Table of Contents
- What Is Zero Down Payment Bike Loan?
- Benefits of Zero Down Payment Bike Loan
- No Hassle of Arranging Funds
- Helps You Keep Your Liquidity Intact
- Least Borrower Risk
- Eligibility for Two Wheeler Loan With Zero Down Payment
- How to Apply for Zero Down Payment Bike Loan
- Documents Required for Zero Down Payment Bike Loan
- Conclusion
India is home to the world’s largest two wheeler market, accounting for nearly 40% of worldwide sales. There are various reasons which make two wheelers a popular choice among Indians - their comfort, less fuel consumption, high mileage, low maintenance, less parking space requirement, and so on.
If you are also considering purchasing a bike but are short on finances, you need not worry. You can get a bike loan effortlessly, that too with zero down payment. In this article, we talk about zero down payment bike loans in detail to help you make an informed decision for your much-loved two wheeler.
What Is Zero Down Payment Bike Loan?
Down payment refers to the amount that you need to pay upfront at the time of buying a bike, and the balance amount is provided as the two wheeler loan by the financier. In case of zero down payment bike loan, you need not pay this upfront amount, which is generally 5%-20% of the invoice value of the two wheeler, as the entire amount is offered by the loan provider as bike loan.
Zero down payment bike loans are increasingly becoming popular in the country in the post-Covid era. This is because, in these difficult times, a two wheeler has become more of a necessity than a luxury. A two wheeler is one of the most efficient ways of avoiding public transport, which harbors the risk of infection. Moreover, two wheelers provide you with a greater degree of independence in commuting.
Benefits of Zero Down Payment Bike Loan
There are various benefits of zero down payment bike loans. Here are the key benefits of this style of two wheeler financing.
1. No Hassle of Arranging Funds When you choose to go for a bike loan with zero down payment, you do not face the inconvenience of arranging the funds quickly for making the down payment. This provides you peace of mind and helps you focus on your priorities better.
2. Helps You Keep Your Liquidity Intact - Another advantage of a zero down payment bike loan is that it helps you keep your liquidity unaffected. You need not encash your deposits or exchange gold for money to arrange the funds for the scooty down payment. And thus, a two wheeler loan without a down payment requirement does not affect your current financial standing.
3. Least Borrower Risk When you opt for a zero down payment bike loan, you as a borrower are at the minimum risk possible. This is because, in case of online bike loans with down payment requirements, you may lose your down payment, in case you fail to pay the EMIs for the bike loan. However, in case of two wheeler loans, without down payment, the maximum loss you can suffer is the amount you have already paid as the EMIs and nothing else.
Eligibility for Two Wheeler Loan With Zero Down Payment
Following are the eligibility criteria which you must meet in order to apply for a zero down payment two wheeler loan:
| Eligibility Requirements for Zero Down Payment Bike Loan | |
|---|---|
| Minimum Age at the Time of Taking Loan | 21 years |
| Maximum Age at the Time of Loan Maturity | 59 years |
| Minimum Monthly Salary/Earnings | Rs. 12,000 |
Apart from the above-mentioned conditions, you must also meet the following requirements in order to be eligible for a bike loan with zero down payment requirement:
1. If the loan applicant is a self-employed individual, they must have been in their business for at least 2 years at the time of applying for the two wheeler loan.
2. The bike loan seeking individual must have been staying at their current residential address for at least 1 year.
It is important to note that at the time of applying for a two wheeler loan, you must declare all your previous loans, active as well as the dormant ones, in order to enable the financier to evaluate your loan-paying capacity correctly. A failure to do so can result in loan application rejection. Also, you must possess a good credit score at the time of applying for an online bike loan.
How to Apply for Zero Down Payment Bike Loan
You can apply for a two wheeler loan with zero down payment online at Shriram Finance by following these steps:
1. Visit the official website of Shriram Finance
2. Click 'Apply Now' under the 'Two Wheeler Loan' option
3. Fill in your Name, Mobile Number, PAN Card Number, Email ID, and Pincode.
4. Select your Gender and Marital Status.
5. Read and agree to the terms and conditions mentioned.
6. Click on 'Continue'.
Once you complete the process, a team of experts at Shriram Finance will reach out to you and help you complete the end-to-end bike loan application process.
Documents Required for Zero Down Payment Bike Loan
You require the following documents for making a two wheeler loan application with zero down payment:
1. ID Proof such as Aadhaar Card, Voter ID Card, PAN Card, etc.
2. Address Proof such as Aadhaar Card, utility bills, etc.
3. Income Proof such as income tax returns (ITRs), salary slips, bank statements, etc.
4. Passport-size photographs
5. Other KYC documents as required by the financier.
Conclusion
A zero down payment loan is one of the most efficient ways of financing your two wheeler, especially if you want to bring your dream bike home immediately. If you are looking for a hassle-free two wheeler loan with 100% financing, you can reach out to experts at Shriram Finance Bike Loan and realize your dreams of owning your dream bike.
