.
Final word
For someone who has been eyeing a particular brand and model of a two wheeler for some time, a zero down payment bike loan is a perfect financial option.
If you are interested in a two wheeler loan and are on the look-out for information, the Bajaj Finserv online portal offers comprehensive details, including bike finance interest rate and eligibility criteria.
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